Critical Outcome Technologies terminates pilot project with Merck Serono

Critical Outcome Technologies, Inc. (COTI) has received notification from Merck KGaA, a Germany-based pharmaceutical and chemical company, to discontinue the discovery of compounds under the pilot project announced on October 17, 2007. The project called for COTI to identify drug discovery candidates for a specific oncology cellular target of importance to Merck. COTI is a Canada-based biotechnology company.

Announcement (October 17, 2007):

COTI has signed a pilot project agreement with Merck Serono to identify drug development candidates for a specific oncology cellular target.

Under the terms of the agreement, COTI would receive a project commencement payment from Merck Serono. Additional payments would be earned based upon achievement of individual milestones in the preclinical development of the drug candidates discovered by COTI.

COTI would utilize its proprietary technology CHEMSAS to discover IV to VI novel drug candidates built on II to III scaffolds against a specific cellular target of importance to Merck Serono. Merck Serono would then evaluate the COTI-identified compounds and decide, at its own discretion, to synthesize and test the suitability of the molecules as leads for the cellular target. Merck Serono has the option to develop, independent of COTI, derivatives of the compounds identified by COTI.

Deal Type    Partnership
Sub-Category Research and discovery,Development
Deal Status  Terminated: 2009-08-18

Deal Participants

Partner 1 (Company) Merck KGaA
Partner 2 (Company) Merck Serono S.A.
Partner 3 (Company) Critical Outcome Technologies Inc.

Related terms: biotechnology, canada, cellular, germany, partnership, pharmaceuticals, pilot, research, technology