ShanghaiTech University and Jing Medicine Technology Ltd. announced an over $100 million strategic collaboration to discover and develop novel small molecule anti-cancer drugs.
Under the terms of the agreement, Jing Medicine will receive global development and commercialization rights of anti-cancer molecules resulting from the collaboration with ShanghaiTech University. ShanghaiTech University will receive upfront and milestone payments and royalties.
Officially approved to open on September 30th 2013 by China’s Ministry of Education, ShanghaiTech University is a small-scale research university of academic excellence jointly established by Shanghai Municipal Government and Chinese Academy of Sciences (CAS). ShanghaiTech is committed to serving the national development strategy.
Founded by ShanghaiTech University, the Shanghai Institute for Advanced Immunochemical Studies (SIAIS) focuses on elucidating the most fundamental problems in life science research, particularly in immunochemistry.
Currently, Professor Jiang Biao’s lab has established a “Proteolysis Targeting Drugs Platform” with a library of novel compounds with secured patents.
“It’s important to translate our basic research accomplishments into clinical applications. Collaboration with Jing Medicine is a good beginning and will accelerate this process,” said Professor Jiang Biao, Executive Director of SIAIS at ShanghaiTech University.
Jing Medicine Technology Ltd. is an innovation-driven biotech startup company focusing on turning cutting-edge science and technology into therapeutics. Located on the campus of ShanghaiTech University, the mission of the company is to incubate, translate and commercialize life science research accomplishments at ShanghaiTech. Jing Medicine is committed to the development of therapeutic monoclonal antibody and small molecule drugs for the unmet medical needs in oncology, immunology, and neurology areas.
“We are very excited to form this strategic collaboration with ShanghaiTech University to apply their protein degradation technology platform for drug discovery,” said Dr. Michael Xie, CEO of Jing Medicine. “This new technology has great potential in delivering differentiated medicines for cancer patients.”
The R&D management team is composed of senior executives and scientists from the United States and China, with extensive experience in world class biotech and pharmaceutical companies.