Transition Therapeutics Strengthens Drug Discovery Group
Transition Therapeutics Inc. announced a series of actions to strengthen the Company's drug discovery group. Transition has acquired certain assets and the exclusive rights to three drug discovery projects from Forbes Medi-Tech (Research) Inc., a wholly owned subsidiary of Forbes Medi-Tech Inc. ("Forbes"). In addition, Dr. John Nestor, has joined Transition Therapeutics (USA) Inc. as Vice President of Drug Discovery. Dr. Nestor is a medicinal chemist with experience in drug discovery at large pharmaceutical and biotechnology companies and has a track record of discovering and developing multiple pharmaceutical products.
These newly acquired discovery projects and other early-stage internal projects will be the focus of a group of research scientists led by Dr. Nestor and operate through a newly formed United States-based subsidiary called Transition Therapeutics (USA) Inc.
In consideration for the acquisition of these assets and intellectual property rights, Forbes will receive from Transition US$1 million, and potentially up to an additional US$6 million in contingent consideration dependent on all three technologies successfully achieving certain developmental and regulatory milestones.
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