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news.Pharmaceutical firm EpiCept has earned a milestone payment from Myriad Genetics, for progress due to patient dosing in a Phase II trial being conducted by Myriad for Azixa in melanoma that has spread to the brain.
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Myriad is responsible for the worldwide development and commercialization of Azixa and any drug candidate that is developed from the series of compounds licensed by EpiCept to Myriad in 2003. The agreement requires that Myriad make future licensing and milestone payments to EpiCept, as well as pay a portion of any sublicensing income and pay a royalty on product sales.
In addition to the milestone payment announced today, EpiCept will next earn a separate milestone payment upon the initiation of a Phase III clinical trial.
Jack Talley, president and CEO, said: “We are pleased at the progress Myriad has made with Azixa and the promise it holds for cancer patients. In addition, we believe our partnership with Myriad and the benefits that it has afforded us demonstrate the value of our approach of supporting our internal discovery and development efforts through strategic industry alliances.”