Apr 18 2007
Pharmacopeia has announced that a compound identified through the Company's collaboration with Schering-Plough has been selected by Schering-Plough for preclinical development.
Under terms of the companies' collaboration, this selection triggers a $1 million milestone payment to Pharmacopeia.
"This novel compound and its promising attributes were the basis for the extension of our collaboration with Schering-Plough last fall," stated Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "Schering-Plough has been a valued collaborator for more than a decade, and we are proud of the extensive pipeline that this partnership has generated. We are hopeful that each of the four clinical and three preclinical programs currently in development from this collaboration will continue to advance in the coming years."
Schering-Plough is solely responsible for further development and commercialization of these candidates. However, Pharmacopeia is eligible to receive additional milestone payments related to the successful advancement of these programs, and will also receive royalties on sales of any therapeutic products resulting from these programs.
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