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news.EpiTherapeutics and Abbott have entered into a partnership to develop new anti-cancer drugs by making small-molecule inhibitors against selected epigenetic oncology targets.
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Under the agreement, EpiTherapeutics will receive an upfront payment as well as funding of research activities.
In addition, under certain conditions, EpiTherapeutics is eligible to receive milestone payments and potential royalties on future revenues.
The collaboration agreement is for a period of three years, and the activities will be conducted at both EpiTherapeutics and Abbott.
EpiTherapeutics CEO Martin Bonde said the company is very pleased with the drug discovery collaboration with Abbott, who brings tremendous expertise in the oncology field.
"We look forward to a fruitful collaboration with the aim of developing new anti-cancer drugs within the promising new area of epigenetics," Bonde said.
Abbott Pharmaceuticals Discovery vice president James Sullivan said the varied nature of the cancer requires a diverse approach looking at multiple disease targets in different tumor types and they look forward to working with EpiTherapeutics to accelerate development of new anti-cancer drugs.