(Alliance News) - e-Therapeutics PLC on Friday said it has received two payments from Galapagos NV for meeting operational and success-based milestones.
The Oxford, England-based drug discovery platform entered into a collaboration with Galapagos, a company specialising in the discovery and development of small molecule medicines, back in June 2020. The agreement was to discover new therapeutic strategies for the treatment of idiopathic pulmonary fibrosis and other fibrotic conditions.
Using its network-driven drug discovery platform, e-therapeutics said it has successfully identified hit compounds against a specific biological process of interest to Galapagos. These compounds were involved in idiopathic pulmonary fibrosis and potentially in other fibrotic indications.
"The progress made to date in our collaboration with Galapagos to discover novel therapeutics in IPF and fibrosis is yet another validation of our technology platform, which can be applied to any therapeutic area," said Chief Executive Ali Mortazavi.
e-therapeutics said in June it will receive upfront and near-term payments material to the cash position of the company. It is also eligible to receive pre-clinical and clinical development and commercial milestone payments from Galapagos.
Shares in e-Therapeutics were up 6.1% at 20.90 pence in London on Friday.
By Zoe Wickens; zoewickens@alliancenews.com
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