EDMONTON, Alberta, Nov. 9, 2015 (GLOBE NEWSWIRE) -- Fedora Pharmaceuticals Inc., a biotechnology company headquartered in Edmonton, Alberta, Canada, announced their receipt of the 2015 Outstanding Commercial Achievement in Alberta Science and Technology award from the Alberta Science and Technology Leadership (ASTech) Foundation. This award was presented to Christopher G. Micetich, president and chief executive officer of Fedora Pharmaceutical on November 6 at TELUS Spark in Calgary.
Mr. Micetich commented, "The receipt of this award is particularly meaningful to me. My father, who developed one of the first commercialized beta-lactamase inhibitors, was also one of the first recipients of an award from ASTech. Now, years later, I am honored to accept this Outstanding Commercial Achievement award from the same foundation for our successful development of a new generation of beta-lactamase inhibitors, which were licensed in January 2015 to Roche for up to $750 million."
The ASTech Foundation is a not-for-profit organization founded through an industry initiative in 1989. The ASTech Foundation was created to showcase the substantial achievements in Science & Technology in Alberta and to promote the importance of these activities to social and economic benefit. Every year the ASTech Foundation presents 10 to 15 prestigious awards to recognize outstanding innovation in science and technology in Alberta. Among them is The Outstanding Commercial Achievement in Alberta Science and Technology award, which recognizes a company that has demonstrated outstanding entrepreneurial achievement with measurable results in a science and technology related business.
About Fedora Pharmaceuticals
Fedora Pharmaceuticals Inc. was founded in 2012 and is headquartered in Edmonton, Alberta, Canada. Fedora developed a family of beta-lactamase inhibitors designed to have activity against pathogens containing all four classes of beta-lactamases. Beta-lactamases are enzymes produced by bacteria that destroy the ring structure common to beta-lactam antibiotics. This class of antibiotics, which includes penicillin derivatives, cephalosporins, monobactams and carbapenems, is estimated to comprise 65% of the antibiotics market worldwide. Fedora's family of beta-lactamase inhibitors were licensed by F. Hoffmann la Roche in January 2015 from Fedora and its partner Meiji Seika Pharma. Under the terms of the agreement, Fedora and Meiji will receive upfront plus development, regulatory and sales event milestone payments totaling potentially up to $750 million. In addition, Fedora and Meiji are entitled to receive tiered royalties on sales of products originating from this collaboration.