Key Milestone Achieved and Significant Progress on Galapagos Collaboration
e-therapeutics plc, today announces that it has reached a key milestone in our collaboration with Galapagos NV.
This key milestone results in a cash payment to e-therapeutics, following the successful characterisation by the Company of the mechanism of action of hit compounds ("hits") identified earlier in the collaboration. These hits, which were originally identified through e-therapeutics' proprietary computational discovery platform, have been experimentally validated by Galapagos in relevant assays.
The collaboration with Galapagos has achieved the goal of successfully identifying potential therapeutic strategies in a specific area of biology associated with idiopathic pulmonary fibrosis ("IPF") and potentially other fibrotic indications. In keeping with previous e-therapeutics projects, the hit rate in identification of active compounds was several orders of magnitude higher than industry standard, further validating e-therapeutics' robust computational biology methods.
e-therapeutics has now achieved all pre-agreed near-term milestones and the future of the identified hits and targets will be determined by Galapagos according to its strategic priorities.
Under the terms of the agreement, e-therapeutics is eligible to receive additional milestone payments through pre-clinical and clinical development, regulatory as well as commercial milestones. The Company also remains free to explore partnering opportunities in all other areas of biology relating to IPF and fibrosis.
We are delighted to report significant progress on our collaborations with Galapagos, focused on the identification of both targets and small molecules in IPF. This constitutes further recognition of the impact of our computational platform in an area of high unmet medical need. Our proprietary drug discovery platform can unlock indications, therapeutic areas and mechanisms that are challenging to carry out discovery in and shed light on complex human biology, significantly increasing the efficiency of the R&D process at the foundational stages.
Chief Executive Officer