CAMBRIDGE COMBINATORIAL ANNOUNCES A MAJOR RESEARCH COLLABORATION WITH MITSUBISHI CHEMICAL CORPORATION
Cambridge Combinatorial Limited has reached an agreement with Mitsubishi Chemical Corporation to collaborate on a discovery programme providing novel lead compounds for the treatment of metabolic disorders. The programme is a joint collaboration with Oxford Molecular Group Plc (London Stock Exchange: OMG).
Cambridge Combinatorial will synthesise novel single compound targeted libraries for screening, designed by Oxford Molecular using their proprietary information technology and molecular design expertise.
The research project involved the payment by Mitsubishi to Cambridge Combinatorial of an undisclosed up front payment, ongoing research fees, research milestones and success payments in the drug development process, in addition royalties on any compounds which are commercialised.
Dr Allan Marchington, Chief Executive Officer of Cambridge Combinatorial said: "I am delighted that Cambridge Combinatorial will be working with Mitsubishi. They are a highly successful company with an outstanding international reputation and their commitment to us provides further support for the synergies which exist between Cambridge Combinatorial's world-class innovative chemistry and Oxford Molecular's expertise in molecular design."
Mitsubishi Chemical Corporation said: "We are delighted to be working with Cambridge Combinatorial and Oxford Molecular on this important research programme. We are confident that the high level of innovation that Cambridge Combinatorial and Oxford Molecular will provide will deliver a very positive outcome for us".
For further information, please contact:
David Phillips, Vice President, Business Development, Cambridge Combinatorial
Tel: 01223 722400 (UK)
Leigh Sharpe/Ian Bailey, Square Mile Communications.
Tel: 0171 583 4567
Notes to editors
Cambridge Combinatorial Limited
Cambridge Combinatorial Limited provides world-class, innovative chemistry services to
accelerate discovery and process research, servicing the pharmaceutical, agrochemical and
biotechnology industries. The company was founded by Professors Steve Ley and Alan Fersht,
of Cambridge University, and Dr's Allan Marchington and Ryszard Kobylecki, both ex Pfizer
medicinal chemists. Oxford Molecular Group provided an initial £2 million investment. The
University of Cambridge (through its intellectual property company, Cambridge University
Technical Services Limited) is also a key stakeholder.
Mitsubishi Corporation
Mitsubishi Chemical Corporation is an integrated chemical company that was created by the
merger of Mitsubishi Kasei Corporation and Mitsubishi Petrochemical Co., Ltd. on October
1, 1994. Mitsubishi Chemical's wide-ranging operations place it among the world's top ten
chemical companies in terms of operating scale.
Based upon its vision of a future operating environment defined by ceaseless development of innovative technologies and intensifying borderless competition, Mitsubishi Chemical is developing increasingly high-value-added and internationalised operations. As part of these efforts, the company is creating a well-balanced portfolio of operations in the four fields of basic commodity chemicals; functional products; information, electronics and communication; and pharmaceuticals and health care, and is globalizing its production and marketing networks..