Bristol-Myers Squibb, Prosetta partner to discover and develop new antiviral drugs

Prosetta Antiviral Inc today announced the execution of a strategic alliance with Bristol-Myers Squibb Company (NYSE: BMY) to further discover and develop select drug candidates representing new, novel classes of antiviral drugs.

Prosetta currently has a portfolio comprising novel chemical classes of small molecules with robust antiviral activity which target catalytic host protein interactions essential for the virus, but not the host. These molecules represent a new therapeutic approach for antiviral agents.

The collaboration will include a research program focused on the discovery and advancement of compounds shown to block viral capsid assembly using Prosetta's proprietary drug discovery platform. Bristol-Myers Squibb will have the right to develop and commercialize products arising from the research program.

Prosetta will receive an upfront payment and multi-year research funding. Prosetta is eligible to receive milestone payments and royalties based on worldwide sales of the drugs emerging from the collaboration.

Vishwanath R. Lingappa, MD, PhD, Prosetta's Chief Technology Officer and Co-CEO, stated, "We greatly value this opportunity to collaborate with Bristol-Myers Squibb scientists in a joint program dedicated to a completely new approach to protecting human health against viral infections."