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Company Update: It’s been a successful six months for De Novo
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1st August 2005
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De Novo Pharmaceuticals, the world leader in computational drug design, has experienced a successful six months. Key achievements in this time have included the closure of an internal funding round and the signing of three new drug discovery partnership deals with USA biotech companies.
Commenting on the recent developments, CEO Philip Dean said, “The completion of the funding round has enabled us to refocus the Company as a fee-for-service business, which is already proving to be a success. The signing of three new partnerships in the USA has reaffirmed our confidence in the commercial value of our technology.”
Each of the three drug discovery deals follows a similar pattern. De Novo’s partners have structural or ligand information about their proprietary drug targets, but need a rapid and cost effective way to find new hit molecules. De Novo uses its leading edge, in-silico drug design platform, SkelGen®, to generate novel hit molecular designs. In each case the partner has chosen to use their in-house synthetic chemistry capability to produce the resulting compounds and test them for activity in their own biological assays.
Under the terms of the agreements, De Novo is unable to name its partners. In addition to being paid service fees, De Novo will also benefit from success fees when its partners find active molecules.
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