Pharmacopeia Receives Milestone Payment Following Delivery of Compounds to Celgene
News Feb 13, 2006
"We are pleased with the success that we have achieved in collaboration with Celgene and are confident that its drug development expertise will best position the compounds for potential advancement," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia.
"By completing this program with Celgene, we not only receive an important milestone payment, but we are also able to focus more on our own internal drug discovery and development efforts."
This milestone marks the completion of Pharmacopeia's obligations under the terms of the companies' collaboration agreement.
However, Pharmacopeia is entitled to receive further milestone payments if collaboration programs progress into and through clinical development and royalty revenue if products are marketed.
Pharmacopeia and Celgene have been collaborating on the discovery and development of candidate compounds, for further research and development by Celgene, since 2003.
The collaboration agreement is structured to combine the companies' strengths in research and development to enhance the probability of producing disease-altering, innovative new therapies addressing unmet medical needs in debilitating diseases.
To date, Pharmacopeia's collaborations with multiple partners have resulted in four compounds (representing three partnered therapeutic programs) currently in human clinical trials and an additional six candidates that are progressing through preclinical development.
Pharmacopeia's partners are conducting Phase I trials evaluating compounds targeting rheumatoid arthritis, an allergy/asthma indication and an inflammation indication.
Beyond its partnerships, Pharmacopeia is focused on the advancement of its internal, wholly owned product pipeline.
This internal pipeline, with multiple compounds approaching preclinical development, is focused primarily on immunological diseases, with each program addressing medical needs of a large patient population.
The company's advanced internal programs are JAK3 inhibitors, CCR-1 antagonists and adenosine A2A antagonists.