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news.Pharmacopeia is set to receive an undisclosed milestone payment after development partner Schering-Plough initiated a phase I clinical trial in the US with a new cancer drug candidate.
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Pharmacopeia said that the progress of the compound validated the company’s strategy of finding partners to help with the development of its internal therapeutic candidates.
Pharmacopeia will receive a cash milestone payment from Schering-Plough as a result of Schering-Plough’s initiation of clinical studies, and is eligible to receive additional milestone payments if the program advances further in clinical trials. Pharmacopeia will also receive royalties on sales of any therapeutic products incorporating compounds derived from the program.
Schering-Plough is solely responsible for further development and commercialization of the therapeutic candidate.
Pharmacopeia said that it currently has eleven partnered compounds in development with major pharmaceutical or biotechnology companies. Five of these compounds are currently in phase I clinical trials for rheumatoid arthritis, an allergy/asthma indication, chronic obstructive pulmonary disease (COPD) and oncology.