Aussie, U.K. biotechs eye phenotypic screening to spot novel targets in cancer, other diseases

Australia's Phylogica signed an equity stake licensing agreement with Cambridge, U.K.-based PhoreMost for the use of certain Phylomer libraries solely for phenotypic screening to identify novel targets for diseases such as cancer and develop small molecule drugs.

Phylogica is capped by preference conditions on the number of similar phenotypic deals it may enter into during an 18-month option period. Importantly, Phylogica will retain all commercial rights to exploit any Phylomer peptides identified in the screens for therapeutic purposes.

Phylogica obtains a 7.5% equity stake in PhoreMost together with nonexclusive rights to commercialize any functional Phylomer peptides and associated disease targets that are identified by PhoreMost for peptide therapeutics, along with an option to negotiate exclusive rights for such purpose.

- here is the Phylogica release