Asterand plc (ATD.L)'s Subsidiary BioSeek Achieves a Research Milestone in Drug Discovery Collaboration With Ono Pharmaceutical Company, Ltd.
11/30/2011 9:51:55 AM
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--BioSeek, LLC, a subsidiary of Asterand plc (LSE: ATD), a pioneer in the application of predictive human biology to drug discovery, announced today that the first research milestone has been achieved in the multi-year drug discovery collaboration with Ono Pharmaceutical Co., Ltd., (“Ono”), where BioSeek is applying its proprietary BioMAP® platform to perform phenotypic screening, hit identification, lead optimization and clinical candidate selection on a target selected by Ono. Under the three-year agreement, BioSeek is receiving research funding and is eligible to receive success payments based on the research-phase progress of this collaboration and further milestone payments based on the clinical development-phase progress of a drug candidate discovered under this collaboration. Ono will have worldwide rights to develop and sell all pharmaceutical products discovered through the collaboration.