This marks the second deal expansion and largest funding round.
The Spinal Muscular Atrophy (SMA) Foundation agreed to fund another round of research at PTC Therapeutics with $8.5 million. This is the second continuation of the collaboration, which began in 2006 to identify and optimize compounds that increase production of the survival motor neuron (SMN) protein; lack of the SMN protein causes SMA.
Total funding for the initiative is now $11.7 million. The SMA Foundation initiated the partnership with $1.6 million, and in December 2007 it proffered another $1.6 million. Payment of the second tranche was based on certain milestones.
PTC is using its GEMS (gene expression modulation by small molecules) screening technology, which identifies small molecules that modulate gene expression by targeting the post-transcriptional control processes that act through mRNA molecules.
Past News for PTC Therapeutics
Genzyme Jumps on the PTC124 Bandwagon Paying PTC Therapeutics $100M Upfront (July 17, 2008)
Cystic Fibrosis Foundation Therapeutics Ups Its Funding to $25M for PTC Therapeutics (July 16, 2008)
Celgene Plugs $20M into PTC Therapeutics (Sept. 13, 2007)
PTC Therapeutics Granted $15.4M for Duchenne Muscular Dystrophy Research (July 10, 2007)
Discovery Deal with Pfizer Could Earn PTC $121M in Milestones (Jan. 8, 2007)