NEW YORK, Nov. 1, 2012 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an early-stage, active investor in transformative nanotechnology companies, notes that Ensemble Therapeutics today announced the initiation of a research collaboration with Boehringer Ingelheim to discover drug candidates of a novel class of small molecule drugs, called macrocycles, against several high-value pharmaceutical targets specified by Boehringer Ingelheim.
Under the terms of the agreement, Ensemble is eligible to receive payments and may receive up to $186 million in success milestones in case of full commercial success of multiple drug products, including an upfront payment and research funding. In addition, Ensemble is eligible to receive royalties on future sales of products that arise from the collaboration.
The collaboration will deploy Ensemble's proprietary drug discovery platforms including its Ensemblin™ collection of about 5 million macrocycles to discover and advance novel drug candidates against Boehringer Ingelheim's drug targets. Boehringer Ingelheim will have the exclusive right to develop and commercialize substances arising from the collaboration. Additional details can be accessed at http://www.benzinga.com/pressreleases/12/11/b3046951/ensemble-therapeutics-and-boehringer-ingelheim-initiate-collaboration-t.
Harris & Harris Group is an investor in privately held Ensemble Therapeutics Corporation.
Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com.
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as well as subsequent filings, filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including, but not limited to, the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The references to the websites www.HHVC.com and www.benzinga.com have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Harris & Harris Group is not responsible for the contents of third party websites.
CONTACT: DOUGLAS W. JAMISON TEL. NO. (212) 582-0900Source:Harris & Harris Group