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Proteologics and Teva first collaborated in March 2005 developing cancer therapeutics in two discovery programs, based on the ubiquitin system components. The new deal further reinforces the collaboration by granting Teva the right to continue drug development in these two programs, in addition to a license of the new discovery program. In return, Proteologics is entitled to payments pending on the achievements of milestones, as well as royalties from sales. Proteologics retains freedom to collaborate on different programs with any other partners.
"The deal with Teva complements our corporate strategy of growth through early stage collaborations with large pharmaceutical companies. We believe that joining innovation expertise of biotech with the supporting infrastructure of Pharma at earlier stages of drug discovery creates a clear benefit for both sides. Proteologics' proven abilities in the ubiquitin drug discovery together with Teva's drug development and marketing position will maximize our efforts in the search of promising new therapeutics," says Mr. Avishai Levy, CEO of Proteologics.
About Proteologics
Proteologics is a leading force in investigating the ubiquitin system for the discovery and development of novel therapeutics. Drs. Avram Hershko and Aaron Ciechanover - the 2004 Nobel Prize in chemistry laureates for the discovery of the ubiquitin system -- constitutes the company's scientific advisory board. Unique know-how, methodology and the implementation of advanced technologies characterizes Proteologics' Proprietary Target & Drug Discovery Platform. Concurrent with major efforts in small molecule drug discovery, Proteologics was one of the pioneering companies in the implementation of siRNA technology for the discovery and validation of novel therapeutic pathways.
SOURCE: Proteologics Ltd.
Proteologics Ltd. Avishai Levy, 972-545-689095 avishai@proteologics.com
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