EMERYVILLE, Calif., Feb. 26 /PRNewswire/ -- Novel drug discovery and
development firm CrystalGenomics/CG Pharmaceuticals recently announced a
strategic alliance agreement with a leading US-based venture capital firm,
ProQuest Investments to identify and develop orally available drugs that
modulate the HIF Prolyl Hydroxylase enzyme system.
Under this agreement, CrystalGenomics will receive up to $6 million in
upfront and initial research funding from Palkion, in addition to
development and sales milestone payments of potentially more than $200
million. CrystalGenomics will also initially own 50% of Palkion, Inc.
ProQuest will capitalize Palkion with a Series A investment and also
provide the management personnel for Palkion. CG will use its unique
structure-based drug design capabilities to identify drug candidates while
Palkion will oversee the clinical development of novel drug candidates.
"This strategic alliance is an affirmation of CrystalGenomics' ability
to discover novel drugs," stated Dr. Joong-Myung Cho, President and CEO of
CrystalGenomics. "This deal leverages our core drug discovery capabilities
in a meaningful way," added Paul Kim, Vice President & CBO of
CrystalGenomics/CG Pharmaceuticals. "Through shared responsibilities with
Palkion, we will accelerate our drug development process and establish CG
as a global-scale pharmaceutical firm."
About CrystalGenomics/CG Pharmaceuticals
CrystalGenomics is a leading structure-based drug discovery company
headquartered in Seoul, Korea with a US presence in Emeryville, California
(CG Pharmaceuticals). CrystalGenomics has assembled a diverse pipeline of
novel drug discovery programs in the areas of cancer, inflammation and
anti-infective. CrystalGenomics currently is developing new mechanism
NSAID, currently in Phase 2 trials, along with two preclinical programs
including CG200745, an oral/IV HDAC inhibitor for cancer, and CG400549,
novel, first-in-class antibiotic targeting MRSA & VRSA. The Company has
established several drug discovery collaborations with Japanese
Pharmaceutical companies including Daiichi Sankyo, Tanabe, and OncoTherapy.
CrystalGenomics is publicly-held with a listing on the KOSDAQ exchange.
CrystalGenomics is seeking pharmaceutical and biotechnology partners
for select collaboration opportunities. For more information, please visit
http://www.cgpharma.com
SOURCE CrystalGenomics/CG Pharmaceuticals
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Related links:
http://www.cgpharma.com
CONTACT:
Paul Kim, VP & Chief Business Officer,
+1-510-594-8202, paulk@cgpharma.com, or Young Chang,
+1-510-594-8200, ychang@cgpharma.com, both of CG Pharmaceuticals,
Inc.
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