COTI will be responsible for the discovery, profiling and optimization of targeted drug candidates for evaluation by the sponsor. If a suitable target is selected, the companies will execute a license agreement. If a licensing agreement is not reached, COTI will retain all intellectual property rights to the data and compounds.
"We are very excited to be working with a leading global pharmaceutical company on a project that has the opportunity to highlight the abilities of our proprietary artificial intelligence drug discovery engine, CHEMSAS," said Dr. Wayne Danter, president and chief executive officer of COTI. "This is another example of the agreements we are entering into to validate our technology and we look forward to having the opportunity of combining the drug candidates discovered by CHEMSAS with the proven capabilities of a major pharmaceutical company in order to address a substantial medical need."