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news.AMRI has announced that it will receive a $4 million milestone payment from Bristol-Myers Squibb as a result of the latter's submission of a clinical trial application to the health products and food branch, Health Canada.
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The application seeks approval to initiate Phase I studies on an AMRI compound exclusively licensed to Bristol-Myers Squibb. Upon approval of the clinical trial application by Health Canada, Bristol-Myers Squibb may begin Phase I testing in Canada.
This compound is a biogenic amine reuptake inhibitor acting at multiple targets, which may represent a new class of therapeutic agent that could lead to an improved treatment for depression or other central nervous system disease indications.
AMRI and Bristol-Myers Squibb are parties to an ongoing research collaboration to develop treatments for depression and diseases of the central nervous system. The two companies will continue to evaluate additional compounds under this collaboration.
Thomas Ambra, chairman, president and CEO of AMRI, said: “The advancement of our licensed compound to a Phase I trial is a significant first for AMRI, demonstrating the ability of AMRI’s internal R&D efforts to generate valuable assets with commercial potential.”