Odyssey Thera Receives Milestone Payments in Pfizer Collaboration
SAN RAMON, Calif., December 13, 2007 /PRNewswire/ -- Odyssey Thera, Inc. announced today the achievement of two milestones under the collaboration with Pfizer, Inc. triggering undisclosed milestone payments.
Odyssey Thera entered into the current broad collaborative agreement with Pfizer in September 2006, following the successful completion of two prior collaborations. Under the terms of the multi-year agreement, Pfizer made an up-front payment and agreed to provide research and capital expenditure funding, and to make milestone payments upon the achievement of certain milestones. The first milestone payment stemmed from the creation, in less than one year, of a large panel of high content assays to further enhance Odyssey's world-leading capability. An additional milestone payment was earned for establishing a novel system to quantify the biological activity of drug metabolites in living human cells.
These capabilities add to Odyssey Thera's proprietary Protein-fragment Complementation Assay (PCA) technology, which measures pathway activity within living human cells. By probing changes in the intricate biochemical networks following treatment, Odyssey Thera identifies on target as well as off-pathway activities of lead compounds and drugs. Dr. John K. Westwick, Odyssey Thera's President and CEO, stated "We are very pleased that our scientific team has been able to achieve these milestones. Our capabilities have been enhanced via the collaboration with Pfizer's exceptional team, and we look forward to continued progress."
About Odyssey Thera, Inc.
Odyssey Thera, Inc. is a drug discovery company building therapeutic pipelines for chronic diseases. Odyssey is leveraging its proprietary pathway-based approach, human cell models and ultra high-throughput automated microscopy to optimize drug development for its own programs and for its premier pharmaceutical company partners.
To learn more about Odyssey Thera visit http://www.odysseythera.com.
CONTACT: Tami Fischer of Odyssey Thera, Inc., +1-925-242-5005, email@example.com
Web site: http://www.odysseythera.com/
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Posted: December 2007