Harris & Harris Group Notes Ensemble Therapeutics and Boehringer Ingelheim Collaboration
NEW YORK, Nov. 1, 2012 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq: TINY), an early-stage, active investor in transformative nanotechnology companies, notes that Ensemble Therapeutics today announced the initiation of a research collaboration with Boehringer Ingelheim to discover drug candidates of a novel class of small molecule drugs, called macrocycles, against several high-value pharmaceutical targets specified by Boehringer Ingelheim.
Under the terms of the agreement, Ensemble is eligible to receive payments and may receive up to $186 million in success milestones in case of full commercial success of multiple drug products, including an upfront payment and research funding. In addition, Ensemble is eligible to receive royalties on future sales of products that arise from the collaboration.
The collaboration will deploy Ensemble's proprietary drug discovery platforms including its Ensemblin™ collection of about 5 million macrocycles to discover and advance novel drug candidates against Boehringer Ingelheim's drug targets. Boehringer Ingelheim will have the exclusive right to develop and commercialize substances arising from the collaboration. Additional details can be accessed at http://www.benzinga.com/pressreleases/12/11/b3046951/ensemble-therapeutics-and-boehringer-ingelheim-initiate-collaboration-t.
Harris & Harris Group is an investor in privately held Ensemble Therapeutics Corporation.
Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com.
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