Pharmacopeia earns milestone from GSK

Pharmacopeia, a US innovator in the discovery and development of novel small-molecule therapeutics, says that it has identified a lead compound for advancement six months ahead of the original schedule in its collaboration with UK-headquartered drug major GlaxoSmithKline, through its Center of Excellence for External Drug Discovery (CEEDD). This compound is being evaluated as a potential treatment for inflammatory pain and will now enter lead optimization as it continues to progress towards development. As a result of this identification, Pharmacopeia will receive a $500,000 milestone payment from GSK.

Under the terms of the companies' collaboration, Pharmacopeia has already received $10.0 million from GSK and is entitled to an additional $5.0 million on the completion of additional early discovery activities. Pharmacopeia is also due success-based milestone payments totaling up to $83.0 million per program for any drug development project pursued through the multi-program alliance and up to double-digit royalties on the sales of any product commercialized by GSK from the alliance. Should GSK decline its option to complete pivotal trials of these programs resulting from the alliance, Pharmacopeia may independently pursue development, subject to its obligations to GSK under the agreement.