Mitokinin, Inc., Enters into Purchase Right Agreement with AbbVie
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- Published on Tuesday, 02 March 2021 18:48
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Agreement focused on advancing Mitokinin's PINK1 activator program for the potential treatment of Parkinson's disease
SAN FRANCISCO, CA, USA I March 2, 2021 I Mitokinin, Inc., a biotechnology company developing PINK1-targeted therapeutics for the treatment of neurodegenerative diseases, announced today that AbbVie, a leading global biopharmaceutical company, has purchased an exclusive right to acquire Mitokinin following completion of IND enabling studies on Mitokinin's lead PINK1 compound. Based on technology discovered at UCSF by Mitokinin co-founders Nicholas Hertz and Kevan Shokat, Mitokinin moved into MBC BioLabs San Francisco in September 2017 with Series A funding from a syndicate led by Mission BioCapital.
Mitokinin's novel PINK1 compounds selectively increase the activity of PINK1, a master regulator of mitochondrial quality control that is genetically linked to Parkinson's disease.
By increasing PINK1 activity, Mitokinin aims to address the mitochondrial dysfunction contributing to Parkinson's disease pathogenesis and progression.
Under the terms of the agreement, Mitokinin will receive an upfront payment and will continue developing its PINK1 activator program through completion of IND enabling studies for Mitokinin's lead compound.
"We're thrilled to be working with the world-class neuroscience team at AbbVie to bring our PINK1 program forward," said Daniel de Roulet, Co-Founder and CEO at Mitokinin. "We look forward to executing on the collaborative research plan, and most of all, to developing much needed therapeutics for Parkinson's disease patients."
"It's a testament to the quality of our science and the strength of our scientific team that we were able to attract a partner of AbbVie's caliber," said Nicholas Hertz, Ph.D, Co-Founder and CSO at Mitokinin. "I'm excited to continue to demonstrate the therapeutic potential of our specific PINK1 targeting compounds and to push towards the clinic with the AbbVie team."
"Mitokinin's breakthrough PINK1 approach has the potential to revolutionize the treatment of Parkinson's disease." said Michael D. Taylor, Ph.D., Executive Chairman of Mitokinin and Operating Partner at Mission BioCapital, "Our new relationship with AbbVie is key to continuing our development and potentially bringing this new class of therapeutics to patients."
About Mitokinin, Inc.
Mitokinin is a discovery-stage biotechnology company developing PINK1 targeted therapeutics for the treatment of neurodegenerative and mitochondrial diseases. Mitokinin's lead program targets idiopathic Parkinson's disease. Investors include Mission BioCapital, Pfizer Ventures, and Samambaia Investments. Mitokinin is located at MBC BioLabs next to the UCSF Medical Center campus in San Francisco. For more information, please visit www.mitokinin.com