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news.Schering AG has exercised its option for a product candidate intended for use in the diagnosis of atherosclerosis and other vascular diseases, which was discovered as part of a joint gadofluorine derivative research program with Epix Pharmaceuticals.
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Schering will now take over the development of the product candidate. There are no milestone payments associated with the option exercise, however, if Schering successfully develops the product and it is approved by the appropriate regulatory authorities, Epix will receive royalties on sales of the product.
The gadofluorine derivative research program is part of a broader joint research program between Epix and Schering, which will expire in May, 2006. The companies previously terminated parts of this agreement in the fourth quarter of 2005 and are in discussions regarding the winding down of the overall agreement, with neither party intending to ask for renewal.
In a statement released by Epix the company was keen to point out that the expiration of the research program does not effect the agreement it has with Schering regarding Epix’ two lead products, Vasovist and EP-2104R.
“Both companies contributed significantly to the development of this product, and Schering’s decision to take this product forward into the clinic is a ratification of the joint team’s fine work,” commented Michael Astrue, Epix interim CEO.