Perth, Australia: 16 May 2014 – Leading peptide drug discovery company Phylogica Ltd (ASX:PYC, XETRA:PH7) provides this update to shareholders covering:
Janssen Commercial Discussions
Further to the shareholder update on 7 April, Phylogica advises that Janssen has decided not to exercise its option to license the outcome of the collaboration that validated the Endosomal Escape Trap (EET) platform. Janssen acknowledged Phylogica had successfully delivered on the technical requirements of the collaboration.
The substantial benefit to Phylogica however is the $2.32 million invested by Janssen creating and validating our proprietary EET platform that facilitates the discovery of more sophisticated cell-penetrating drugs to treat disease. Phylogica is now at the forefront this emerging field. The compelling value of EET is that testing so far reveals it can potentially make some existing major drug treatments 25-50 times more effective.
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