Rave from the grave ...
Sept. 12, 2000--Interneuron Pharmaceuticals, Inc. (NASDAQ: IPIC - news) today announced that it will receive a $3.0 million milestone payment from Pfizer Inc. based on the recent initiation of clinical trials designed to establish that pagoclone is safe and efficacious for use in panic disorder and to support regulatory approval of the product. This payment will be made under the 1999 license agreement between the two companies and represents the first major milestone under this collaboration.
In December 1999, Interneuron licensed to Warner-Lambert Company (now Pfizer Inc.) exclusive worldwide rights to pagoclone, an anxiolytic drug for the treatment of panic and generalized anxiety disorders. In exchange, Interneuron received an up-front payment of $13.75 million and is entitled to receive up to $60 million in additional payments based on the achievement of certain clinical and regulatory milestones, as well as royalties on net sales. Pfizer is responsible for conducting and funding all further clinical development, regulatory review, manufacturing and marketing of pagoclone.
``Pagoclone is one of Interneuron's most valuable assets, and we are enthusiastic that our partner, Pfizer, has initiated the clinical program on this important product,'' said Glenn L. Cooper, M.D., President and CEO of Interneuron. ``We continue to be very impressed with Pfizer's extensive capabilities in taking pagoclone forward in a comprehensive and timely manner, reflecting the recognition by both companies that pagoclone has the potential to make a significant impact upon the market to treat panic disorder and other anxiety disorders.'' |
