Pharmacopeia earns milestone from Schering-Plough

By E. Janene Geiss

Philadelphia, Sept. 11 - Pharmacopeia said Monday that Schering-Plough has begun a phase 1 clinical trial in the United States with a new compound identified from the Pharmacopeia and Schering-Plough collaboration in the oncology therapeutic area.

Pharmacopeia, a Princeton, N.J., pharmaceutical company, said it will receive a cash milestone payment from Schering-Plough as a result of Schering-Plough's initiation of clinical studies and is eligible to receive additional milestone payments if the program advances further in clinical trials, according to a news release.

Pharmacopeia said it also will receive royalties on sales of any therapeutic products incorporating compounds derived from the program. Schering-Plough is solely responsible for further development and commercialization of the therapeutic candidate.

The company currently has 11 partnered compounds in development with major pharmaceutical or biotechnology companies.

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