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Biotech / Medical : Kosan BioSciences -- KOSN

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From: nigel bates	12/19/2005 4:20:58 AM
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Vernalis says due 1.5 mln usd milestone payment from Novartis LONDON (AFX) - Vernalis PLC (LSE: VER.L - news) said it is due a 1.5 mln usd milestone payment from Swiss drugs giant Novartis AG under their collaboration deal on developing cancer drugs. The UK biotech company said a compound has been selected as a preclinical development candidate by Novartis (Virt-X: NOVN.VX - news) under the joint research and development collaboration on the oncology target Hsp90. The compound is planned to enter clinical testing in the second half of next year. Vernalis will pay some of the revenues from its Novartis agreement to Cancer Research Technology Ltd and The Institute of Cancer Research, with whom it jointly developed the compound. The compound is an Hsp90 inhibitor, which blocks a protein involved in the uncontrolled cell division of cancer cells....

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