US metabolic disease drug discovery firm AdipoGenix says it hassuccessfully met the initial milestone in its anti-obesity collaboration with health care major Johnson & Johnson, which began in December 2002. The achievement enables the second phase of the agreement to commence, while also triggering an undisclosed payment to AdipoGenix, the company notes.
At the same time, AdipoGenix announced that it has raised a Series A round of financing led by Boston University's CTF Venture Fund and Medinnova Partners, the amount of which was not specified. It also said that it has received two additional Phase 1 grants from the USA's National Institues of Health in the field of anti-obesity research and for developing new assays to identify compounds that increase fatty acid metabolism.
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