Nuevolution Announces Worldwide Technology Cross-Licensing Agreemen...( COPENHAGEN Denmark July 28 /- Nue...)

COPENHAGEN, Denmark, July 28 /PRNewswire/ -- Nuevolution today announced the execution of a worldwide technology cross-licensing agreement with GlaxoSmithKline.

The agreement relates to a number of patented technologies for rapid synthesis and DNA-tagging of hundreds of millions of chemically diverse drug-like small molecule compounds and the efficient screening of these, facilitating the identification of potent drug leads. These technologies were developed by Nuevolution and Praecis Pharmaceuticals, a wholly owned subsidiary of GlaxoSmithKline.

Under the terms of the cross-licensing agreement, GlaxoSmithKline will obtain a non-exclusive license under technology patents of Nuevolution, and Nuevolution will obtain a one time license fee and a non-exclusive license under technology patents of GlaxoSmithKline.

Further details of the agreement are not disclosed.

"By entering into this agreement, both companies are offered an optimal basis for continued development and application of the technologies" said Allen Oliff, SVP Molecular Discovery Research of GSK and Alex Gouliaev, CEO of Nuevolution A/S continued "our innovative technologies allow small molecule hit and lead discovery at an unprecedented scale. This agreement secures both companies the rights to operate these powerful technologies to their fullest extent".

About Nuevolution

Nuevolution is a leading lead discovery company founded in 2001 and based in Copenhagen, Denmark. The company has developed Chemetics(R), a unique, patent protected hybrid of proven wet chemistry and molecular biology which represents the ultimate fragment based lead discovery technology. Chemetics(R) enables rapid synthesis and DNA-tagging of hundreds of millions of chemically diverse drug-like small molecule compounds and the efficient screening of these, facilitating the identification of potent drug leads at unprecede
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