Modeling based biopharmaceutical company Optimata Ltd. has signed a collaboration agreement with Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) for the clinical development of drug candidates for solid tumor cancers.
The agreement is intended to efficiently rescue and redirect the clinical development of discontinued drug candidates, which have been shelved by their pharmaceutical companies, using Optimata’s bio-simulation technology known as the Optimata Virtual Patient (OVP).
Under the terms of the collaboration, Optimata will receive upfront payments, and development milestones and royalty payments.
In a separate agreement, Teva has also made an equity investment in Optimata Ltd. worth millions of dollars.
Optimata COO Dr. Pini Orbach said, “Having Teva as a partner is clearly a transforming event in the history of our company. With this new collaboration we continue to fulfill Optimata’s goal of accelerating the oncology drug development process.”
Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009