Biotech
Tuesday, September 17th, 2024 2:58 pm EDT
Key Points
- Research Collaboration: Rakovina Therapeutics and Variational AI announced a collaboration to develop novel cancer therapies by leveraging Variational AI’s Enki™ platform for drug discovery, focusing on DNA-damage response (DDR) targets.
- Exclusive Licensing Agreement: Rakovina Therapeutics has been granted exclusive rights to compounds generated by the Enki™ platform and can license validated drug candidates for further development, with a low upfront fee and milestone payments.
- Expanded Drug Discovery Capabilities: The collaboration expands Rakovina Therapeutics’ pipeline beyond PARP inhibitors, enhancing its AI-driven drug discovery toolkit with the potential to deliver viable drug candidates within 12 to 18 months.
VANCOUVER, British Columbia, Sept. 17, 2024 (GLOBE NEWSWIRE) — Rakovina Therapeutics Inc. (TSX-V: RKV) a biopharmaceutical company committed to advancing new cancer therapies based on novel DNA-damage response technologies and Variational AI, developer of the Enki™ generative artificial intelligence (AI) platform for drug discovery, announced today a research collaboration aimed at leveraging each company’s expertise to identify and develop novel small-molecule therapies against DNA-damage response (DDR) targets for the treatment of cancer.
Under the terms of the agreement Rakovina Therapeutics has been granted an exclusive right to compounds generated by the Enki™ platform against the selected target product profiles and an option to license validated drug candidates for further development. Variational AI will employ the EnkiTM platform to identify novel inhibitors of specific DDR kinase targets selected by Rakovina Therapeutics. Rakovina Therapeutics will synthesize and evaluate the viability of these drug candidates as potential cancer therapies in its laboratories at the University of British Columbia.
According to Rakovina Therapeutics Executive Chairman Jeffrey Bacha, “This collaboration is an ideal addition to our already established Deep Docking AI partnership as it expands Rakovina Therapeutics’ pipeline beyond our current focus of developing next-generation PARP inhibitors.”
“Leveraging Variational AI’s expertise in kinases where it overlaps with our DDR interest will significantly increase partnering opportunities as ‘big pharma’ maintains a close interest on novel therapies against these targets,” added Bacha.
Rakovina Therapeutics will pay a low upfront fee to initiate work against each selected target and a “TPP Fee” upon exercise of its option to acquire rights to drug candidates meeting a pre-specified target-product profile (TPP) and additional payments upon achievement of specified development milestones. Additional financial terms were not disclosed.
According to Variational AI CEO Handol Kim, “We are thrilled to be partnering with Rakovina Therapeutics in their quest for lifesaving, cancer drugs. Variational AI is at the forefront of Artificial Intelligence drug discovery and we look towards a successful and lasting partnership. Our unique Enki™ Platform is the first commercially accessible foundation model for small molecules and represents an ideal drug discovery solution for Rakovina Therapeutics for these initial targets and beyond.”
Bacha said, “Variational AI will deliver a short list of potential drug candidates within four to six weeks of target selection. We anticipate determining the validity of these novel drug candidates against our target-product profile within 12 to 18 months upon receipt of each Variational AI deliverable.”
“We are excited about the potential of this collaboration. The Enki™ AI platform, already used by leading pharmaceutical companies, brings a powerful addition to our AI-driven drug discovery toolkit as we expand our research focus to additional DDR targets,” Bacha added.
About Variational AI
Variational AI has developed Enki™, the first commercially available foundation model for small molecules to enable biopharmaceutical companies to discover novel, potent, safe, and synthesizable lead compounds for a small fraction of the time and cost versus traditional chemistry approaches. To learn more, visit: www.variational.ai.
About Rakovina Therapeutics Inc.
Rakovina Therapeutics Inc. is focused on the development of new cancer treatments based on novel DNA-damage response technologies. The Company has established a pipeline of novel DNA-damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials and obtaining marketing approval for new cancer therapeutics from Health Canada, the United States Food and Drug Administration, and similar international regulatory agencies. Further information may be found at www.rakovinatherapeutics.com
The TSXV has neither approved nor disapproved the content of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Rakovina Therapeutics Forward-Looking Statements:
This release includes forward-looking statements regarding the Company and its respective business, which may include, but is not limited to, statements with respect to the proposed business plan of the Company and other statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are based on the current expectations of the management of the Company. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the medical device industry, economic factors, regulatory factors, the equity markets generally and risks associated with growth and competition.
Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. The reader is referred to the Company’s most recent filings on SEDAR for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company’s profile page at www.sedar.com.
For Further Information, Contact:
| Investor Relations and Media Contact: Ira M. Gostin Investor Relations IR@rakovinatherapeutics.com 775-391-0213 |
