Advancis Pharmaceutical Corporation Receives First Milestone Payment of $3.0 Million from Collaboration with GlaxoSmithKline
Thursday January 8, 7:30 am ET
GERMANTOWN, Md., Jan. 8 /PRNewswire-FirstCall/ -- Advancis Pharmaceutical Corporation (Nasdaq: AVNC - News) today announced the achievement of the first milestone in a collaboration with GlaxoSmithKline (NYSE: GSK - News). As a result, Advancis received a payment of $3.0 million from GSK, bringing the total payments received under this collaboration to $8.0 million.
ADVERTISEMENTIn July 2003, Advancis and GSK entered into a licensing agreement in which Advancis licensed patents and PULSYS technology for use with a major GSK product. Per the agreement, GSK made an initial payment of $5.0 million, and Advancis is entitled to receive additional milestone payments upon achievement of certain clinical and regulatory milestones. Advancis may also receive sales milestone payments if certain annual sales goals are achieved, as well as further royalty payments on the commercial sale of products developed under the agreement.
"We are pleased to have reached this first milestone in our collaboration," said Dr. Edward M. Rudnic, CEO and president of Advancis. "We look forward to continued progress as the collaboration proceeds."
About Advancis Pharmaceutical:
Advancis Pharmaceutical Corp. (Nasdaq: AVNC - News) is a pharmaceutical company focused on the development and commercialization of pulsatile drug products that fulfill substantial unmet medical needs in the treatment of infectious disease. The Company is developing a broad portfolio of anti-infective drugs based on its novel biological finding that bacteria exposed to antibiotics in front-loaded staccato bursts, or "pulses," are killed more efficiently and effectively than those under standard treatment regimens. Based on this finding, Advancis has developed a proprietary, once-a-day pulsatile delivery technology called PULSYS. By examining the resistance patterns of bacteria and applying its delivery technologies, Advancis has the potential to redefine infectious disease therapy and significantly improve drug efficacy, shorten length of therapy, and reduce drug resistance versus currently available antibacterial products. For more on Advancis, please visit www.advancispharm.com. |
