Fovea's initiation of Prednisporin Phase 2b clinical testing triggers milestone payment to CombinatoRx

CombinatoRx, Incorporated (NASDAQ: CRXX) today announced that it has received a milestone payment from Fovea Pharmaceuticals, a division of Sanofi Aventis, relating to Fovea's initiation of Phase 2b clinical testing of Prednisporin^TM (FOV1101) in subjects with persistent allergic conjunctivitis. Prednisporin™ is a CombinatoRx-derived combination drug candidate that was exclusively licensed to Fovea by CombinatoRx.

“The advancement of Prednisporin into Phase 2b clinical development demonstrates another successful translation of the CombinatoRx combination High Throughput Screening (cHTS) platform from screening to human clinical development”

In addition to this $500,000 milestone, CombinatoRx will be eligible to receive further development and regulatory based milestone payments for Prednisporin of up to approximately $40.0 million and if commercialized, tiered royalty payments of up to 12% of net sales.

"The advancement of Prednisporin into Phase 2b clinical development demonstrates another successful translation of the CombinatoRx combination High Throughput Screening (cHTS) platform from screening to human clinical development", said Mark H.N. Corrigan, MD, President and CEO of CombinatoRx.