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news.Samaritan Pharmaceuticals has received a milestone payment of $8.6 million from Pharmaplaz, a private Irish healthcare company, as part of the companies’ collaboration to develop and commercialize an HIV entry inhibitor drug.
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Samaritan received $1.4 million of the $10 million agreement back in March of this year upon the signing of the deal. Pharmaplaz takes financial responsibility for the future development of HIV entry inhibitor drug, SP-01A and upon successful commercialization; Samaritan and Pharmaplaz will share 50-50 in SP-01A’s revenue royalty stream.
Dr Janet Greeson, CEO of Samaritan, said: “We are exceptionally pleased. This $8.6 million allows us to push three potential blockbuster drugs forward. We plan to push forward with our promising phase I Alzheimer’s drug, Caprospinol, our oral hepatitis C drug SP-30 and our fast acting plaque removing cholesterol drug, SP-1000.”