PsychoGenics Expands Drug Discovery Relationship with Eli Lilly and CompanyTARRYTOWN, N.Y.--(BUSINESS WIRE)--Jan 31, 2008 - PsychoGenics Inc. today announced that it has entered into an additional drug discovery agreement with Eli Lilly and Company (NYSE:LLY). Per the agreement, Lilly will supply pre-candidate compounds that PsychoGenics will evaluate using its proprietary drug discovery technologies, for the treatment of neuropsychiatric disorders.
PsychoGenics and Lilly aim to jointly identify drug candidates suitable for clinical development. Upon Lilly's further development of clinical candidates, PsychoGenics would receive research and milestone payments, and royalties.
Dr. Emer Leahy, President and CEO of PsychoGenics, said, "We are delighted to once again work with Lilly and play an integral and expanding role in a successful drug discovery collaboration. We are confident that by combining the complementary strengths and expertise of PsychoGenics and Lilly, we may identify a new generation of treatments for neuropsychiatric disorders."
PsychoGenics' technologies combine its broad in vivo behavioral expertise together with recent developments in robotics, computer vision and bio/cheminformatics to evaluate drug candidates for potential utility across the spectrum of neuropsychiatric disease indications. Working in partnership with pharmaceutical and biotech companies, PsychoGenics has been instrumental in identifying therapeutic potential for discontinued compounds as well as early stage compounds including some with novel "first-in-class" mechanisms of action.
PsychoGenics is a leader in preclinical behavioral neurobiology. The Company applies its behavioral expertise together with advances in robotics, computer vision and informatics to provide innovative solutions for central nervous system drug discovery. PsychoGenics works with pharmaceutical and biotechnology companies, academic institutions and not-for-profit research foundations to help discover treatments for such major neurological and psychiatric disorders as: ALS, anxiety, cognitive impairment, depression, Huntington's Disease, psychosis/schizophrenia, and SMA. The Company's in-house discovery efforts have focused on psychiatric indications. For more information on PsychoGenics Inc. visit www.psychogenics.com
David Pushett, Ph.D., 914-593-0640
VP, Business Development
Posted: January 2008