Merck Serono launches Parkinson's-focused spin-off company
1 August 2012 11:27 in Pharmaceutical Company Restructures
Merck Serono has announced the launch of Prexton Therapeutics, the first spin-off company to be created through its new Entrepreneur Partnership Program.
The newly formed company will be based in Geneva and will utilise Merck Serono's research and development portfolio in the field of Parkinson's disease, developing programmes that target the metabotropic glutamate receptors mGluR3 and mGluR4.
Its leadership team will include seasoned Merck Serono scientists with longstanding neurology expertise, while its parent company will be investing 2.1 million euros (1.65 million pounds) as seed funding.
Francois Naef, chairman of the board of directors of Merck Serono, said: "We are really proud and satisfied that this first project is now coming to life. Through such initiatives, not only will we be able to maintain jobs in the Geneva area but also unique expertise."
The Entrepreneur Partnership Program was launched in April 2012 and is part of a 30 million euro commitment to support the creation of spin-off and start-up companies focused on continuing activities and compounds that originated at Merck Serono.
Last month, the company announced the launch of a new start-up company dedicated to the discovery and development of novel biomarkers, in association with Compugen.
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Story collated for Zenopa by the Adfero News Agency