Cognetix was founded in 1996 by Dennis Farrar and Baldomero Olivera, Ph.D. Cognetix has targeted therapeutic areas of tremendous need and sizable markets. Further, the company is pursuing treatment areas where development programs are of relatively short duration (for example, requiring fewer patients in clinical studies) and where, based on the need for treatments and the severity of the disease, the regulatory review process is expected to be expeditious. Cognetix is committed to establishing strong strategic alliances with corporate partners who will be expected to carry much of the financial responsibility for the product development programs. Cognetix expects that its development partners will provide up-front and milestone payments as well as research and development support. Longer term, Cognetix will benefit from commercial supply agreements or royalties. For projects of secondary priority, Cognetix will need to cover only modest research and pre-clinical development costs before these programs are partnered or out-licensed.