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news.Epix Pharmaceuticals has achieved an initial milestone under its collaboration with GlaxoSmithKline related to the first of three G-protein coupled receptor discovery stage programs.
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Epix says that through using its proprietary, integrated computational-medicinal chemistry approach to drug discovery, it has identified three lead candidates that will move forward into lead optimization in this first collaborative G-protein coupled receptor (GPCR) discovery program. Under the collaboration, EPIX is entitled to receive a $3 million milestone payment from GSK in the next 30 days.
“In addition to our joint focus on developing PRX-03140, our proprietary 5-HT4 agonist, for the treatment of Alzheimer's disease, EPIX and GSK have agreed upon the three discovery program targets and are making significant progress on each program. We are on-schedule and expect to continue moving forward to achieve key milestones across all of our collaborative programs,” said Michael G. Kauffman, CEO of EPIX.
In December 2006, EPIX and GSK announced a worldwide multi-target strategic collaboration to discover, develop and market novel medicines targeting four GPCRs for the treatment of a variety of diseases, including EPIX's novel 5-HT4 partial agonist program, PRX-03140, which is in early-stage clinical development for the treatment of Alzheimer's disease.
As part of the collaboration, EPIX received total initial payments of $35 million, including $17.5 million through the purchase of its common stock at a premium, and may be eligible to earn up to $1.2 billion in milestones across the four GPCR programs. Under the collaboration, EPIX is also entitled to receive tiered double-digit royalties of sales by GSK on all collaboration-developed product sales. The alliance is conducted through GSK's center of excellence for external drug discovery (CEEDD).
“In addition to the PRX-03140 program in Alzheimer's disease, we are moving forward with EPIX to discover and develop GPCR candidates for the treatment of a variety of diseases. This marks an initial milestone in what we expect will be a long and productive collaboration,” said Hugh Cowley, head of GSK's CEEDD.