MicroDose Technologies Announces Achievement of Phase I Clinical Milestone under Collaboration with Merck
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MicroDose Technologies Inc. has announced that the first clinical milestone in its collaboration with Merck & Co., Inc., through a Merck affiliate, has been achieved, triggering the first payment under the global license agreement for MicroDose's dry powder inhaler (DPI) technology announced in March 2008. This milestone signals the initiation by Merck of a Phase I clinical study of an investigational compound using the MicroDose DPI technology.
As previously announced, Merck will fund development and commercialization of products that employ MicroDose's DPI technology for the administration of Merck compounds.
In addition to the upfront payment received upon commencement of the collaboration, MicroDose is eligible for additional milestone payments on this product and for the development of other products and royalties on revenues from all products developed under the license.
"MicroDose is proud to announce the start of the study by Merck which, in fact, represents the second human clinical study to be initiated under a U.S. Investigational New Drug application using our inhaler technology in the last 18 months" commented David Byron, Vice President of Research and Development, MicroDose.
"Achieving this milestone with Merck so quickly is a strong indicator of the excellent working relationship that underpins this collaboration."
