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news.Exelgen, a wholly owned subsidiary of Commonwealth Biotechnologies, has entered into two new drug discovery collaborations: one with a leading US pharmaceutical company and one with a major European pharmaceutical company.
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Under the terms of the agreement, based on compounds discovered by Exelgen, the company’s partner will receive an option to license the compounds and collaborate in specific programs. With the signing of the agreement, the company’s partner will make an initial up-front cash payment to Exelgen for exclusivity on certain program assets and have the option to continue development of the assets in collaboration with Exelgen.
If this collaboration proves successful and a drug candidate is identified, Exelgen would receive ongoing support through additional research funding and, more importantly, will be eligible to receive success-based milestones of up to $25 million and additional royalties on any product sales. Both the partners declined to be named because of the proprietary nature of the collaborations.
Mark Warne, managing director at Exelgen, said: “With our new European partner, we have entered into a broad-based collaboration to discover and develop novel small-molecule therapeutics for use in the fields of CNS; Alzheimer’s disease, neuro-inflammation and type-2 diabetes.”