Devgen receives IWT grant to support its obesity drug discovery program
Zwijnaarde, February 26, 2007 - Devgen (Euronext Brussels: DEVG) has been awarded a 0.9 million Euro technology grant from the Flanders government through IWT (Institute for the Promotion of Innovation by Science and Technology in Flanders) to develop new targets and therapeutic solutions for the treatment of obesity.
In its obesity program, Devgen takes an innovative, multidisciplinary approach to validate a novel class of kinase targets.
IWT’s support for this program is very important for Devgen, not only from a funding perspective, but it is an endorsement of the innovative approach and validation opportunities of this program. The funding covers a period of 16 months.
Obesity is a disorder that is reaching epidemic proportions globally. Obesity and its frequent consequence diabetes impose a substantial financial burden on society. There is considerable need for new pharmacological approaches. Safe and effective drugs have the potential to achieve market sales in excess of 5 billion dollar per year.
Devgen is an innovator in biotechnology focused on discovering, developing and commercializing:
- a novel generation of biotech products to protect a wide spectrum of crops from damage incurred from pests;
- safer and more environmentally friendly agro-chemical products to protect crops from damage inflicted by plant parasitic nematodes;
- novel therapeutic concepts and preclinical drug candidates for treatment of metabolic disease (diabetes, obesity, arrhythmia) and inflammation.
Each of these solutions is developed on a platform of in-house designed research, development programs and technologies. Devgen has partnerships with industry leaders in biotechnology and agro chemistry. Incorporated in 1997, Devgen has offices in Ghent (Belgium) and Singapore, with a total work force of over 100 people. For more information on Devgen visit the company’s web site: www.devgen.com.
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