Pharmacopeia Advances Therapeutic Program With GlaxoSmithKline
Thursday July 24, 7:30 am ET
Pharmacopeia Earns Milestone Payment as a Result of Lead Identification
PRINCETON, N.J., July 24, 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 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 is the first from a program being evaluated as a potential treatment for pain and the fifth lead identified since the alliance was initiated in 2006. As a result of this success, Pharmacopeia will receive a $500,000 milestone payment from GSK.
ADVERTISEMENT
``We are pleased to announce the identification of this fifth lead chemical series, which exemplifies the continued success of our research and development collaboration with GSK,'' said Maria Webb, Ph.D., Pharmacopeia's Vice President of Preclinical Research, Biological and Pharmacological Sciences. ``The timely pace in which Pharmacopeia identified the GSK leads demonstrates Pharmacopeia's expertise in drug discovery. We highly value our collaboration with GSK and look forward to its further success.''
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 would maintain future development and commercialization rights.
``Pharmacopeia has identified five leads in rapid succession for the CEEDD-Pharmacopeia alliance,'' said Hugh Cowley, Senior Vice President of GSK and head of the CEEDD. ``This identification is a testament to both companies' commitment to developing novel treatments in diverse therapeutic areas. We look forward to future achievements as we progress programs towards clinical development.''
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 nine 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. |
