High Point pharmaceutical company's success, economic impact cited
RESEARCH TRIANGLE PARK, N.C., May 7 /PRNewswire-USNewswire/ --
TransTech Pharma, a clinical pharmaceutical development company in High
Point, N.C., is being recognized by North Carolina's economic development
community for its economic impact on the Piedmont Triad region and the
state.
TransTech will receive the North Carolina Biotechnology Economic
Development Award tonight in Boston during a North Carolina reception at
the Biotechnology Industry Organization (BIO) conference and exhibition,
where more than 20,000 people from 60 countries are gathered for the
world's largest biotechnology meeting.
"TransTech Pharma and its related company, PharmaCore, bring
significant economic and societal value to the Piedmont Triad region and to
North Carolina through the creation of high-paying jobs, the attraction of
research funding, and the development of potential new drugs to treat
chronic diseases," said Jim Fain, secretary of the N.C. Department of
Commerce. "A strong leadership, financial, and research team, led by
Founder, Chairman, President and CEO Adnan M. M. Mjalli, Ph.D., has brought
TransTech Pharma to significant accomplishment. The company's sustained
entrepreneurial success serves as a model for ventures in North Carolina
and beyond."
Fain will present the award to TransTech executives along with Sue W.
Cole, board chair of the North Carolina Biotechnology Center.
"Bold, innovative, fast-moving companies are the lifeblood of any
vibrant bioscience community," Cole said. "TransTech Pharma exemplifies
these traits and merits recognition by the state's biotechnology and
economic development communities."
TransTech's 80 employees are focused on the discovery, development and
commercialization of small-molecule and protein therapeutics for the
cardiovascular, oncology, central nervous system, diabetes and obesity
markets. The company's proprietary drug-discovery engine, a highly
automated platform called TTP Translational Technology(R), translates
genomic and other biological data into effective small-molecule
therapeutics, bypassing many of the traditional bottlenecks in drug
discovery.
TransTech has developed collaborations with national and international
corporations to discover and develop new therapeutics for the treatment of
chronic diseases.
Some of the ventures are with Novo Nordisk, Merck & Co., Cephalon and
Siga Technologies. Most recently, TransTech entered into two major
multi-million dollar deals:
-- a $173 million out-license to Pfizer of compounds for the treatment
of Alzheimer's disease and diabetic disorders
-- an exclusive license from Novo Nordisk for several clinical projects
including a clinical enzyme program to help diabetics control their glucose
levels.
The North Carolina Biotechnology Center, headquartered in Research
Triangle Park with five regional offices across the state, is a private,
non- profit corporation supported by the N.C. General Assembly. Its mission
is to provide long-term economic and societal benefits to North Carolina by
supporting biotechnology research, business and education statewide.
Contact: Mr. Gwyn Riddick, director of the Piedmont Triad Office of the
Biotechnology Center, 336-725-6671; Steven Burke, senior vice president of
corporate affairs; or Barry Teater, Jim Shamp or Boris Hartl, all of the
Corporate Communications staff, 919-541-9366. Visit the Biotechnology
Center online at http://www.ncbiotech.org.
SOURCE North Carolina Biotechnology Center
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Related links:
http://www.ncbiotech.org
CONTACT:
Gwyn Riddick, +1-336-725-6671; Steven Burke,
Barry Teater, Jim Shamp or Boris Hartl, +1-919-541-9366, all of
the North Carolina Biotechnology Center
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