NEW YORK, Aug 16 – NeoGenesis Drug Discovery has announced a deal to work with Mitsubishi-Tokyo Pharmaceuticals to identify small-molecule drug candidates.
Under the terms of the deal, NeoGenesis of Cambridge, Mass., will use its genomics technologies to identify proteins that can be used as therapeutics.
"Based on their previous record of success, we are confident that in a short period of time, NeoGenesis will be able to provide us with effective drug leads to the target we have supplied them with," Akihiro Tobe, president of Mitsubishi-Tokyo’s research and development division, said in a statement released Wednesday.
Mitsubishi-Tokyo Pharmaceuticals, Mitsubishi’s pharmaceutical division, will pay NeoGenesis for discovery in addition to milestones and royalties for products that result from the partnership. Mitsubishi-Tokyo did not disclose the target they are working on.
NeoGenesis has developed the Automated Ligand Identification System, which can screen 300,000 lead compounds a day to identify the compounds that bind with a protein target, according to the company. NeoGenesis has also created the neoMorph compound library, which contains over 10 million lead compounds.
NeoGenesis’ other partnerships include deals with Biogen, Celltech, Merck, Microcide, and Oxford GlycoSciences. Earlier this month, NeoGenesis also announced a deal with Schering-Plough. The company has raised more than $54 million in private funding.