SUWON, South Korea, Oct. 28, 2014 /PRNewswire/ -- OliPass, a privately held biopharmaceutical company focused on developing antisense medicines based on peptide nucleic acid (PNA) technology, today announced a worldwide strategic alliance with Bristol-Myers Squibb Company to discover and develop therapeutics against multiple targets using OliPass' technology platform.
Under the terms of the agreement, BMS will make an up-front payment and will provide certain research support payments to continue development of the technology. OliPass will be eligible to receive additional payments upon completion of certain objectives.
In addition, OliPass will be eligible to receive development milestones and royalties on the sales of each product licensed to BMS under the Agreement as well as other milestones based on the level of licensed product sales.
"We are thrilled to announce our first collaboration with a major multi-national pharmaceutical company," said Dr. Shin Chung, founder and chief executive officer of OliPass. "This strategic alliance with Bristol-Myers Squibb demonstrates that our innovative PNA platform has the potential to generate novel antisense therapeutics. We look forward to collaborating with Bristol-Myers Squibb to validate our platform and advance our unique PNA-based compounds into development."
OliPass Corporation is a privately held biopharmaceutical company in Suwon, Republic of Korea, founded in 2006 in order to provide solutions to key technical hurdles against the development of oligonucleotide drugs. OliPass rationally designed peptide nucleic acids possessing good cell permeability and have demonstrated in vivo antisense therapeutic activity at an unprecedentedly small dose without relying on complex formulation.
SOURCE OliPass Corporation