- Combines Plexium's novel TPD technology
platform with AbbVie's extensive neuroscience expertise -
SAN
DIEGO, April 28, 2022 /PRNewswire/
-- Plexium, Inc. (Plexium) and AbbVie (NYSE: ABBV) have
entered into an exclusive strategic collaboration to develop and
commercialize novel Targeted Protein Degradation (TPD) therapeutics
for neurological conditions. This collaboration combines AbbVie's
extensive neuroscience capabilities with Plexium's comprehensive
TPD platform that enables the discovery of novel therapies toward
historically challenging drug targets.
"Our partnership with AbbVie allows us to strengthen our
leadership position in Targeted Protein Degradation and broaden our
best-in-class capabilities into neurological diseases," said
Plexium President & CEO Percival
Barretto-Ko. "Neuroscience is one of the most challenging
therapeutic areas to develop new drugs, due to the complexity of
the disease pathologies and limited number of modalities that have
been successful. With our comprehensive platform and AbbVie's
expertise in this area, we are in a strong position to discover
novel degraders against multiple high-value targets to ultimately
improve the lives of patients."
"Collaborating with Plexium to identify and advance novel
degraders aligns with AbbVie's efforts to use novel platform
technologies to seek effective therapeutics for patients suffering
from debilitating neurological diseases," said Eric Karran, Ph.D., Vice President, Neuroscience
Discovery at AbbVie. "AbbVie remains focused on transformational
patient impact and the promising new technologies that can
accelerate the development of innovative therapies."
Under the terms of the collaboration, Plexium will conduct
preclinical research activities for the collaboration targets,
after which AbbVie has the option to select programs for additional
research and development activities. Plexium received an
upfront cash payment and is eligible to receive
additional payments from AbbVie, as well as tiered royalties
on commercialized products, and has the option to participate
in product development in return for higher royalty rates.
AbbVie will be responsible for development and commercialization
globally of products resulting from the
collaboration.
About Plexium
Plexium is the premier, next-generation Targeted Protein
Degradation (TPD) company seeking to discover a wide
range of monovalent target protein degraders that address the
limitations of heterobifunctional degraders and cereblon IMiDs.
The company is powered by its proprietary drug discovery
platform designed to identify novel small molecules that
induce selective degradation of drug target proteins through
E3 ligase mediated proteasomal degradation. From molecular
glues to monovalent degraders, Plexium is advancing a pipeline
of novel targeted protein degraders for the treatment of
cancer, neurodegeneration, and other diseases. Due to
its expertise in TPD, Plexium has entered into strategic
collaborations with Amgen and AbbVie to discover and develop a wide
range of new therapies from cancer to neurological diseases.
Supported by high quality investors, Plexium is well positioned to
transform medicine.
For more information, visit https://plexium.com/ and
engage with us on LinkedIn.
About AbbVie
AbbVie's mission is to discover and deliver innovative medicines
that solve serious health issues today and address the medical
challenges of tomorrow. We strive to have a remarkable impact on
people's lives across several key therapeutic areas: immunology,
oncology, neuroscience, eye care, virology, women's health and
gastroenterology, in addition to products and services across its
Allergan Aesthetics portfolio. For more information about AbbVie,
please visit us at www.abbvie.com. Follow @abbvie on Twitter,
Facebook, Instagram, YouTube and LinkedIn.
Forward-Looking Statements
Some statements in this news release are, or may be
considered, forward-looking statements for purposes of the Private
Securities Litigation Reform Act of 1995. The words "believe,"
"expect," "anticipate," "project" and similar expressions, among
others, generally identify forward-looking statements. AbbVie
cautions that these forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially from those indicated in the
forward-looking statements. Such risks and uncertainties include,
but are not limited to, failure to realize the expected benefits
from AbbVie's acquisition of Allergan plc ("Allergan"), failure to
promptly and effectively integrate Allergan's businesses,
competition from other products, challenges to intellectual
property, difficulties inherent in the research and development
process, adverse litigation or government action, changes to laws
and regulations applicable to our industry and the impact of public
health outbreaks, epidemics or pandemics, such as COVID-19.
Additional information about the economic, competitive,
governmental, technological and other factors that may affect
AbbVie's operations is set forth in Item 1A, "Risk Factors," of
AbbVie's 2021 Annual Report on Form 10-K, which has been filed with
the Securities and Exchange Commission, as updated by its
subsequent Quarterly Reports on Form 10-Q. AbbVie undertakes no
obligation to release publicly any revisions to forward-looking
statements as a result of subsequent events or developments, except
as required by law.
Plexium Investor and Media Contact:
Amy Conrad
Juniper Point
amy@juniper-point.com
858-366-3243
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SOURCE Plexium