Wednesday, July 27, 2016
X-Chem, Inc., a privately held biotechnology company applying its cutting-edge lead discovery capabilities to the generation of novel small molecule therapeutics, today announced a multi-target drug discovery agreement with AbbVie. The collaboration is focused on the discovery and development of novel treatments for diseases in oncology and immunology.
Under the terms of the agreement X-Chem will deploy its DNA-encoded library discovery platform for the identification of novel small-molecule inhibitors of both promising new targets as well as validated targets that have been historically challenging to address. AbbVie has an exclusive option to license active hits and leads generated in the course of the collaboration and is responsible for all further development and commercialization. Financial terms were not disclosed.
“X-Chem’s ongoing improvements to its platform have demonstrated further increases in success in identifying small molecule hits and leads against a broad range of difficult biological targets,” stated Rick Wagner, Ph.D., Chief Executive Officer of X-Chem. “We look forward to applying our advanced drug discovery capabilities in collaboration with the scientists at AbbVie, a leader in the development of drug treatments in oncology and immunology.”
Source : finance.yahoo.com
