SEATTLE--(BUSINESS WIRE)--Cancer Targeted Technology (CTT), a Seattle-based biotechnology firm focusing on small molecule cancer enzyme inhibitors for the generation of novel diagnostics and therapeutics, today announced that it has signed a Research and License Option Agreement with Bayer Pharma AG, Germany. Under the agreement, CTT will work with Bayer to optimize a novel PET imaging agent based on its unique inhibitor scaffold that recognizes a validated cancer enzyme biomarker. CTT will enhance the chemistry associated with its demonstrated tumor homing scaffold and Bayer will optimize the radiolabeling efforts needed to advance a lead to clinical development. Under the terms of the agreement, CTT will receive R&D funding and, if the option is exercised, could receive payments on the achievement of development milestones, as well as royalties on sales of products resulting from the collaboration. Financial details of the agreement were not disclosed.
"CTT has focused its initial endeavors on our unique enzyme inhibitors as ideal delivery agents for diagnostic and therapeutic use in cancer,” stated Dr. Beatrice Langton-Webster, CTT’s Chief Executive Officer. "Particular cancer types desperately need new means of diagnosis that remove ambiguity and offer informed options for the necessity of certain treatment regimens that could involve collateral damage. We also need to better assess the efficacy of treatment choices by clearly locating and monitoring growth of metastatic cancer foci. We have recently shown that our enzyme inhibitors, discovered by our CSO, Dr. Cliff Berkman, are unique in the field of targeting selected cancer types. We are very pleased to have entered into this collaboration with Bayer as they clearly have strong radiochemistry skills and also worldwide clinical and marketing expertise to advance development of a PET imaging agent for cancer,” she added. CTT’s Chief Scientific Officer and Professor of Chemistry at Washington State University, Dr. Clifford Berkman, stated, “Our recent developments in radiolabeling chemistry, along with Bayer’s expertise in the area, are ideally suited to rapidly uncover a promising clinical trial candidate.”
Cancer Targeted Technology designs and patents small molecular weight enzyme inhibitors with unique and unexploited imaging and drug delivery properties for use in cancer diagnostics and therapeutics.
Contacts
Cancer Targeted Technology
Dr. Langton-Webster
bealw@cancertargetedtechnology.com