..Unique platform for discovery of new disease-associated targets
..World-renowned scientists to spearhead target discovery program
..‘Phenomica’ to license IP from both Cambridge University & Phylogica
PERTH, AUSTRALIA AND CAMBRIDGE UK 9 March 2011 – Leading Australian drug discovery company Phylogica Ltd (ASX: PYC, XETRA: PH7) will partner with researchers from the University of Cambridge in a spin-off company to pursue a novel application of its Phylomer® peptides for discovery of disease-associated targets. The spin-off complements Phylogica’s existing business model by opening up a new market opportunity for the Company. It offers the potential to secure new revenue streams that would otherwise not be accessible to Phylogica without substantial investment in both capital and also in technical expertise. Phylogica has already initiated discussions with prospective partners who are interested in the capabilities of the new Phylogica-Cambridge University venture.
The spin-off company, named Phenomica, will combine Phylogica’s Phylomer® libraries, which comprise billions of naturally derived peptides, with technology from Cambridge to identify vulnerable points in a disease that can be the focus for new drug development. Phylogica has signed a Memorandum of Understanding with Cambridge Enterprise, the University’s commercialisation group, outlining plans to form Phenomica. The spin-off will be based in Cambridge, UK, maximising access to state-of-the-art research facilities. Its mission will be to discover and validate new disease-associated targets and to identify new avenues for therapeutic intervention.
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