BioSeek signed a joint research collaboration agreement with Amylin Pharmaceuticals that will focus on the discovery and development of peptide therapeutics for inflammatory conditions.
BioSeek will apply its BioMAP® human biology screening systems to evaluate the potential of peptide therapeutics in Amylin's polypeptide hormone library, PHORMOL™.
The agreement builds on an earlier screening collaboration formed by Amylin and BioSeek in 2006. Amylin has made a $10-million equity investment in BioSeek. In exchange for milestone payments and royalties, BioSeek will have the right to select and exclusively license two peptides resulting from the screening program. These will be used as the basis for optimization and development programs for therapeutic indications outside of Amylin's core focus. BioSeek is eligible to receive royalties if Amylin develops or licenses an additional set of peptides for uses identified in the collaboration.
"This collaboration leverages our proprietary peptide library, PHORMOL, for therapeutic indications outside of Amylin's primary areas of development. As a result, this new venture presents an excellent vehicle for value generation," comments Michael Hanley, vp, discovery research at Amylin.