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news.Gene Logic has received an undisclosed milestone payment from Pfizer, triggered by the filing of a patent application for a new use of an existing drug candidate to treat solid tumors.
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The new use for the unapproved drug candidate was discovered by Gene Logic’s drug repositioning division. Under its drug repositioning agreement with Pfizer, Gene Logic has been seeking new therapeutic applications for selected drug candidates that are no longer in active development. The drug candidates under study by Gene Logic originated from across a breadth of therapeutic areas.
The terms of the agreement provide for payment by Pfizer to Gene Logic of success-based milestones per compound and royalties on the commercialization of drugs whose repositioning results from Gene Logic’s drug repositioning program. Gene Logic will receive a nominal initial milestone payment as a result of filing of the patent application.
Charles Dimmler, III, CEO and president of Gene Logic, said: “We consider the filing of this patent application by Pfizer to be a substantive validation that our systematic approach to drug repositioning is working effectively.”