On February 28, 2019 AdoRx Therapeutics, a UK based drug discovery company, reported that it has entered into a strategic collaboration with Johnson & Johnson Innovation LLC* and the Lung Cancer Initiative at Johnson & Johnson to develop novel therapeutics for the treatment of lung cancer (Press release, AdoRx Therapeutics, FEB 28, 2019, View Source;johnson-innovation-to-develop-novel-lung-cancer-therapeutics-300803519.html [SID1234554021]). Under terms of the agreement, AdoRx has granted an exclusive option to research, develop and commercialise novel antagonists within the AdoRx portfolio, and the groups will collaborate on drug discovery and preclinical development activities. Financial terms of the collaboration were not disclosed.

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Commenting, Pete Finan, CEO of AdoRx, said: "We are delighted to be teaming up with Johnson & Johnson and their Lung Cancer Initiative less than two years after the creation of AdoRx. The collaboration will facilitate the progression of AdoRx’s fit-for-purpose receptor antagonists into clinical development."

AdoRx was founded in 2017 by leading healthcare investor Epidarex Capital. The company announced further investment by Epidarex Capital and Sixth Element Capital which manages the oncology focused CRT Pioneer Fund (CPF) in June 2018.

*Johnson & Johnson Services, Inc is the legal entity to the agreement.