Isis Pharmaceuticals of the USA has received a payment of $7.9 millionfrom Boehringer Ingelheim in relation to the firms' collaboration to discover and commercialize drugs to treat inflammatory diseases by inhibiting cell adhesion molecules.
The sum is the second payment in a line of credit of up to $40 million, and will be used to support Isis' share of collaboration expenses for the current year. Additional funds will be paid to Isis as required to fund its share of future collaboration expenses. The funds are repayable in the future in cash or in stock at Isis' option.
Stanley Crooke, chairman and chief executive of Isis, said: "with prospects for the initiation of Phase IIb studies in ISIS 2302 for Crohn's disease, completion of Phase IIa studies in four other indications, and progress in other programs and technologies that are part of the collaboration, the full value of this unique and important partnership, and the promise it holds for developing potentially safe and effective treatments for inflammatory disease, will continue to increase."
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