Pharmacopeia and GlaxoSmithKline Collaboration Identifies a New Lead Compound
Wednesday June 4, 7:30 am ET
Pharmacopeia Receives Milestone Payment as a Result of Lead Compound Identification
PRINCETON, N.J., June 4, 2008 (PRIME NEWSWIRE) -- Pharmacopeia (NasdaqGM:PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that it has identified a new lead compound for advancement in its alliance with GlaxoSmithKline (NYSE:GSK - News), through its collaboration with the Center of Excellence for External Drug Discovery (CEEDD). This newly identified lead compound is the second from a program being evaluated as a potential treatment for respiratory disease. As a result of this identification, Pharmacopeia received a $500,000 milestone payment from GSK.
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``We are pleased that our research and development collaboration with GSK has resulted in the successful identification of a new lead chemical series for development,'' stated Dr. Joseph Mollica, Chairman of the Board and Interim President and Chief Executive Officer of Pharmacopeia. ``This significant achievement demonstrates our expertise in drug discovery, as well as both companies' commitment to developing novel treatments in diverse therapeutic areas. We look forward to future achievements as we progress programs towards clinical development.''
Pharmacopeia is entitled to success-based milestone payments totaling up to $83 million per program and potentially double-digit royalties on the sales of any product commercialized by GSK under the multi-program alliance. Should GSK decline its option to complete pivotal trials of alliance programs, Pharmacopeia may independently pursue them, subject to its obligations to GSK under the alliance. With the achievement of this milestone, Pharmacopeia has received $17 million from GSK in connection with the alliance.
``With the identification of this compound, our collaboration has now identified a total of four new leads,'' said Hugh Cowley, Senior Vice President of GSK and head of the CEEDD. ``We are extremely pleased to see the rapid and impressive achievements of the team driving this successful collaboration.''
About The CEEDD
GlaxoSmithKline is enhancing the way it discovers and develops drugs by creating a small dedicated team who will feed the GSK pipeline solely through the efforts of its external alliances. The CEEDD (Center of Excellence for External Drug Discovery) was formed as further validation of GSK's strategy to create small, independent and accountable R&D teams (Centers of Excellence for Drug Discovery or CEDDs). In essence, the CEEDD will 'virtualize' a portion of the GSK pipeline; namely, from Target to Clinical Proof of Concept, by forming multiple risk-sharing/reward-sharing alliances. Capitalizing on the speed and efficiency of its collaborators will allow GSK to deliver pharmaceuticals products faster to patients.
ABOUT PHARMACOPEIA
Pharmacopeia is a clinical development stage biopharmaceutical company dedicated to discovering and developing novel small molecule therapeutics to address significant medical needs. The company has a broad portfolio of clinical and preclinical candidates under development internally or by partners including eight clinical compounds in Phase 2 or Phase 1 development addressing multiple indications including hypertension, diabetic nephropathy, muscle wasting, inflammation and respiratory disease. The company is leveraging its fully integrated drug discovery platform to sustain the growth of its development pipeline. Pharmacopeia has established strategic alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb, Celgene, Cephalon, GlaxoSmithKline, Schering-Plough, and Wyeth Pharmaceuticals. For more information please visit the company's website at pharmacopeia.com. |
