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news.Proteostasis Therapeutics has signed an agreement with Elan to enhance Proteostasis' platform to develop and discover disease-modifying, small molecule drugs and diagnostics, targeting neurodegenerative disorders.
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According to the agreement, Elan will become an approximate 24% shareholder in Proteostasis.
Elan will be eligible for licensing compounds that will be developed under the pact.
As per the terms of the agreement, Elan has invested $20m into equity capital of Proteostasis and will have an opportunity to provide an additional $30m in collaboration funding over five years.
Proteostasis chairman of the board Christopher Mirabelli said Proteostasis’ drug discovery platform is based on an emerging concept in biology, namely that perturbations in the Proteostasis Network pathways fundamentally underlie a variety of diseases, including neurodegenerative diseases as well as orphan conditions such as cystic fibrosis and lysosomal storage disorders.
"This alliance provides a creative approach to financing our discovery platform and supporting the development of multiple discovery and development programs in parallel," Mirabelli said.