HitGen Ltd announced that the company has entered into a research collaboration with Almirall to identify novel small molecule leads for targets of interest. In this collaboration, HitGen will apply its advanced technology platform, based on DNA-encoded library design, synthesis and screening, to discover novel leads for Almirall. Under the terms of the agreement, HitGen will receive upfront payments, and be eligible for milestone payments from Almirall. Specific financial details were not disclosed.
We aredelightedtoenter thiscollaboration withAlmirall,a leading medical dermatology focused global pharmaceutical company.This collaboration furtheremphasizesthe role of HitGen in the rapidly developing field of DNA-encoded chemistry. Wewillwork closely withAlmirallscientists to generate novel leads for their innovative research programs to address unmet medical needs,
said Dr. Jin Li,
Chairman of the Board
and Chief Executive Officer of HitGen.
This agreement keeps us on the track to achieve our goal of becoming a leading medical dermatology company. We look forward to collaborate with HitGen in identifying new molecules with the potential of becoming new treatment options for patients with atopic dermatitis,
Dr. Bhushan Hardas,
Chief Scientific Officer of Almirall, commented.