XtalPi Receives Further $19 Million Under Drug Discovery Agreement With DoveTree

MT Newswires Live

05/28

XtalPi Holdings (HKG:2228) said it received a further $19 million payment from DoveTree Medicines under an AI-driven drug discovery services agreement, according to a Wednesday filing with the Hong Kong bourse.

The bio-tech platform's shares gained over 3% recent trade.

The firm had previously agreed to use its AI and robotics-enabled platform to develop small molecule and antibody drug candidates across multiple therapeutic areas that would then be licensed to DoveTree.

XtalPi received an upfront payment of $51 million at the time and is eligible for milestone payments of up to $5.89 billion and potential royalties on future net sales.

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