FoldRx Achieves Milestone Payment by Creating Series of Drug Prototypes for CF
July 8, 2008
FoldRx Pharmaceuticals, Inc., announced today the discovery of a new series of drug prototypes that in the lab have shown potential for correcting the protein-folding defect associated with cystic fibrosis. The discovery may pave the way for new drugs capable of treating the basic defect in the disease. For these novel drug prototypes, FoldRx will receive a milestone payment from Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT), the nonprofit affiliate of the Cystic Fibrosis Foundation.
Robert J. Beall, Ph.D., president and CEO of the CF Foundation, said: “The Foundation's goal is to take advantage of every promising technology in the marketplace that may offer advanced treatment options for patients with CF. FoldRx brings a unique approach and cutting edge technology platform with potential to generate new compounds that treat the basic defect in CF, rather than just the symptoms. Their ability to deliver this key milestone in under a year shows the strength of their program and commitment to the disease.”
CFFT will award up to $23.7 million over five years to FoldRx to facilitate the discovery and development of compounds aimed at treating the basic defect in cystic fibrosis.
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