CAMBRIDGE, Massachusetts and INGELHEIM, Germany – April 24, 2014 Hydra Biosciences, Inc., a leader in the field of Transient Receptor Potential (TRP) channel modulation, and Boehringer Ingelheim, one of the world’s leading pharmaceutical companies, jointly announced today that they have entered into a worldwide collaboration to research and develop small-molecule TRPC4/5 inhibitors for the treatment of central nervous system (CNS) diseases and disorders.
"We are extremely pleased to be working with Boehringer Ingelheim, a company that shares our dedication for developing innovative products that improve patient’s lives. The combination of Hydra’s unique understanding of TRP channels and BI’s proven research, development and commercialization capabilities provides an excellent opportunity to maximize the potential of these novel targets," said Russell Herndon, President and CEO of Hydra Biosciences.
"We are very excited to collaborate with Hydra Biosciences and to be able to build on their significant expertise in the field of TRP channels in our endeavors to provide the numerous patients suffering from CNS disorders with new treatments that offer meaningful therapeutic improvement", said Bernd Sommer, VP of Neuroscience Research at Boehringer Ingelheim.
Under the terms of the collaboration agreement, the companies will work together to identify and advance candidate inhibitors. Boehringer Ingelheim is responsible for the global development and commercialization of the inhibitors that come from the collaboration. Hydra will receive an upfront payment, additional research funding, and is eligible to receive milestone payments and tiered royalty payments on future product sales.
About Hydra Biosciences Hydra Biosciences is a privately-held biopharmaceutical company based in Cambridge, Massachusetts, and develops drugs to treat pain, inflammation, anxiety and other diseases using its expertise in novel ion channels. Hydra Biosciences’ proprietary platforms enable the company to identify and develop drug candidates that address significant unmet medical needs. More information about Hydra Biosciences is available at: www.hydrabiosciences.com.
About Boehringer Ingelheim The Boehringer Ingelheim group is one of the world’s 20 leading pharmaceutical companies. Headquartered in Ingelheim, Germany, Boehringer Ingelheim operates globally with 142 affiliates and a total of more than 47,400 employees. The focus of the family-owned company, founded in 1885, is researching, developing, manufacturing and marketing new medications of high therapeutic value for human and veterinary medicine.
Taking social responsibility is an important element of the corporate culture at Boehringer Ingelheim. This includes worldwide involvement in social projects, such as the initiative “Making more Health” and caring for the employees. Respect, equal opportunities and reconciling career and family form the foundation of the mutual cooperation. In everything it does, the company focuses on environmental protection and sustainability.
In 2013, Boehringer Ingelheim achieved net sales of about 14.1 billion euros. R&D expenditure corresponds to 19.5% of its net sales.