Asan Medical Center, Chemizon enter into multi-year research collaboration agreement

Jan 27 2010

Asan Medical Center and Chemizon, the drug discovery division of Optomagic, Co. Ltd. (KOSDAQ: OPTOMAGIC [A010170]), announced today that they have entered into a multi-year research collaboration to discover and develop novel, small molecule oncology therapeutics.

“This is a unique opportunity in the Korean Life Science industry that leverages the strengths of two world class organizations to accelerate the discovery and development of small molecule oncology therapeutics. We are pleased to be working with Chemizon’s oncology team and look forward to a successful collaboration”

As part of this partnership, Chemizon will utilize its discovery platform that includes Lead Identification, Medicinal Chemistry, Computational Chemistry, ADME/DMPK, and Discovery Biology, while Asan Medical Center will be responsible for conducting animal pharmacology studies and translational medicine research, with the goal of creating novel small molecule candidates that target cancer including Asian prevalent cancers. Financial terms were not disclosed.

“This is a unique opportunity in the Korean Life Science industry that leverages the strengths of two world class organizations to accelerate the discovery and development of small molecule oncology therapeutics. We are pleased to be working with Chemizon’s oncology team and look forward to a successful collaboration,” said Dr. Jungshin Lee, President of Asan Medical Center. “As the cost of developing breakthrough therapeutics continues to escalate, the future lies in innovative partnerships. Asan has assembled a world class translational medicine team and is an oncology clinical trial center of excellence. We are excited by the abundant synergies that will be established through this collaboration," added Dr. Anthony Piscopio, Chairman and CEO of Chemizon.

Source: Asan Medical Center