Phylogica licenses peptides to UK company to develop cancer drugs

2015-04-07 01:56:51

(MENAFN- ProactiveInvestors)

Phylogica (ASX:PYC) has entered into a licensing agreement with UL biotech PhoreMost Limited to identify and develop small molecule cancer drugs.

Under the agreement Phylogica has granted PhoreMost a world-wide non-exclusive licence to use certain Phylomer libraries solely for phenotypic screening to identify novel targets involved in diseases such as cancer and then to identify and develop small molecule drugs against these targets.

In return Phylogica will be granted a 7.5% stake in PhoreMost and the rights to develop therapeutic Phylomer peptides discovered from PhoreMost screens.

This has the potential to feed Phylogica’s peptide-based oncology pipeline and unlock significant value in Phylomer platform.

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