Eqitx, Mimotopes sign partnering deal

Eqitx (ASX:EQX) and PharmAust (ASX:PAA) subsidiary Mimotopes have signed a partnership deal to jointly develop new targets for therapeutic or diagnostic approaches.

Both companies specialise in novel small molecule and peptide therapeutics drug discovery and development. "There have been some synergies with PharmAust and Eqitx for quite some time," said Eqitx CEO Sue MacLeman.

Mimotopes has been making Eqitx's peptide vaccines for testing and before Mimotopes was acquired by PharmAust, the company did a lot of work on Eqitx's pain compounds, running part of Eqitx's medicinal chemistry program. Mimotopes managing director Dr Paul D'Sylva was also involved in setting up Eqitx and sat on its first scientific advisory board, said MacLeman.

"We're quite comfortable working with them and understand their structure," she said. "Rather than do a corporate consolidation we thought we could do a collaboration and see how that added value to both groups."

The two companies will have an equal share in any income resulting from the commercialisation of targets developed and will be developing compounds in areas not currently covered by existing programs. Ultimately, the collaboration could form a new company that could be spun out in other areas, said MacLeman.

While the specific areas targeted by the collaboration -- which begins immediately -- have not been disclosed, the two companies will be developing drug candidates in the general area of chronic diseases and ageing, said MacLeman.