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In a simultaneous transaction, Orchid Chemicals & Pharmaceuticals Ltd.,the Chennai (India) based pharmaceutical major ("Orchid Pharma"), has signedan agreement to partner with Diakron as a significant shareholder anddeveloper for the anticoagulant drug candidate. Orchid will be undertaking thenext stages of development.
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Announcing the successful conclusion of the agreements, Srirama Rao, PhD.,a founder and the Chairman of Diakron said, "We are extremely pleased to beable to license this compound from Merck for further development andcommercialization. We are also pleased that Orchid is partnering with us as asignificant shareholder and developer of this compound, leveraging itsworld-class R&D infrastructure in India. This will allow Diakron to fast-trackdevelopment of this unique anticoagulant product as its number one priority."
Commenting on the agreement, Dr. C.B. Rao, Deputy Managing Director ofOrchid stated that partnering with Diakron for the development of this Merckcompound is a significant development in Orchid's drug discovery journey.With its end-to-end drug discovery and drug development capability backed byUS FDA and UK MHRA compliant manufacturing facilities, Orchid is wellpositioned to support the development of the compound all the way tosuccessful commercialization, he observed.
"Despite recent advances there remains a significant unmet medical needfor novel anticoagulant therapies," said Joseph Vacca, Executive Director ofMedicinal Chemistry, External Basic Research at Merck & Co., Inc. "We believethat Diakron is well positioned to build on our early development work and, incollaboration with Orchid, spearhead the passage of this molecule through latestage clinical trials."
About Diakron Pharmaceuticals, Inc.
Diakron Pharmaceuticals, Inc. is a privately-owned pharmaceutical companyspecializing in the development of products for the treatment of certaincardiovascular diseases and diabetes.
About Orchid Chemicals & Pharmaceuticals Ltd.
Orchid Chemicals & Pharmaceuticals Ltd. is a globally recognized,integrated pharmaceutical company with core competencies in the developmentand manufacture of Active Pharmaceutical Ingredients (APIs) and FinishedDosage Forms as well as in drug discovery. Orchid has research andmanufacturing facilities aimed at global markets, thus emerging as aworld-class pharmaceutical company covering the entire value chain from"Discovery to Delivery."Contacts: Diakron: Robert A. Anderson Chief Marketing Officer [email protected] Orchid: C.B. Rao, PhD. Deputy Managing Director [email protected]
SOURCE Diakron Pharmaceuticals, Inc.
