October 17, 2005, North Brunswick, NJ - Provid Pharmaceuticals to
Support Drug Discovery for Palatin Technologies
Provid Pharmaceuticals Inc. of North Brunswick, NJ, entered into a
research services agreement with Palatin Technologies (AMEX: PTN) of
Cranbury, NJ for the optimization of leads emerging from Palatin’s
Proprietary MIDAS™ novel drug discovery technology.
Provid will employ its expertise in peptide mimetics technology,
computational modeling, and medicinal chemistry to optimize research
drug candidates that were identified using Palatin’s MIDAS™
technology. “We are pleased to be complementing the efforts of
Palatin in drug discovery chemistry for these important therapeutic
targets,” commented Dr. Gary Olson, President and CEO of Provid.
“ We are very pleased to have the Provid team working with Palatin to
transform our exciting leads into drug candidates. Provid’s
experience in all aspects of medicinal chemistry is going to be a key
factor in the acceleration of our internal drug pipeline,” said
Dr. Trevor Hallam, Executive Vice-President of R&D of
Palatin. Financial terms of the agreement were not disclosed.
Provid Pharmaceuticals Inc. is a drug discovery company engaged in the
identification of novel lead compounds for pharmaceutical development
and providing expert collaborative research services to the biotech and
pharmaceutical industries. Provid offers capabilities in medicinal
chemistry, structure-based drug design, and lead optimization, as well
as protein biochemistry and assay development. Provid is also
recognized as a world leader in peptide mimetics technology. In
addition to collaborations, Provid has ongoing internal programs in
autoimmune disease therapeutics, targeting multiple sclerosis,
rheumatoid arthritis, and celiac disease. For more
information visit: www.providpharma.com.
This press release contains forward-looking statements as defined by
the Private Securities Litigation Reform Act of 1995 regarding Provid’s
future activities and the potential for discovery of drug compounds,
and involve a high degree of material risks and uncertainties. Many
possible factors could affect future results and performance of
Provid’s research and development activities, and ability to develop
pharmaceuticals based on the company’s technology and the Palatin
targets. If Provid’s efforts fail to perform as expected, or if
any of a wide range of other risk factors are encountered and not
surmounted, the company’s financial condition and operating results may
be materially and adversely effected.
For more information, contact:
Edwin Thomas, COO
Provid Pharmaceuticals Inc.
732-565-1101 x 620
edwin.thomas@providpharma.com
Copyright 2006