Lexicon Pharmaceuticals, Inc. has announced that the company and Bristol-Myers Squibb have selected a development candidate for neuropathic pain as part of their neuroscience drug discovery and development alliance.
Lexicon and Bristol-Myers Squibb are proceeding with plans to progress the development candidate through IND-enabling studies in preparation for the commencement of clinical trials.
Bristol-Myers Squibb has the first option under the alliance to obtain exclusive clinical development and commercialization rights upon the initiation of Phase 1 clinical studies, subject to the payment of milestones and royalties to Lexicon.
“The selection of this very promising drug candidate for neuropathic pain marks the culmination of a long-standing and highly-productive collaborative effort between Lexicon and Bristol-Myers Squibb,” said Lonnel Coats, Lexicon’s president and chief executive officer. “We look forward to bringing innovation from this novel mechanism to patients in an area of high unmet need.”