Genentech extends agreement with Phylogica

Company News

Phylogica (ASX:PYC) has announced that Genentech, part of the Swiss-based Roche company, has extended its exclusivity period for the research collaboration and license agreement to discover novel antibiotics utilizing its Phylomer drug discovery platform, including its proprietary cell penetrating peptide discovery technology.

Under the terms of the agreement, Phylogica will receive a milestone payment of US$2 million.

As previously announced in December 2014, Phylogica is eligible to receive research, development, and commercialisation milestone payments totalling up to US$142 million.

Phylogica’s Chief Scientific Advisor, Professor Paul Watt commented: “We are delighted with the progress of our collaboration with Genentech over the last year. This alliance has the potential to address a critical unmet need to develop novel antibiotics to treat bacterial infections including antimicrobial-resistant infections. The World Health Organisation has identified antimicrobial resistance as one of the 3 most important problems for human health. We look forward to continuing to work with Genentech’s scientific team to tackle this increasingly important, global challenge.”