PTC Therapeutics Achieves BMI1 Milestone

PTC Therapeutics, through its Wellcome Trust collaboration, has identified a chemical series of molecules that penetrates the blood-brain barrier in animal models and reduces levels of BMI1, a protein linked to drug-resistant cancers. The milestone triggers a $2.2 million payment to PTC.

The Wellcome Trust awarded PTC $5.4 million to support the development of drugs that target BMI1 back in June 2010. PTC identified the lead chemical series using its screening technique GEMS. The goal of the program is to identify a drug candidate for the treatment of chemotherapy-resistant cancers.

“We are pleased to reach this first milestone in our collaboration with the Wellcome Trust on schedule,” said Stuart W. Peltz, Ph.D., president and chief executive officer of PTC Therapeutics. “We believe the therapeutic potential of a small-molecule inhibitor of BMI1 production is very significant. This milestone will support chemistry optimization efforts toward our next major goal of declaring a development candidate.”