SOUTH PLAINFIELD, N.J., Jan. 8 /PRNewswire/ -- PTC Therapeutics, Inc
(PTC) announced today an exclusive research collaboration and licensing
agreement with Pfizer Inc for the development of pharmaceuticals through
the application of PTC's GEMS (Gene Expression Modulation by
Small-Molecules) technology. Under the terms of the agreement Pfizer has
made an initial upfront payment of $10M, will purchase an equity stake of
$10M subject to certain closing conditions, and provide supportive funding
for PTC's research efforts. At Pfizer's option, the collaboration may
include up to 10 targets and PTC could earn up to $121M in milestones per
target based on the achievement of certain development, regulatory, and
commercial goals. Pfizer will receive exclusive worldwide rights and pay
PTC royalties on worldwide net sales of any products resulting from this
collaboration.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010919/PTCLOGO )
"We are very pleased with Pfizer's significant commitment to our
scientific approach," said Stuart Peltz, Ph.D., President and CEO of PTC
Therapeutics. "We have demonstrated the potential of the GEMS technology
through our multiple internal programs and collaborations based on GEMS and
believe this collaboration with Pfizer will broaden the applicability of
the technology into new areas of high unmet medical need."
GEMS is PTC's novel and proprietary technology platform for the
identification of small-molecules that modulate post-transcriptional
control mechanisms. PTC has successfully employed the GEMS technology in
drug discovery programs in oncology, infectious diseases, cardiovascular
diseases, and neuromuscular disorders. PTC's most advanced compound
identified through the GEMS technology is PTC299, an orally-administered
small molecule designed to inhibit the production of vascular endothelial
growth factor (VEGF), which functions through a mechanism that is distinct
from other VEGF inhibitors. PTC299 is currently in Phase 1 clinical trials.
About PTC
PTC is a biopharmaceutical company focused on the discovery and
development of orally administered, proprietary small-molecule drugs that
target post-transcriptional control processes. Post-transcriptional control
processes regulate the rate and timing of protein production and are of
central importance to proper cellular function. PTC has assembled
proprietary technologies and extensive knowledge of post-transcriptional
control processes that it applies in its drug discovery and development
activities. PTC's current pipeline of clinical and preclinical product
candidates addresses multiple indications, including genetic disorders,
oncology, and infectious diseases.
For more information:
Jane Baj Sheryl Seapy
PTC Therapeutics, Inc. Pure Communications
(908) 222-7000, x167 (949) 608-0841
jbaj@ptcbio.com sheryl@purecommunicationsinc.com
SOURCE PTC Therapeutics, Inc
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Related links:
http://www.ptcbio.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20010919/PTCLOGO
CONTACT:
Jane Baj, PTC Therapeutics, Inc.,
908-222-7000, x167, jbaj@ptcbio.com; or Sheryl Seapy, Pure
Communications, 949-608-0841, sheryl@purecommunicationsinc.com
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