Merck Serono has announced the creation of Prexton Therapeutics, a spin off company which will focus on developing drugs to treat Parkinson’s disease.
The newly formed company will create new jobs for Merck employees who currently work at the soon-to-be closed R&D facility in Geneva, Switzerland.
Plans were unveiled in April for a €30 million start-up fund for affected workers under the Entrepreneur Partnership Programme.
Prexton Therapeutics will be formed around Merck Serono’s R&D portfolio and will focus on programmes that target the metabotropic glutamate receptors mGluR3 and mGluR4.
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The company will develop mGluR programs from lead optimisation up to clinical phase one, and seek partnership and licensing opportunities for further development.
Chairman of the board of directors for Merck Serono François Naef said, "We are really proud and satisfied that this first project is now coming to life. Through such initiatives, not only will we be able to maintain jobs in the Geneva area but also unique expertise."
"Metabotropic glutamate receptors have been shown recently to be a key target to tackle the onset of Parkinson’s disease. Therefore, modulating their response is certainly among the most promising ways to develop future treatments for one of the most severe brain diseases," added Naef.
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