Metabasis acquires PTP-1B assets of Cengent

By Lisa Kerner

Charlotte, N.C., June 27 - Metabasis Therapeutics, Inc. said it has purchased all of the assets of Cengent Therapeutics' PTP-1B (Protein tyrosine phosphatase 1B) program for metabolic diseases.

Under the terms of the acquisition, Metabasis will make milestone payments and royalties to Cengent noteholders if certain clinical development outcomes are met.

Metabasis is acquiring several lead compounds and compound libraries, multiple patent families, biological assays and reagents, protein crystal structures and various other components of Cengent's PTP-1B program. PTP-1B is a molecular target that mediates insulin resistance in mammals that could have therapeutic benefit in the treatment of diabetes.

"Our discovery group has been working with the PTP-1B target for some time now so these assets have the potential to significantly accelerate that program and improve our chances of recommending another exciting new product for the treatment of diabetes," senior vice president Edgardo Baracchini said in a company news release.

Metabasis is a biopharmaceutical company based in San Diego.

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