Marinomed and BIOVALVO to look for drug candidates

Collaboration agreed

Austrian biotech Marinomed Biotechnologie GmbH, founded in March 2006 as a spin-off from the University of Veterinary Medicine Vienna, has announced an agreement with the Protuguese company BIOALVO under which the two companies will collaborate to find drug candidates screened from BIOALVO’s PharmaBUG marine extract library. Financial terms were not disclosed.

Under the terms of the deal BIOALVO will grant Marinomed access to BIOALVO’s PharmaBUG natural marine extracts. Marinomed will then have exclusive rights to use its own screening platform to identify those with therapeutic potential for indications in the areas of immunology and infectious diseases.

Dr Andreas Grassauer, CEO and co-founder of Marinomed, commented: “We are delighted to have signed this collaboration with BIOALVO. The rich source of natural marine extracts from PharmaBUG offers us a unique resource to screen and hopefully generate new natural leads for development in our core therapeutic indications.”

Helena Vieira, BIOALVO’s CEO, said: “We are very excited to collaborate with one of the leading biotech companies in Austria and we do expect great developments to come out from this partnership in the near future.”