Milestone payment follows successful target identification and validation in separate project under same collaboration

Cambridge, UK, 03 June 2024: PhoreMost Ltd., has triggered a second milestone payment in its multi-project target discovery collaboration with Boehringer Ingelheim. This was achieved by identifying and validating novel targets supporting Boehringer Ingelheim’s ambition to develop first-in-class therapies, to transform patients’ lives.

PhoreMost and Boehringer Ingelheim entered a multi-project collaboration back in January 2020¹. In this second project, PhoreMost is deploying its in-house expertise and next-generation phenotypic screening platform, SITESEEKER^®, towards novel disease-relevant pathways focusing on retinal health, a key research area of Boehringer Ingelheim. The first milestone payment was triggered in January 2023², following successful target identification and validation in a separate project under the same collaboration.

Dr. Neil Torbett, Chief Executive Officer, PhoreMost said: “Achieving this second milestone, in what has been a terrific collaboration between ourselves and the Boehringer Ingelheim team, demonstrates the power of the SITESEEKER platform and the partnership moving forward. We remain very excited about the potential of our technology to identify novel drug targets across a range of therapeutic areas, and to contribute to the development of first-in-class therapeutics for patients in need.”

As with targets previously identified under the collaboration, Boehringer Ingelheim will continue the development of potential new therapies against these targets, leading to potential further success based pre-clinical, clinical and commercial milestone payments.