FoldRx and Cystic Fibrosis Foundation Therapeutics Announce $22 Million Collaboration
August 13, 2007
FoldRx Pharmaceuticals, Inc. (FoldRx) and Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT), the nonprofit affiliate of the Cystic Fibrosis Foundation, announced today that FoldRx will receive up to $22 million over five years to discover and develop new compounds aimed at treating a core defect in cystic fibrosis.
The research, development and commercialization agreement—one of the largest of its kind for CFFT—calls for FoldRx to use its novel yeast-based, high-throughput screening platform to detect new compounds that could improve the function of a misfolded protein associated with cystic fibrosis, thus helping treat the disease.
FoldRx will retain full worldwide commercialization rights and receive CFFT payments upon successful completion of specific research and development milestones, including development of two clinical candidates to the point of Phase 1 clinical trials. The company will also assume part of the preclinical development costs and own all new intellectual property generated during the collaboration. CFFT will be eligible to receive royalties from FoldRx on net sales of any approved products.
Scientists believe that many diseases such as cystic fibrosis, Parkinson's and Alzheimer's are caused by protein misfolding.
FoldRx has developed a powerful platform designed to study the mechanism of protein misfolding and its relation to disease, and to identify small-molecule modulators of protein misfolding. This collaboration with CFFT could eventually lead to the design of new drugs that will improve biological function of the mutated protein involved in CF, and thus treat the disease.
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