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August 13, 2007

FoldRx and Cystic Fibrosis Foundation Therapeutics Ink $22M Alliance

  • FoldRx Pharmaceuticals will receive up to $22 million from Cystic Fibrosis Foundation Therapeutics (CFFT) to discover and develop new compounds aimed at treating the disease. The company will use its yeast-based, high-throughput screening platform to detect candidates that could improve the function of a misfolded protein associated with cystic fibrosis.

    “Our yeast-based drug discovery platform is uniquely suited to diseases such as CF, which involve mistrafficking of mutated proteins,” points out Richard Labaudiniere, Ph.D., president and CEO of FoldRx.

    Under this research, development, and commercialization transaction, CFFT will provide funding over five years based on specific R&D milestones, including Phase I development of two clinical candidates. The company will also assume part of the preclinical development costs. It also will own all new intellectual property generated during the collaboration and will retain full worldwide commercialization rights. CFFT will be eligible to receive royalties from FoldRx on net sales of any approved products.