On March 20, 2023 CHARM Therapeutics ("CHARM"), a 3D deep learning biotechnology company discovering and developing transformational medicines, reported a strategic discovery collaboration with Bristol Myers Squibb (NYSE: BMY) for the identification and optimisation of compounds against Bristol Myers Squibb selected targets (Press release, CHARM Therapeutics, MAR 20, 2023, View Source [SID1234629184]). CHARM will leverage DragonFold, its proprietary deep learning platform that identifies novel molecules through protein-ligand co-folding, to discover novel compounds.
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"CHARM is excited to collaborate with Bristol Myers Squibb for the discovery of new potential medicines utilising our proprietary DragonFold platform. The CHARM team is looking forward to a productive collaboration," said Laksh Aithani, co-founder and CEO of CHARM.
"We’re continually sourcing cutting-edge technologies that will help us accelerate our efforts to treat diseases where patients are suffering and new options are needed," said Michael Ellis, Senior Vice President, Small Molecule Drug Discovery, Bristol Myers Squibb. "We look forward to leveraging CHARM’s insights in 3D deep learning to help shape how we discover and advance critical medicines, underscoring our mission of transforming patients’ lives through science."
Under the terms of the agreement, CHARM is responsible for the early discovery of compounds against targets of interest to Bristol Myers Squibb, who has the option to license and develop compounds from the collaboration. In addition to an upfront payment and investment in CHARM, which provides significant additional operational runway, CHARM is eligible to receive additional payments should Bristol Myers Squibb exercise its option to any of the program compounds.