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Metabasis Announces Purchase of Certain Assets From Cengent's Metabolic Disease Program
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Metabasis Therapeutics, Inc. has announced that it has purchased all of the assets of Cengent Therapeutics' PTP-1B program for metabolic diseases from Cengent's current note holders.
With respect to terms of the acquisition, Metabasis would make milestone payments to the note holders only if certain clinical development outcomes are achieved involving an acquired compound and would pay commercialization milestones and royalties if an approved product emerges from the assets acquired.
The acquired assets include several lead compounds and compound libraries, multiple patent families, biological assays and reagents, protein crystal structures and various other components of Cengent's PTP-1B program.
PTP-1B (Protein tyrosine phosphatase 1B) is a validated molecular target, which mediates insulin resistance in mammals.
PTP-1B chemically modifies the insulin receptor thereby blunting its ability to communicate a signal upon insulin binding.
Inhibitors of PTP-1B would be expected to restore the signaling transduction mechanism to the insulin receptor and thus could find therapeutic benefit in the treatment of diabetes.
"Our discovery group has been working with the PTP-1B target for some time now so these assets have the potential to significantly accelerate that program and improve our chances of recommending another exciting new product for the treatment of diabetes," commented Dr. Edgardo Baracchini, senior vice president of business development for Metabasis Therapeutics.
"If successful, a product from the PTB-1B program would augment the already robust portfolio of product candidates we currently have in clinical development for the treatment of diabetes and metabolic disease."
"With four products in the clinic and a fifth approaching the clinic, all of which were internally discovered, we have demonstrated our ability to identify important new approaches and products for the treatment of chronic diseases that have critical unmet need and large market potential."
