Isis receives milestone payment from Eli Lilly
California, USA-based Isis Pharmaceuticals says that US drug major Eli Lilly has begun clinical trials of LY2275796, which it licenses from the former, in cancer patients. The drug, which is a second-generation antisense compound that targets eukaryotic initiation factor 4E in cancerous tumors, has entered a Phase I study program, thereby earning Isis a $750,000 milestone payment.
Under the terms of the deal (Marketletter August 15, 2005), Lilly will fund the compound's development and is set to make further milestone payments on the basis of regulatory approval and royalties on product sales.
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