NEW YORK (GenomeWeb News) – ITI Life Sciences has licensed its data-mining technology to bioinformatics company Cognia to develop a drug-discovery database, the companies said today.
Cognia’s European branch, Cognia EU, worked with an ITI research program and with the University of Edinburgh’s School of Informatics to develop the technology, the companies said.
Under the agreement, ITI will receive royalties from sales of the resulting product. ITI said these proceeds will be re-invested in the ITI Life Sciences Text Mining research program, a 3-year initiative that is scheduled to end in one year.
ITI said it expects to sign more licensing agreements with technology developed under this program.
The companies also said they plan to sign a permanent agreement later this year.
Cognia said it can deploy and commercialize the IP immediately, and said it expects to create “numerous databases” from the text-mining program.
Financial terms of the agreement were not released.