Predix gets $1.5M milestone from CFFT

USA-based Predix Pharmaceuticals, which recently announced a definitive agreement to merge with EPIX Pharmaceuticals, that it has expanded its research, development and commercialization agreement with Cystic Fibrosis Foundation Therapeutics, the non-profit drug discovery and development affiliate of the Cystic Fibrosis Foundation.

In addition, Predix has achieved another milestone under the original agreement and will receive the associated $1.5 million payment. Under the terms of the amended agreement, Predix may be eligible for up to an additional $3.5 million in research funding and milestone payments, bringing the total value of its research collaboration with CFFT to $16.0 million.

"We are very pleased that we are now at the point where Predix can begin conducting drug discovery research based on its innovative computer model of the cystic fibrosis protein CFTR," said Robert Beall, president of the Cystic Fibrosis Foundation.