Pharmacopeia Advances First Therapeutic Program with GlaxoSmithKline
Wednesday, July 18, 2007
Pharmacopeia has announced that it has identified a lead compound for advancement six months ahead of the original schedule in its collaboration with 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 million from GSK and is entitled to an additional $5 million payment upon the completion of additional early discovery activities.
Pharmacopeia is also entitled to success-based milestone payments totaling up to $83 million per program for any drug development program 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 of these programs, subject to its obligations to GSK under the agreement.
"Over the past year, our work with Pharmacopeia has exemplified the high standard of collaboration and productivity that we believe will contribute to the future of drug development," said Hugh Cowley, Senior Vice President of GSK and head of the Center of Excellence for External Drug Discovery (CEEDD) at GSK.
"The identification of this lead compound, sooner than expected, is a clear indication of the significant progress that has been made in a short period of time. We look forward to potentially advancing this, as well as other programs, that emerge from the CEEDD-Pharmacopeia alliance," Cowley added.