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GRAFFINITY SIGNS COLLABORATION AGREEMENT WITH ELI LILLY.

Graffinity Pharmaceuticals, Heidelberg, Germany, has entered into an agreement with Eli Lilly and company (NYSE: LLY). Graffinity will utilize its novel chemical genomics technology, and drug fragment approach, to identify small molecule hit compounds against a selection of Lilly's therapeutic targets.

Under the terms of this agreement Lilly will provide a selection of its drug targets to Graffinity. Graffinity will use its proprietary drug discovery platform, which is centered on chemical microarrays, drug fragment libraries, and label-free imaging of protein-ligand interactions, to identify novel hit compounds for a subset of the targets.

"Novel screening and chemistry technologies that can both accelerate drug discovery and work across a range of targets are a vital part of modern drug discovery. We are excited about the opportunity to partner with a company of the stature of Lilly which is at the forefront of innovative discovery approaches", said Victor Matassa, vice president of Research and Development of Graffinity. "The power of this technology is to rapidly generate valuable compound hits for the many drug targets identified from genomics research, and the partnership has the potential to generate long term value for Graffinity.

Financial details were not disclosed.

Graffinity Pharmaceuticals is a drug discovery company and leader in the emerging field of chemical genomics. Graffinity's chemical genomics platform combines new chemistry approaches, physics, information technology and microsystem technologies to screen potential drug targets. Of central importance is the combination of chemical microarrays with a proprietary method for the standardized, label-free detection of compound-protein interactions. No assay development is necessary. Through Graffinity's RAISE (Rapid Affinity Informed Structure Evolution) process, small organic molecules are further developed in an evolutionary way directed by their interactions with proteins, both targets and non-targets, to deliver high quality, specific lead structures

Graffinity has established collaborations with pharmaceutical and biotechnological partners, such as Pfizer, Aventis Pharma, Boehringer Ingelheim, Biosearch Italia, Celera, Merck KgaA, m-phasys, and Structural GenomiX. The company, based in Heidelberg, Germany, was founded in 1998 and currently employs 100 people.

For more information, visit http://www.graffinity.com.
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Comment:GRAFFINITY SIGNS COLLABORATION AGREEMENT WITH ELI LILLY.
Publication:Worldwide Biotech
Geographic Code:1USA
Date:Sep 1, 2002
Words:338
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