TransTech Pharma, Inc. Receives Equity Investment.Business & Health/Medical Writers BIOWIRE2K HIGH POINT, NC--(BUSINESS WIRE)--Jan. 18, 2000 MacAndrews & Forbes Funds New Technology for Reducing Time and Expense of Drug Development TransTech Pharma, Inc. (TTP TTP (thymidine triphosphate): see thymine. ) today announced that the company has received an equity investment of $4 million from MacAndrews & Forbes Holdings, Inc. TTP uses proprietary high-throughput medicinal chemistry Medicinal or pharmaceutical chemistry is a scientific discipline at the intersection of chemistry and pharmacology involved with designing, synthesizing and developing pharmaceutical drugs. (HTMC HTMC High Temperature Materials Chemistry HTMC Hawaiian Trail and Mountain Club HTMC High Tech Media Communication HTMC High Tec Micro Cell HTMC High Throughput Medicinal Chemistry HTMC Haagse Taxi Mobilofoon Centrale )(TM) to reduce the time and costs needed to identify clinical drug candidates and develop them into marketable drugs. Dr. Adnan Mjalli, founder, President and Chief Executive Officer of TTP said that the Company will use the funds to accelerate the development of its technology by increasing its research staff and expanding its facilities. "We are pleased by this vote of confidence in our novel drug discovery and development platform by MacAndrews & Forbes," Dr. Mjalli said. "Our goal is to offer pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. a practical, rapid and inexpensive route to the discovery of drugs." "This breakthrough technology will help the pharmaceutical industry improve productivity," said Dr. Eric Rose, Chairman of the Scientific Advisory Board. "Due to competitive pressures and other external factors, pharmaceutical companies are actively seeking new ways of reducing the substantial commitment of time and expense currently needed to develop drugs. TTP intends to establish partnerships with pharmaceutical companies, using its efficient lead discovery and optimization processes to help them rapidly increase the number of clinical drug candidates in their pipeline." TTP's technology builds on the advances of combinatorial chemistry Combinatorial chemistry involves the rapid synthesis or the computer simulation of a large number of different but structurally related molecules. Introduction Synthesis of molecules in a combinatorial fashion can quickly lead to large numbers of molecules. , which creates chemical compounds to be used for drug discovery. The Company's HTMC technology uses an efficient process of high throughput compounds design, synthesis, purification, testing and reiteration to deliver clinical candidates in a timely and cost effective manner. Initially, TransTech Pharma will use its HTMC technology to expedite the development of drug candidates associated with two proprietary biological targets. The first is the cell surface receptor RAGE, which is directly involved in diabetes complications, inflammation, and Alzheimer's disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. . The second is the coagulation factor coagulation factor n. See clotting factor. coagulation factor Blood clotting factor Hematology Any of a number of serum proteins–factors I-XIII, designated by Roman numerals, which act in a coordinated fashion IX/IXa, which is involved in thrombosis. TransTech Pharma, Inc. is a biotechnology company whose mission is to develop and commercialize technology that reduces the time and costs needed to identify and develop clinical drug candidates. TTP is headquartered in a new 14,000 square foot, state-of-the-art-facility at Piedmont Center in High Point, North Carolina
High Point is a city located in the Piedmont Triad region of North Carolina -- the 36th largest metro area in the United States with a population of 1.5 million. . |
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