Promosome LLC, a biotechnology company uniquely dedicated to the development of technologies related to the regulation of protein synthesis through translation initiation, today announced the signing of a technology license and partnership agreement with Recopharma AB of Stockholm, Sweden. Recopharma is a recognized leader in the research and development of therapeutic recombinant mucin-type fusion proteins.
Under the terms of the agreement, Recopharma will receive Promosome development assistance and license to Promosome's Translation Enhancing Elements (TEEs) and Re-Engineering of the mRNA Primary Structure (RESCUE) technologies in the field of mucin-type fusion proteins. Recopharma will incorporate these translation initiation based technologies into its production cell lines to significantly enhance protein expression. Recopharma will have similar license rights to future Promosome technologies for application in the specified field of use. In exchange for its development efforts and technology licenses, Promosome will become a significant shareholder in Recopharma, attain a board seat, and have full use of all production and enhancement data generated through the combination of the technologies.
"The opportunity to partner with Recopharma, an organization at the forefront of the development of recombinant mucin-type fusion proteins, demonstrates the value and commercial potential of our translation initiation based technologies," said John F. Manzello, Promosome's President and Chief Executive Officer. Mr. Manzello went on to say, "Due to the advancements in Recopharma's development of the mucin-type fusion proteins and the therapeutic potential they afford, the partnering opportunity was an obvious choice."
"With the technology from Promosome the probability will dramatically increase for us to achieve commercial production quantities of the mucins for our therapeutic leads. This is of vital importance for us to be successful in our commercialization. The network added and Board representation by Promosome will be of great benefit for us now and onwards," says Ingemar Lagerlof, CEO of LinkMed AB (publ) which is a major shareholder of Recopharma.
SOURCE Promosome LLC