Identification of Sixth Lead Compound Triggers Milestone Payment
PRINCETON, N.J., Sept. 16, 2008 (GLOBE NEWSWIRE) -- Pharmacopeia (Nasdaq:PCOP), 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), through its collaboration with the Center of Excellence for External Drug Discovery (CEEDD). This newly identified lead compound is from a program being evaluated as a potential treatment for inflammatory pain and is the sixth lead compound identified through the collaboration. As a result of this success, Pharmacopeia received a $500,000 milestone payment from GSK.
"This recent achievement demonstrates the success of our alliance and our joint commitment to develop novel therapeutics," commented Maria Webb, Ph.D., Pharmacopeia's Vice President of Preclinical Research. "We are particularly proud to have identified this lead compound, in collaboration with GSK, in the area of inflammatory pain. This reaffirms Pharmacopeia's experience and expertise in this therapeutic area, and we look forward to future development milestones for these compounds."
With the achievement of this milestone, Pharmacopeia has received a total of $18 million from GSK in connection with the alliance. 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.
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.
