Novel Therapeutic Candidate Identified Through Pharmacopeia Collaboration Enters Development
PRINCETON, N.J., April 17, 2007 /PRNewswire-FirstCall/ -- Pharmacopeia , an innovator in the discovery and development of novel small molecule therapeutics, today announced that a compound identified through the Company's collaboration with Schering-Plough has been selected by Schering- Plough for preclinical development. Under terms of the companies' collaboration, this selection triggers a $1 million milestone payment to Pharmacopeia.
"This novel compound and its promising attributes were the basis for the extension of our collaboration with Schering-Plough last fall," stated Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "Schering-Plough has been a valued collaborator for more than a decade, and we are proud of the extensive pipeline that this partnership has generated. We are hopeful that each of the four clinical and three preclinical programs currently in development from this collaboration will continue to advance in the coming years."
Schering-Plough is solely responsible for further development and commercialization of these candidates. However, Pharmacopeia is eligible to receive additional milestone payments related to the successful advancement of these programs, and will also receive royalties on sales of any therapeutic products resulting from these programs.
Pharmacopeia is committed to discovering and developing novel therapeutics to address significant medical needs. The Company has a broad portfolio advancing toward clinical validation, both independently and with partners. Pharmacopeia's most advanced internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) for hypertension and diabetic kidney disease for which Phase 1 clinical trials are underway. Other internal proprietary programs address primarily immunoregulation. Pharmacopeia's collaborative efforts have resulted in a portfolio that includes one partnered program currently in Phase 2 clinical trials targeting chronic obstructive pulmonary disease (COPD) and four partnered programs in Phase 1 clinical trials targeting rheumatoid arthritis, oncology, metabolic and inflammatory diseases. Four additional partnered compounds are in preclinical development. Pharmacopeia's current strategic partnerships are with Cephalon, GlaxoSmithKline, Organon and Wyeth.
Contact: Brian M. Posner Executive Vice President and Chief Financial Officer Pharmacopeia (609) 452-3643
Posted: April 2007