Argenta Discovery Ltd has successfully completed a critical step in its collaboration with Pharmagene plc on Pharmagene's R1, irritable bowel syndrome (IBS), therapeutic programme. The project involved scientists from both companies working in close collaboration, with Argenta optimizing the lead compounds. The critical milestone achieved saw the successful identification of a promising series of candidate NCEs and this achievement was rewarded by payment of a success bonus to Argenta.

Commenting on the achievement, Dr Alastair Riddell, CEO of Pharmagene, said, "I am delighted that the close collaboration with Argenta on this lead optimisation program has allowed Pharmagene to rapidly advance a candidate NCE into its pre-clinical development pipeline."

Dr Anthony Baxter, Chief Executive Officer of Argenta, added, "We are extremely proud of this achievement and of the outstanding quality of the services that we have provided to Pharmagene for the duration of this project. It is fair to say that there has been an excellent rapport between the teams from each company and important progress has been made on what is an exciting project with very promising therapeutic potential."