As per the extended agreement, Pfizer is expected to continue to fund all aspects of the collaboration including research efforts at both companies and all clinical development costs and will continue to have exclusive worldwide rights to commercialise products resulting from the collaboration.
Under the contract, Icagen is entitled to get a sum of $5m as a committed funding by Pfizer through December 2011.
Additionally, Pfizer is also responsible to pay a sum of about $359m to Icagen upon achievement of specified research, development, regulatory and commercialisation milestones for each product.
Icagen is also eligible to receive tiered royalties, against which the commercialisation milestones are creditable, based upon product sales.
Icagen president and CEO Kay Wagoner said that the collaboration has made substantial progress, as highlighted by the recent initiation of clinical studies with compounds directed against Nav1.7.
“In addition, we continue to make progress in identifying additional compounds targeting the sodium channels that form the basis for the collaboration,” Wagoner said.