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news.US-based GPC Biotech will share a grant with Germany's Ingenium Pharmaceuticals for $2.8 million. The grant, donated by the German Ministry for Education and Research, will ensure each company receives $1.4 million every year until 2007
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GPC Biotech, a public company, is primarily focused on the research and development of cancer drugs. Ingenium is a private company focused on the treatment of pain. The collaboration sees both companies working towards establishing proof of concept for the activity of specific kinase inhibitors using animal models, and will cover several disease areas. The goal is to rapidly advance novel drug targets towards clinical testing.
The grant was transferred from Axxima Pharmaceuticals to GPC Biotech and involves collaborative work initiated between Axxima and Ingenium. GPC Biotech acquired Axxima’s assets earlier this year after the company filed for insolvency in December 2004. Axxima was a drug discovery company in the field of kinase inhibition.
Dr Bernd Seizinger, CEO of GPC Biotech, said, “We are very pleased with the value already being generated by the new employees we hired and the expanded capabilities brought in through the Axxima acquisition.” Dr Seizinger believes the funding gained from the German Ministry as a part of the acquisition will further the company’s expertise and drug producing potential.
Ingenium is also pleased with the joint venture, describing the collaboration as providing great potential for future research.