Made in Rehovot: Proteologics Reports Progress in Research Collaboration with Teva Pharmaceutical Industries Ltd.

Proteologics Ltd., a leader in ubiquitin research, announces the achievement of a major milestone in its collaboration with Teva. The alliance fortifies companies’ efforts in research, development and commercialization of novel anti-cancer therapeutics. Proteologics and Teva partner in two independent, yet complementary projects, focusing on specific components of the ubiquitin system. Successful identification and validation of a novel target triggered entrance into the second phase of the collaboration moving ahead into drug discovery. This progress follows the accomplishments of another joint Proteologics and Teva project, whereby small molecules are expected to enter animal tests later next year.

Under the agreement Proteologics is responsible for the research and early drug discovery activities while Teva retains the option to continue development through preclinical and clinical phases, as well as commercialization of products. Proteologics shall be entitled to payments pending on the achievements of clinical development milestones, as well as royalties from sales.

“The achievement of this Milestone in agreement with Teva demonstrates Proteologics' ubiquitin expertise and strong drug discovery capabilities,” said Proteologics CEO, Mr. Avishai Levy. “We are pleased to be working side by side with world’s key pharmaceutical player in search for promising anti-cancer therapeutics.”

About Proteologics Inc.

Proteologics is a leading force in investigating the ubiquitin system for the discovery and development of novel therapeutics. Drs. Avram Hershko and Aaron Ciechanover - the 2004 Nobel Prize in chemistry laureates for the discovery of the ubiquitin system - direct the company’s scientific advisory board. Specific components of the ubiqutin pathway, such as E3’s, are believed to offer novel targets for cancer, viral diseases, and CNS related pathologies. The unique know-how, biocheminformatics, and advanced technologies constitute Proteologics Proprietary Target & Drug Discovery Platform. Concurrent with major efforts in small molecule development, Proteologics pioneers the implementation of siRNA technology into the therapeutic pipeline. At present, Proteologics propels programs aimed at identifying novel, broad-spectrum antiviral drugs to provide more effective treatment against drug-resistant HIV and a variety of other viruses. The company also develops therapeutic agents to interfere at specific pathways relevant to several cancers.

Source: Biowire2K. Proteologics Reports Progress in Research Collaboration with Teva Pharmaceutical Industries Ltd. Business Wire (21 Nov 2006) [FullText]