Ortho-McNeil entered into a collaboration and license agreement with Cellzome in May 2005 and the collaboration was extended for a further year in January 2007. The milestone payment is in connection with the selection of a lead compound.
Tim Edwards, Cellzome’s CEO, said: “I am delighted with the progress we have made in our collaboration. This milestone payment is a reflection of the continued productivity of Cellzome’s drug discovery group in working with our collaborator to advance toward preclinical development a potential oral therapeutic for patients with Alzheimer’s disease, and further demonstrates the utility of our leading chemical proteomics technology.”