Celgene to collaborate with PTC on advancing drug discovery efforts

PTC Therapeutics, Inc. (PTC) today announced that Celgene Corporation has exercised its option to collaborate on advancing drug discovery efforts on an oncology target addressed through the application of PTC's GEMS(TM) (Gene Expression Modulation by Small-molecules) technology.

In September 2007, Celgene made a $20 million equity investment in PTC, which included an option for an exclusive research agreement. Under the terms of the research collaboration agreement, PTC will receive substantial milestone payments for achieving certain discovery, development, regulatory and commercial objectives.

"Celgene's decision to exercise the research option is a wonderful endorsement of our GEMS technology. Celgene is widely recognized for developing novel therapies in areas of high unmet medical need and we look forward to working together to advance this project," said Stuart Peltz, Ph.D., president and CEO of PTC Therapeutics.

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