STAINES-UPON-THAMES, United Kingdom, Aug. 6, 2018 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a leading global specialty pharmaceutical company, today announced it has formed a collaborative research partnership with Washington University School of Medicine in St. Louis, a leader in medical research, teaching and patient care, ranking among the top 10 medical schools in the nation by U.S. News & World Report. The company will fund up to $10 million in research grants over a five-year period, and expects the collaborative initiative to result in multiple research programs, with a particular focus on rare diseases.
"Mallinckrodt and Washington University School of Medicine are well-aligned on the importance of innovative research, and we are very pleased to have this exceptional opportunity to join forces with this premier organization," said Steven Romano, M.D., Executive Vice President and Chief Scientific Officer. "We have a strong strategic focus on improving outcomes for patients with severe and critical conditions, and look forward to finding ways to meet the needs of underserved patients for whom there may be few, if any, therapeutic options."
The partnership will fund projects based on competitive review by a governance committee composed of leaders from both institutions. Mallinckrodt plans to fund two types of grants while also supporting direct collaboration with Washington University School of Medicine, guided by a joint steering committee with representatives from both parties:
Program Grants – intended to provide ongoing, multiyear support to projects likely to progress new therapeutic options; and
Challenge Grants – planned to support early, innovative projects that have the potential to advance basic science with medical applications.
Additional aspects of the program allow Mallinckrodt scientists to interact directly with Washington University programs as collaborators and consultants.
Through this program, Mallinckrodt will strengthen its relationship with Washington University School of Medicine and further its goal to become an industry-leading, scientific and clinically focused specialty pharmaceutical company working toward providing novel solutions for patients with complex clinical needs.
"Washington University School of Medicine is a research powerhouse, and by partnering with Mallinckrodt we are looking to harness that power and direct it into specific drug development and research projects that are most likely to benefit patients," said David H. Perlmutter, MD, executive vice chancellor for medical affairs and the George and Carol Bauer Dean of the School of Medicine. "In keeping with our focus on personalized medicine, a goal of the partnership is to develop new ways to help people with debilitating, complex conditions that lack effective treatment options."
ABOUT MALLINCKRODT Mallinckrodt is a global business that develops, manufactures, markets and distributes specialty pharmaceutical products and therapies. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. To learn more about Mallinckrodt, visit www.mallinckrodt.com.
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CAUTIONARY STATEMENTS RELATED TO FORWARD-LOOKING STATEMENTS This release includes forward-looking statements concerning the collaboration, including expectations regarding future research plans. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: uncertainties inherent in research and development; satisfaction of regulatory and other requirements; actions of regulatory bodies and other governmental authorities; changes in laws and regulations; issues with product quality, manufacturing or supply, or patient safety issues; and other risks identified and described in more detail in the "Risk Factors" section of Mallinckrodt's most recent Annual Report on Form 10-K and other filings with the SEC, all of which are available on its website. The forward-looking statements made herein speak only as of the date hereof and Mallinckrodt does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.
Investor Relations Daniel J. Speciale, CPA Investor Relations and Strategy Officer 314-654-3638 [email protected]