* PERTH, AUSTRALIA AND CAMBRIDGE UK 9 March 2011 – Leading Australian drug discovery company Phylogica Ltd (ASX: PYC, XETRA: PH7) will partner with researchers from the University of Cambridge in a spin-off company to pursue a novel application of its Phylomer® peptides for discovery of disease-associated targets. The spin-off complements Phylogica’s existing business model by opening up a new market opportunity for the Company. It offers the potential to secure new revenue streams that would otherwise not be accessible to Phylogica without substantial investment in both capital and also in technical expertise. Phylogica has already initiated discussions with prospective partners who are interested in the capabilities of the new Phylogica-Cambridge University venture.
* Phylogica is receiving growing interest from prospective pharmaceutical partners in the use of Phylomer libraries for target discovery. Through the creation of Phenomica, the Company is capitalising on the opportunity to generate new revenue streams from phenotypically driven screening approaches - a major area of interest for large pharmaceutical companies.
* Professor Venkitaraman continued: “Now that we’ve proven the concept, leading UK technology investors are showing interest in our work with Phylogica, which has prompted us to create Phenomica to accelerate our pursuit of the opportunity.”
PYC Price at posting:
5.1¢ Sentiment: LT Buy Disclosure: Held
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