CHARM Therapeutics Announces Collaboration with Bristol Myers Squibb to Enable and Accelerate Small Molecule Drug Discovery Programs
CHARM Therapeutics ("CHARM"), a 3D deep learning biotechnology company discovering and developing transformational medicines, today announced a strategic discovery collaboration with Bristol Myers Squibb (NYSE: BMY) for the identification and optimisation of compounds against Bristol Myers Squibb selected targets. CHARM will leverage DragonFold, its proprietary deep learning platform that identifies novel molecules through protein-ligand co-folding, to discover novel compounds.
"CHARM is excited to collaborate with Bristol Myers Squibb for the discovery of new potential medicines utilising our proprietary DragonFold platform. The CHARM team is looking forward to a productive collaboration," said Laksh Aithani, co-founder and CEO of CHARM.
"We're continually sourcing cutting-edge technologies that will help us accelerate our efforts to treat diseases where patients are suffering and new options are needed," said Michael Ellis, Senior Vice President, Small Molecule Drug Discovery, Bristol Myers Squibb. "We look forward to leveraging CHARM's insights in 3D deep learning to help shape how we discover and advance critical medicines, underscoring our mission of transforming patients' lives through science."
Under the terms of the agreement, CHARM is responsible for the early discovery of compounds against targets of interest to Bristol Myers Squibb, who has the option to license and develop compounds from the collaboration. In addition to an upfront payment and investment in CHARM, which provides significant additional operational runway, CHARM is eligible to receive additional payments should Bristol Myers Squibb exercise its option to any of the program compounds.
"Our collaboration helps validate the innovative potential of the DragonFold platform for rapidly advancing important small molecule discovery programs. We believe that DragonFold will enable the discovery of novel medicines against targets that have thus far proven to be intractable," said Gary D. Glick, Ph.D., Executive Chair of CHARM.
About CHARM Therapeutics
CHARM Therapeutics is a 3D deep learning research company discovering and developing transformational medicines. Founded on 3D deep learning inspired by the breakthroughs of co-founder David Baker, CHARM Therapeutics has developed a proprietary technology based on the first rapid, accurate protein/ligand co-folding algorithm. The company's goal is to use these insights to address challenging targets in cancer and other disease areas and discover and develop new drugs against these targets.
London-based CHARM Therapeutics has raised $50 million to date and is building an interdisciplinary and entrepreneurial team, combining leaders from the fields of AI and biotechnology. It is supported by high quality international investors including OrbiMed, F-Prime Capital, General Catalyst, Khosla Ventures, Axial and Braavos. For more information, please visit: www.charmtx.com
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SOURCE: CHARM Therapeutics
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COMTEX_427073554/1006/2023-03-20T07:00:00