Perth-based drug discovery company Phylogica Ltd has announced a research collaboration and licence agreement with global pharmaceutical group Johnson & Johnson's Australian research arm, Johnson & Johnson Research Pty Ltd.
Perth-based drug discovery company Phylogica Ltd has announced a research collaboration and licence agreement with global pharmaceutical group Johnson & Johnson's Australian research arm, Johnson & Johnson Research Pty Ltd.
Under the terms of the agreement, the companies will collaborate to develop novel compounds using Phylogica's proprietary Phylomer technology. If successful, the relevant Phylomer compounds will then be licensed and developed exclusively by Johnson & Johnson Research.
Phylomers® are stable fragments of naturally-occurring proteins with the ability to bind tightly to target proteins and inactivate them as a result. Phylomers® can be selected for activity against specific disease target proteins and the properties of Phylomers® make them attractive as cost effective alternatives to antibodies a proven multi-billion drug class.
Phylogica will receive up front and milestone payments under the terms of the agreement.
Phylogica chief executive officer Dr Stewart Washer said the agreement was further commercial validation of Phylogica's Phylomer technology where Phylogica was working with a key partner in developing new therapies.
"The deal will also generate immediate revenue for the company enabling us to support our internal drug discovery program," said Dr Washer.
Phylogica has already identified Phylomer compounds for stroke and is developing other candidates for inflammatory diseases such as rheumatoid arthritis and burns injury.
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Phylogica Signs Agreement with Johnson & Johnson
KEY POINTS:
- Phylogica (ASX:PYC) has signed a deal with the Australian research arm of the multinational pharmaceutical company, Johnson&Johnson Ltd.
- This is a major deal for the company involving an upfront and milestone payments. It is Phylogica's 14th collaborative deal since listing last year.
- Phylogica has more than tripled in value this year following a series of strong collaborative deals with international biotechs including Opsona Therapeutics and leading Australian researchers including former Australian of the Year, Clinical Professor Fiona Wood co-founder of the McComb Foundation as well as the Garvan Institute and the Baker Research Institute.
- Phylogica has been listed as top performer in the biotech sector by analysts including Bioshares and PriceWaterHouseCoopers.
- Phylogica is developing a new class of Beyond Antibody drugs called Phylomers that are more targeted and lower cost.
- This deal highlights the current trend for major pharmaceutical to look seriously at smaller biotech companies eg CAT- Astra Zeneca
Perth, Australia 8 June 2006: Phylogica Limited (ASX: PYC) announced today that it had entered into a Research Collaboration and Licence agreement with Johnson & Johnson Research Pty Limited (JJR), the Australian research arm of New Jersey-based multi-national manufacturer of pharmaceutical, diagnostic, therapeutic, surgical and biotechnology products, Johnson & Johnson.
Under the terms of the agreement, the companies will collaborate to develop novel compounds using Phylogica's proprietary Phylomer technology. If successful, the relevant Phylomer compounds will then be licensed and developed exclusively by JJR.
Phylogica will receive up front and milestone payments under the terms of the agreement.
"This agreement is further commercial validation of Phylogica's Phylomer technology where Phylogica is working with a key partner in developing new therapies" said Dr Stewart Washer, Chief Executive Officer of Phylogica. "The deal will also generate immediate revenue for the company enabling us to support our internal drug discovery program," added Dr Washer.
Dr Susan Pond, Managing Director of JJR, who has extensive experience in the biotechnology sector, is "very pleased that JJR is entering into this collaborative agreement with Phylogica and backing innovative Australian technology."
Phylogica has already identified Phylomer compounds for stroke and is developing other candidates for inflammatory diseases such as rheumatoid arthritis and burns injury.
About Phylogica
Phylogica (ASX:PYC) (www.phylogica.com) is a drug discovery company utilizing its proprietary Phylomer® technology to develop a revolutionary new drug for stroke and other anti-inflammatory diseases including rheumatoid arthritis and diabetes. The Company is preparing to commercialise its lead drugs through licensing deals. Phylogica was founded by the Telethon Institute for Child Health Research in Perth (www.ichr.uwa.edu.au) and the Fox Chase Cancer Center in Philadelphia, United States (www.fccc.edu).
About Phylomers®
Phylomers® are stable fragments of naturally-occurring proteins with the ability to bind tightly to target proteins and inactivate them as a result. Phylomers® can be selected for activity against specific disease target proteins. The properties of Phylomers® make them attractive as cost effective alternatives to antibodies a proven multi-billion drug class. Phylogica's proprietary Phylomer® Libraries are collections of millions of Phylomers® that represent a source of drug leads which can be used for multiple diseases.
