The collaboration signed in December 2009, has been extended to an additional year through December 2012.
Initially Bristol-Myers Squibb paid NeurOp a licensing fee of $1.5m and agreed to fund a two-year research collaboration.
NeurOp is entitled to receive up to $74m in milestone payments and royalties for the successful development and commercialization of a compound in major depression.
NeurOp president and CEO Barney Koszalka said the extension of collaboration would help in the advancement of their research program toward a drug candidate and human clinical studies for depression and neuropathic pain.
"Our collaboration has allowed us to make tremendous progress during the last two years, and we look forward to continuing that work," Koszalka added.