NEW YORK, Sept. 11 – Quark Biotech said Tuesday that Mitsubishi-Tokyo Pharmaceuticals of Japan has made an equity investment in the company of an undisclosed amount.
Quark and Mitsubishi-Tokyo, a wholly owned subsidiary of Mitsubishi Chemical Corporation, are currently collaborating to develop drug targets for neurodegenerative diseases as well as other disease areas.
"QBI's team, along with its applied genomics technology, will greatly accelerate the drug discovery and development activities of our company," Akihiro Tobe, president of research and development of Mitsubishi-Tokyo said in a statement.
In addition to the equity investment, Mitsubishi-Tokyo will continue to fund research at QBI and collaborate with QBI scientists. QBI will receive royalties on sales of the products developed from this collaboration, as well as milestone payments.
Quark Biotech is a functional genomics company based in Cleveland that uses knockout mice technology to validate its findings.
Other investors in Quark include Japan’s Fugisawa Pharmaceutical and Taisho Pharmaceutical as well as Larry Ellison, CEO of Oracle.