Photys Therapeutics Announces $186M Collaboration with Novo Nordisk to Develop Novel Proximity-Based Therapies for Cardiometabolic Diseases

Dec 19, 2024 08:05 CST Updated 08:05

Photys Therapeutics

Developer of Phosphorylation-Induced Chimeric Small Molecule Drugs (PHICS)

Novo Nordisk

Insulin Developer and Manufacturer

December 18,Waltham, Massachusetts, Photys Therapeutics, a company based on brachytherapy (proximity-based therapeutics), announced a multi-year collaboration and licensing agreement with Novo Nordisk to develop new proximity-based therapies for cardiometabolic disease targets. This collaboration combines Novo Nordisk's deep expertise in cardiometabolic diseases with Photys Therapeutics' proprietary PHICS™ (Phosphorylation-Induced Chimeric Small molecules) technology, which induces proximity between kinases and the target of interest, thereby phosphorylating the target and altering its biological function. (New Star! $75 Million Series A Financing, Merck and Eli Lilly Bet On）

Phosphorylation-Induced Chimeric Small Molecules (PHICS) enhance the pairing of specific kinases (enzymes responsible for protein phosphorylation) with disease target proteins through induced proximity. PHICS can induce precise phosphorylation at natural and/or non-natural sites, modulating key protein functions.

According to the terms of the agreement, Photys is eligible to receive up to $186 million in upfront, development, and commercial milestone payments, in addition to research and development funding and tiered royalties on commercial sales. Under the proposed research and development plan, Novo Nordisk and Photys will collaborate to develop multiple PHICS molecules for cardiometabolic targets. Photys will advance PHICS molecules through preclinical development, at which point...Novo NordiskWill be passed throughIND-enablingResearch and clinical development further advance PHICS molecules.

Alexandra Joseph, Ph.D., Chief Scientific Officer of Photys Therapeutics, said:"This collaboration represents a strong alignment between the desire to control key proteins and the technology able to achieve this in a tissue-specific manner. We believe that our PHICS™ technology, with its novel ability to selectively control the phosphorylation of any given target, is an important addition to the field of proximity-induced drug modalities."

Vice President of Novo Nordisk and Head of Diabetes, Obesity, and MASH Therapeutic AreasBei ZhangDr. stated:"We look forward to collaborating with Photys Therapeutics on their differentiated induced proximity platform to explore new technologies that efficiently and selectively target important pathways. Together, we aim to unlock new opportunities in the field of cardiometabolic diseases."

Brian Fenton, President and CEO of Photys Therapeutics, said:"We are excited to combine Novo Nordisk's leadership and expertise in cardiometabolic diseases with our unique PHICS technology to advance a new class of medicines for patients."

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