Bristol-Myers Squibb notified the company that it has initiated a Phase II trial for a small molecule discovered using a target provided by Athersys, thereby triggering a milestone payment.
Athersys has collaborated with Bristol-Myers Squibb since 2001, applying its patented Rage technology to provide Bristol-Myers Squibb with validated drug targets for high-throughput screening and lead optimization.
Under its collaboration agreement with Bristol-Myers Squibb, Athersys is entitled to receive license fees for targets delivered to Bristol-Myers Squibb, as well as milestone payments and royalties on revenues from compounds developed by Bristol-Myers Squibb using the Athersys technology.
John Harrington, chief scientific officer of Athersys, said: “We are pleased that our partnership with Bristol-Myers Squibb has successfully resulted in the advancement of a program into Phase II clinical development. We believe this accomplishment reflects the ability of one of our core technology platforms to create meaningful value for a partner through the advancement of drug development programs against a well validated target.”