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news.Athersys has extended its existing alliance with Bristol-Myers Squibb to apply its Rage technology to provide additional validated drug targets.
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The new agreement will extend the alliance for up to three years with a guaranteed minimum number of targets to be supplied by Athersys annually. Under the terms of the extension, Athersys is entitled to receive license fees for targets delivered to Bristol-Myers Squibb, as well as milestone payments and royalties on compounds developed using the Athersys technology.
The collaboration extension builds upon an on-going partnership and two previous agreements between the companies. Athersys and Bristol-Myers Squibb originally entered into a R&D collaboration in January 2001 and then expanded the collaboration in July 2002.
Drug targets identified by Athersys in the collaboration provide the foundation for several active drug development programs at Bristol-Myers Squibb.
“This collaboration extension represents an important financial transaction for the company, and provides further validation for the technological foundation of our internal drug development programs,” said Dr John Harrington, executive vice president and CSO of Athersys.