Optimata to Collaborate with Teva Pharmaceutical on Clinical Development of Solid Tumor Cancer Drugs
News Jul 06, 2009
Optimata Ltd. has announced that it has signed a collaboration agreement with Teva Pharmaceutical Industries Ltd. focused on clinical development of drug candidates for solid tumor cancers.
The agreement is intended to rescue and redirect the clinical development of discontinued drug candidates which have been shelved by their originators pharmaceutical companies, using Optimata’s bio-simulation technology known as the Optimata Virtual Patient® (OVP).
Under the terms of the collaboration, Optimata will receive upfront payments, development milestones and royalty payments; in a separate agreement, Teva Pharmaceutical Industries Ltd. has also made an undisclosed equity investment in Optimata Ltd.
Dr. Pini Orbach, COO of Optimata, commented: “Having Teva Pharmaceutical Industries Ltd. as a partner is clearly a transforming event in the history of our company. With this new collaboration we continue to fulfill Optimata’s goal of accelerating the oncology drug development process”.