VASTox Signs Two Drug Discovery Collaboration Deals Worth a Combined €1 Million
News Feb 13, 2007
VASTox plc has announced that it has signed two long-term chemical genomics deals with a combined value of €1 million.
The first deal sees VASTox entering into a long-term drug discovery and toxicology screening collaboration with the multinational pharmaceutical company Rottapharm S.p.A. The total deal is worth up to €365,000 over 12 months, which includes an upfront payment and research funding milestones.
Under the terms of this deal, VASTox and Rottapharm will collaborate in the generation of a screening model for osteoarthritis that will test potential drug candidates and therefore accelerate Rottapharm’s discovery programme.
In addition, VASTox will provide predictive safety and toxicology testing using its proprietary ‘vivo™’ technology platform, which will ensure, early in the discovery process, that only high quality compounds are selected. This deal follows a successful pilot project in 2006 that used VASTox’s technology platform and high content screening experience and expertise.
The second deal is with an unnamed European biotechnology company and will use VASTox’s medicinal chemistry expertise and experience in a research collaboration to support one of the client’s drug discovery programmes. This deal will see VASTox paid up to €635,000 over 10 months and was secured after VASTox had successfully completed previous service contracts with the company.
Commenting on the contracts, VASTox’s CEO Steven Lee, PhD, said “These are two very significant deals for VASTox as they further underline the benefits that our chemical genomics technology platform brings to drug discovery and highlight our strong expertise in chemistry. These attributes and capabilities are gaining increasing industry recognition and consequently leading to a greater awareness of and interest in VASTox’s unique drug discovery and service offerings.”
Lee continued,”Furthermore these long-term partnerships will continue to validate our hybrid business model designed to generate maximum returns from our technology platform and scientific expertise outside our internal drug discovery programmes.”