- BioSeek Receives $10 Million Equity Investment from Amylin -
BURLINGAME, Calif., May 22 /PRNewswire/ -- BioSeek, Inc., a leader in
applying integrated human biology systems for developing new therapeutics,
announced today the signing of a joint research collaboration agreement
with Amylin Pharmaceuticals, Inc. that will focus on the discovery and
development of novel peptide therapeutics for inflammatory conditions.
Amylin has also made a $10 million equity investment in BioSeek.
Under the collaboration, BioSeek will apply its BioMAP(R) human biology
screening systems to evaluate the potential of peptide therapeutics in
Amylin's proprietary polypeptide hormone library, PHORMOL(TM), to treat a
range of inflammatory conditions. In exchange for milestone payments and
royalties payable to Amylin, BioSeek will have the right to select and
exclusively license two peptides resulting from the screening program as
the basis for proprietary optimization and development programs for
therapeutic indications outside of Amylin's core therapeutic focus. BioSeek
is eligible to receive royalties if Amylin develops or licenses an
additional limited set of peptides for uses identified in the
collaboration. The agreement builds on an earlier screening collaboration
formed by Amylin and BioSeek in 2006.
"This collaboration with Amylin is an important strategic move for
BioSeek, as it provides us with funding, a novel source of therapeutic
compounds, and access to valuable peptide chemistry expertise to launch a
proprietary development program in inflammatory disease," commented Peter
Staple, chief executive officer of BioSeek. "Amylin's research organization
has generated a unique drug discovery resource with its extensive library
of peptide hormones, and we look forward to a productive and interactive
relationship with the Amylin team."
"We are excited to be working with BioSeek in the area of inflammatory
disorders," said Michael Hanley, vice president, discovery research at
Amylin. "This collaboration leverages our proprietary peptide library,
PHORMOL(TM), for therapeutic indications outside of Amylin's primary areas
of development. As a result, this new venture presents an excellent vehicle
for value generation."
BioSeek's BioMAP(R) Systems are a series of human primary cell-based
assay systems designed to replicate the intricate cell and pathway
interactions present in human disease biology. Depending on their mechanism
of action, compounds induce specific patterns of changes in these systems
(BioMAP profiles) that can be compared to a large number of reference
profiles in BioSeek's database. BioMAP profiling can provide in-depth
characterization of drug function, including defining mechanism of action
and secondary activities, and can provide insights into potential clinical
applications. In addition to characterizing previously identified lead
compounds, BioSeek is using BioMAP Systems for primary screening, to
rapidly generate lead compounds that have novel activity in a particular
disease setting.
About BioSeek
BioSeek is improving the success rate of pharmaceutical research and
development by integrating human biology from the early stages of drug
discovery onward. The Company's BioMAP(R) Systems incorporate predictive
human cell-based disease models that generate uniquely informative activity
signatures for each potential drug, driving the selection and development
of new drug candidates. BioSeek is leveraging BioMAP(R) Systems technology
in collaborations to enhance the productivity of its pharmaceutical
partners' pipelines, and in the Company's internal programs to identify
promising compounds for proprietary development in the fields of
inflammation, cardiovascular diseases, autoimmune diseases, and related
indications.
For more information, go to http://www.bioseekinc.com
BioSeek Contacts:
BioSeek, Inc.
Peter D. Staple, Chief Executive Officer
Tel: 650.552.0751
E-mail: pstaple@bioseekinc.com
MacDougall Biomedical Communications
Kari Watson
Tel: 508.647.0209
E-mail: kwatson@macbiocom.com
SOURCE BioSeek, Inc.
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Related links:
http://www.bioseekinc.com
CONTACT:
Peter D. Staple, Chief Executive Officer of
BioSeek, Inc., +1-650-552-0751, pstaple@bioseekinc.com; or Kari
Watson of MacDougall Biomedical Communications, +1-508-647-0209,
kwatson@macbiocom.com
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