NEW YORK, Dec. 19, 2016 /PRNewswire/ -- Phylogica Ltd (ASX: PYC), a public Australian drug discovery company, announced today that Genentech, a member of the Roche Group, has extended its exclusivity period for the Research Collaboration and License Agreement to discover novel antibiotics utilizing Phylogica's Phylomer® drug discovery platform, including its proprietary cell penetrating peptide discovery technology.
Under the terms of the agreement, Phylogica will receive a milestone payment of US$2 million. As previously announced in December 2014, Phylogica is eligible to receive research, development, and commercialization milestone payments totaling up to US$142 million.
Phylogica's Chief Scientific Advisor, Professor Paul Watt commented: "We are delighted with the progress of our collaboration with Genentech over the last year. This alliance has the potential to address a critical unmet need to develop novel antibiotics to treat bacterial infections including antimicrobial-resistant infections. The World Health Organisation has identified antimicrobial resistance as one of the 3 most important problems for human health. We look forward to continuing to work with Genentech's scientific team to tackle this increasingly important, global challenge."
For further information, please contact:
Adjunct Professor Paul Watt
Chief Scientific Advisor
Phylogica Limited (ASX: PYC) is an oncology-focussed biotech company discovering and developing a new generation of biologics-based therapies against intracellular cancer targets. The company was originally spun out from the Telethon Kids Institute (Perth, Australia) and the Fox Chase Cancer Centre (Philadelphia, USA). Phylogica controls access to the world's most structurally diverse source of peptides - called Phylomers. The company specialises in Phylomer-based solutions to discover and deliver novel biologics drugs against intractable intracellular cancer targets with unprecedented potencies. Phylogica is advancing its proprietary oncology programmes developing first-in-class therapies against transcription factors such as Myc and Stat5. These targets play a critical role in many common cancers such as breast, lung, prostate and pancreatic, but have proven undruggable with conventional small molecule therapies. Within the last six years, the company has entered into discovery collaborations with Roche, Genentech, MedImmune, Pfizer, Janssen and Cubist Pharmaceuticals.
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