Epix earns $5.5M in milestones from GSK
US biotechnology firm Epix Pharmaceuticals has received $5.5 million in milestone payments from UK drug major GlaxoSmithKline after it identified three lead candidates to move forward into lead optimization in a third G-protein coupled receptor discovery program. On the day of the news, June 5, shares in Epix rose 6% to $2.37.
Under the terms of its collaboration with GSK, Epix is entitled to receive a milestone payment of $3.0 million for identifying three candidates in this program and an additional $2.5 million for its overall progress in all three of the discovery programs that are part of its collaboration with GSK. Epix has previously received two milestone payments totaling $6.0 million for the other two discovery programs that are part of its collaboration with GSK.
Two years ago, the US biopharmaceutical company, which uses a proprietary in silico method to discover new drugs, signed a worldwide multi-target collaboration with GSK to discover, develop and market novel medicines targeting four GPCRs for the treatment of a variety of diseases (Marketletter December 18, 2006).
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