CHENGDU, China, Aug. 17, 2018 (GLOBE NEWSWIRE) -- HitGen Ltd today announced a multi-year major drug discovery research collaboration with LG Chem to identify novel small molecule leads for targets of interest. In this collaboration, HitGen will apply its advanced technology platform, based on DNA-encoded library design, synthesis, and screening system, to discover such novel leads. Under the terms of the agreement, HitGen will receive technology access and research support payments, and be eligible for milestone payments for multiple targets. Financial details were not disclosed.

“We are delighted to enter into this collaboration with LG Chem, a leader of chemical industry in Korea. Combining LG Chem’s strong R&D capabilities and expanded global network with HitGen’s innovative drug discovery platform including DNA-Encoded Library, we will work closely with LG Chem scientists to generate novel leads for their innovative research programs to address unmet medical needs,” said Dr. Jin Li, Founder, Chairman of the Board and Chief Executive Officer of HitGen.

“Leveraging new platform technologies that will accelerate LG Chem’s expertise in bringing in innovative medicines are a key element of our open innovation strategy,” said Dr. Jeewoong Son, President of Life Sciences Company at LG Chem. “We believe that HitGen’s screening capabilities with its DNA-encoded library in combination with LG Chem’s in-house expertise in research will seed-up the discovery of novel therapeutic candidates.”

About LG Chem­ LG Chem Life Sciences is a business division within LG Chem, engaged in the development, manufacturing, as well as commercializing pharmaceutical products globally. LG Chem Life Sciences seeks to expand and make global presence by focusing on key core therapeutic areas of Immunology, Oncology, and Metabolic Diseases (specifically, diabetes and related metabolic diseases). To achieve such, its strategy is to actively pursue global collaboration encompassing from asset-centric to strategic investment and collaboration.

About HitGen Ltd HitGen is a biotech company with headquarters and main research facilities based in Chengdu, China, and with facilities in the USA.  HitGen has established a unique platform for drug discovery research centered around DNA encoded chemical libraries (DELs). HitGen’s DELs contain more than 150 billion novel, diverse, drug-like small molecule and macrocycle compounds. These compounds are members of DELs synthesized from many hundreds of distinct chemical scaffolds, designed with tractable chemistry, and yielding proven results for identifying small molecule leads against biological targets from known and novel classes.  HitGen is working with multiple pharmaceutical and biotech companies, and research institutes to discover and develop the novel therapeutics of the future.

For more information, please visit www.hitgen.com or contact Dr. Jin Li, Founder, Chairman & CEO, HitGen Ltd. Tel: +86 28 85197385 (8001) Dr. Jian Li, Vice President, Business Development, HitGen Ltd. Tel: +86 28 85197385 (8800)