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news.PharmAkea's three-year-old collaboration with Celgene to develop novel small-molecule therapies targeting fibrotic diseases has been extended nine months.
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Under the terms of the agreement, Celgene committed $9 million to PharmAkea to extend the collaboration for 9 months. PharmAkea announced the original 3-year collaboration with Celgene in October of 2013.
PharmAkea is currently conducting a Phase 1 SAD and MAD trial, as well as toxicology studies that will enable Phase 2 trials on its lead program, a small molecule LOXL2 inhibitor.
The Company is also conducting IND-enabling studies in preparation for a Phase 1 trial on its second program, an Autotaxin inhibitor.
Celgene president of research and early development Rupert Vessey said: "We have been very impressed with the progress the team at PharmAkea has made over the past three years.
"This extension allows the company to further realize the potential of their programs and to complete some key activities."
PharmAkea CEO Robert Williamson said: "Our relationship with Celgene has been extremely collaborative.
"This extension is a validation and endorsement of our work to date. We look forward to continuing our work with Celgene."