RiboGene signs agreement with Abbott Laboratories to develop new antifungal compounds.HAYWARD, Calif.--(BUSINESS WIRE)--April 30, 1996--RiboGene Inc. today announced the initiation of a research and development collaboration with Abbott Laboratories Abbott Laboratories (NYSE: ABT) is a diversified pharmaceuticals and health care company. It has over 65,000 employees and operates in 130 countries. The corporate headquarters are in Abbott Park, Illinois, a neighborhood of North Chicago, Illinois. aimed at developing novel antifungal antifungal /an·ti·fun·gal/ (-fung´gal) 1. destructive to fungi, or suppressing their reproduction or growth; effective against fungal infections. 2. an agent that so acts. compounds discovered with RiboGene's translation-targeted therapeutics technology. The agreement grants Abbott the exclusive worldwide right to develop and market antifungal products discovered collaboratively with RiboGene. Abbott has agreed to support antifungal research at RiboGene for up to three years, will make an equity investment in the company, and has agreed to a subsequent purchase of additional equity. RiboGene will receive milestone payments for each compound developed through the collaboration as well as royalties on any product sales. Further terms of the agreement were not disclosed. "This collaboration represents a tremendous milestone for RiboGene, and a validation by highly respected pharmaceutical industry scientists with specific expertise in anti-infective drug discovery," said Charles J. Casamento, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of RiboGene. "Abbott is the ideal partner for our antifungal program. Their world-renowned development and marketing capabilities will be an excellent complement to our research and drug discovery technologies." Worldwide sales of antifungal drugs An antifungal drug is medication used to treat fungal infections such as athlete's foot, ringworm, candidiasis (thrush), serious systemic infections such as cryptococcal meningitis, and others. Such drugs are usually obtained by a doctor's prescription or purchased over-the-counter. are forecasted to exceed $3 billion in 1996. It is generally recognized that there is a significant unmet medical need for new antifungal drugs with minimal side-effects. RiboGene's unique platform technology is designed to identify compounds with a novel mechanism of action never before exploited in the search for new antifungals. "RiboGene's high throughput screening system focuses on fungal translation mechanisms which differ significantly from those found in human cells," said Charles M. Moehle, Ph.D., who is responsible for RiboGene's antifungal program. "Targeting fungal specific processes greatly enhances our ability to discover antifungal drugs with minimal side-effects." "In our collaboration with RiboGene, we will develop new antifungal drugs that act by specifically disrupting the synthesis of fungal proteins. RiboGene's antifungal technologies coupled with Abbott's expertise in drug development position this collaboration for rapid success," said Dr. Andre Pernet, Abbott's vice president of Pharmaceutical Research and Development. RiboGene is a privately-held biotechnology company focused on discovery, development and commercialization of drugs to treat infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. . RiboGene is the first biotechnology company targeting mRNA translation to develop new classes of therapeutic agents for bacterial, fungal and viral infections viral infection, n an infection by a pathogenic virus. A virus acts on the cell nucleus, taking over the genetic material within the nucleus and replicating itself. , including hepatitis C virus
CONTACT: RiboGene Inc. Charles J. Casamento or Laura S. Gaeta, 510/732-5551 |
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