Peptech will receive 90% of the funds within the next few days, while the remaining 10% will be held in escrow for one year. Peptech CEO Dr John Chiplin said the transaction would enable Peptech to build on its acquisitions of Promics Limited and the antibody business of Scancell Limited.
Dr Chiplin said that future investments include “further developing our R&D capability by way of a key appointment to enhance our clinical expertise and to oversee the human clinical trials of our compounds, including lead anti-TNF compound PN0621, expected to commence phase I clinical trials in the second quarter of 2007.
The company will also focus on integrating its acquisitions – Promics and Scancell – while developing in-house capabilities to develop compounds through antibody and protein engineering.