PeptiDream earns milestone for initiation of clinical development for BMS’ first collaboration product candidate

This is the first program to enter clinical testing out of the discovery collaboration between the two companies.

The molecule being advanced in clinical testing was discovered by Bristol-Myers Squibb starting from an active lead macrocyclic compound identified by Peptidream using its PDPS technology and provided to BMS for further optimization.

Under the terms of the original Discovery and Development Agreement, which was initiated on October 15, 2010 and extended on October 15, 2012, PeptiDream will receive a milestone payment for this event and is eligible to receive additional milestone payments upon the continuation of successful clinical development by BMS.

In addition, Peptidream is eligible to receive tiered royalties on net sales of any product that results from the collaboration. Further financial terms have not been disclosed.

Over the past six years, PeptiDream has established funded discovery collaborations with 16 leading pharmaceutical companies; Amgen, AstraZeneca, Bristol-Myers Squibb, Lilly, GlaxoSmithKline, Novartis, Mitsubishi Tanabe, Daiichi Sankyo, Merck, Sanofi, Teijin, Kyorin, Ipsen, Genentech, Shionogi, and Asahi Kasei Pharma all of which are active and ongoing. In addition, PeptiDream has transferred its PDPS discovery platform for broad use to Bristol-Myers-Squibb, Novartis, and Lilly.

Kiichi Kubota, President & CEO of PeptiDream said: "This is the first macrocyclic peptide to enter clinical testing from the discovery collaboration between the two companies, and represents another validation of the potential of our macrocyclic peptides to offer an exciting alternative to monoclonal antibodies for targeting challenging protein-protein interactions.

"We have strong hope that product candidates such as these will eventually improve the quality of patients’ lives worldwide."