Pharmacopeia gets milestone payment from Organon

By Ted A. Knutson

Washington, Jan. 11 - Pharmacopeia Drug Discovery, Inc. announced Wednesday it has earned a milestone payment as part of its collaboration with Organon. The dollar value of the payment was not disclosed.

The milestone payment was triggered by Pharmacopeia's delivery of two additional advanced lead compounds that meet stringent requirements of potency, pharmacokinetic profile and activity in relevant preclinical models of metabolic and inflammatory diseases.

Based on the companies' 2002 collaboration agreement, Pharmacopeia is entitled to receive further milestone payments from Organon if collaboration programs progress into and through clinical development. Additionally, if therapeutic products are marketed based on compounds derived from the collaboration, Pharmacopeia will be entitled to receive royalties on sales.

Pharmacopeia continues to receive quarterly research payments from Organon in connection with the advancement of other collaborative programs, which, absent any new agreement between the companies, will continue until 2007.

Pharmacopeia is a Princeton, N.J.-based biotechnology company.

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