FOR RELEASE 1/28/2008, Monday
ROCHESTER, N.Y. and SEOUL — Bausch & Lomb and CrystalGenomics Inc. today announced a joint research and development agreement to study potential new treatments for inflammatory ophthalmic diseases. CrystalGenomics will provide new pharmaceutical candidate compounds while Bausch & Lomb will develop product formulations, conduct pre-clinical and clinical studies, and bring the products to market.
“Our collaborations with overseas bio and pharmaceutical firms leverage the strengths of CrystalGenomics and our partners — a win-win situation”, said Joong Myung Cho, president and chief executive officer of CrystalGenomics. “It’s a privilege to work alongside Bausch & Lomb, which is renowned worldwide for its ophthalmic specialty pharmaceutical business .”
“We believe this collaboration has the potential to extend our leadership in anti-inflammatory ophthalmic pharmaceuticals, especially with CrystalGenomics’ unique 3D structure-based optimization technology for compound discovery,” said Praveen Tyle, PhD., chief scientific officer for Bausch & Lomb.
Financial terms for the agreement were not disclosed.
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CrystalGenomics (CG) is a specialized novel drug discovery and development firm with innovative platform technologies and a unique structure-based strategy for identifying lead candidates. Founded by Dr. Joong-Myung Cho, who previously served as the executive senior vice president and director of R&D Biotech Research Institute at LG Life Science (formerly LG Chem.), South Korea, CrystalGenomics focuses its research and development efforts on areas of anti-infectious and metabolic diseases, such as obesity, diabetes, cancer, and inflammatory diseases in order to improve quality of life. Recently, CG has been featured on the cover of Nature for solving the 3D structure of the binding domain of Viagra.
CG is currently conducting joint research with several bio and pharmaceutical firms both in Korea and overseas. Overseas companies include OncoTherapy Sciences, Inc., Daichi Pharmaceutical, Inc., and Carna Biosciences, Inc., with whom CG has ongoing joint research projects. Collaborators within Korea include AmorePacific, Korea Research Institute of Chemical Technology, and the Korea Research Institute of Bioscience and Technology. The company’s current pipeline includes a new mechanism NSAID in phase 2 clinical trials, an antibiotics program targeted to MRSA, as well as development candidates for the treatment of anemia, obesity, diabetes and cancer. More information is available at www.cgxinc.com.
About Bausch & Lomb
Bausch & Lomb is the eye health company dedicated to perfecting vision and enhancing life for consumers around the world. Its core businesses include soft and rigid gas permeable contact lenses and lens care products, and ophthalmic surgical and pharmaceutical products. The Bausch & Lomb name is one of the best known and most respected healthcare brands in the world. Founded in 1853, the company is headquartered in Rochester, N.Y. With revenues in excess of $2 billion, it employs more than 13,000 people worldwide and its products are available in more than 100 countries. More information can be found at www.bausch.com.
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