EDMONTON, Alberta, Nov. 30, 2015 (GLOBE NEWSWIRE) -- Fedora Pharmaceuticals, Inc. today announced that it was named "Company of the Year" by BioAlberta during the Association's 16th Annual General Meeting and Awards Gala. BioAlberta is the industry association that supports the province's growing community of biotechnology, environmental science, medical devices, agriculture, bio-informatics and natural health product companies. This award recognizes life sciences companies that show significant achievement within Alberta's marketplace and business community through strong performance or a leadership role.
"Fedora Pharmaceuticals is an excellent example of what can happen when scientific excellence and business acumen meet," remarked Christopher G. Micetich, Fedora's founder, president and CEO. "In just three years, Fedora scientists were able to optimize and assess candidates from a family of beta-lactamase inhibitors, yielding data that led to an historic licensing deal with Roche in January 2015. This agreement, valued at up to $750 million, was the largest in the Canadian life sciences industry."
Mr. Micetich continued, "Alberta may be known for its energy resources, but there is a breadth of talent in our province that is often overlooked. Fedora is one example of the significant pharmaceutical expertise that exists in the region. In accepting this award from BioAlberta, an organization that has been working to build support for the life sciences community here, I hope to shine a light on the potential that exists in Alberta to foster a successful and sustainable pharmaceutical ecosystem."
About Fedora Pharmaceuticals
Fedora Pharmaceuticals 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. This family of beta-lactamase inhibitors were licensed by Roche in January 2015 from Meiji Seika Pharma and Fedora Pharmaceuticals. Under the terms of the agreement, Meiji and Fedora will receive upfront plus development, regulatory and sales event milestone payments totaling potentially up to $750 million. In addition, Meiji and Fedora are entitled to receive tiered royalties on sales of products originating from this collaboration.