Neuromed Receives Milestone Payment of $2 Million Under Collaboration and License Agreement with Merck & Co., Inc.
VANCOUVER, BC and CONSHOHOCKEN, PA, March 14, 2007 /PRNewswire/ - Neuromed Pharmaceuticals, a biopharmaceutical company developing next-generation chronic pain drugs, announced today that it has received a milestone payment of $2 million under its collaboration and license agreement with Merck & Co., Inc.
"Neuromed and Merck have built a productive partnership and we are very pleased with the progress we are making through our alliance," said Dr. Christopher Gallen, President & CEO of Neuromed. "N-type calcium channels are an important target for pain. Merck's commitment to this program gives it the highest chance to succeed in producing therapeutics for chronic pain and other underserved markets. In 2006 we achieved our financial, discovery and clinical objectives and we look forward to continuing our collaborative efforts in 2007."
In March 2006, Neuromed and Merck entered into a research collaboration and license agreement to research, develop and commercialize N-type calcium channel blockers for the treatment of pain and other disorders.
Neuromed is a privately held biopharmaceutical company developing a new generation of chronic pain drugs with additional programs in epilepsy and hypertension. Located in Vancouver, Canada and Conshohocken, USA, Neuromed is the only company to advance an oral N-type calcium channel blocker for chronic pain into clinical trials. N-type calcium channels are a key integration site for pain signal transmission.
Posted: March 2007