WATERTOWN, Mass.--(BUSINESS WIRE)--FORMA Therapeutics (FORMA) announced today that they have successfully met a preclinical development candidate milestone in their strategic collaboration agreement with Celgene Corporation, announced in April 2014, under which FORMA and Celgene will discover, develop and commercialize drug candidates.
This collaboration enables Celgene to evaluate named clinical candidate profiles and elect to license development and commercialization rights in a stepwise manner, upon FORMA’s successful completion of defined preclinical activities. Celgene has obtained an exclusive EU license for a defined clinical program and related compounds, in exchange for an undisclosed payment to FORMA. Under the terms of the collaboration agreement, FORMA will advance this program through Phase 1, and Celgene will be responsible thereafter for all further global clinical development for each licensed candidate. Phase 1 studies will begin in the second half of 2015.
Paolo Paoletti, M.D., Research and Development Committee Chair for FORMA’s Board of Directors added, “FORMA’s highly differentiated clinical candidate in the exciting area of epigenetics will be advanced for both solid and liquid tumors which may improve the lives of patients worldwide. The joint collaboration with Celgene and their steadfast commitment to oncology provides FORMA with a unique opportunity to advance an innovative pipeline of novel therapies.”
FORMA Therapeutics' scientists are passionate about discovering and developing medicines that will make a difference in oncology and other genetically driven therapeutic areas. The company's drug discovery engine drives screening and structure-based approaches across broad families of targets involved in tumor metabolism, epigenetics, protein homeostasis and protein-protein interactions. Deep biological insight across targets is combined with the company's chemistry expertise and integrated with a world class network of academic investigators, clinical experts and corporate partners to rapidly direct the creation of high quality, innovative drug candidates.
FORMA is headquartered in Watertown, MA near the epicenter of the Cambridge Life Sciences cluster, with additional chemistry operations in Branford, CT. www.formatherapeutics.com
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