- Partnership to use Nuevolution's Chemetics(R) Technology for LeadDiscovery
Nuevolution A/S today announced that it has entered into a drug discoverycollaboration with Novartis.
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During the collaboration, Nuevolution will apply its proprietaryChemetics(R) drug discovery technology to identify novel small molecule leadsagainst drug targets of interest to Novartis. The Chemetics(R) platform usesinnovative DNA labeling to allow fragment-based drug screening at anunprecedented scale.
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Nuevolution will screen its multi-million member diverse fragment basedscreening libraries for hit identification. Through the design, synthesis andscreening of target focused Chemetics(R) follow-up libraries, the partieswill also work together to perform hit-to-lead optimization.
Under the terms of the agreement, Novartis will provide Nuevolution withan upfront payment, research funding, and milestone payments as candidatemolecules progress through preclinical and clinical development and onto themarket. In addition, Nuevolution is eligible to receive royalties on thecommercial sales of approved products. Further financial details were notdisclosed.
"We are delighted that Novartis has elected to enter this collaborationwith Nuevolution" said Alex Gouliaev, CEO of Nuevolution A/S, and continued:"We look forward to an exciting and fruitful outcome of the collaboration."
About Nuevolution
Nuevolution is a leading lead discovery company founded in 2001 and basedin Copenhagen, Denmark. The company has developed Chemetics(R), a unique,patent protected hybrid of proven wet chemistry and molecular biology whichrepresents the ultimate fragment based lead discovery technology.Chemetics(R) enables rapid synthesis and DNA-tagging of hundreds of millionsof chemically diverse drug-like small molecule compounds and the efficientscreening of these, facilitating the identification of potent drug leads atunprecedented quantity, quality and speed compared to existing lead discoverytechnologies.
Nuevolution partners its technology with pharmaceutical and biotechnologycompanies, and is also developing an internal pipeline by applyingChemetics(R) to validated cancer and cardiovascular targets. Nuevolution hasdemonstrated the power of Chemetics(R) by identifying highly potent and druglike novel ligands with the potential to address major unmet medical needsacross a range of therapeutic areas and target classes.
Nuevolution is a privately owned company and has raised EUR 37 million infinancing from key Scandinavian investors, including SEB Venture, SunstoneCapital, SLS Invest and Novo A/S. For more information about Nuevolution A/S,please visit the company's website http://www.nuevolution.comFor further information about Nuevolution please contact: Nuevolution A/S Alex Haahr Gouliaev, CEO +45-3913-0987 [email protected]
SOURCE Nuevolution
