Pharmacopeia delivers compounds to Celgene, triggers milestone payment

By Lisa Kerner

Erie, Pa., Feb. 8 - Pharmacopeia said the company has earned a milestone payment as part of its discovery collaboration with Celgene Corp., marking the completion of Pharmacopeia's obligations under the terms of the companies' collaboration.

Pharmacopeia is entitled to receive further milestone and royalty payments if collaboration programs progress into clinical development and marketing. The two companies have been collaborating on the discovery and development of candidate compounds for further research and development by Celgene since 2003, according to a company news release.

"We are pleased with the success that we have achieved in collaboration with Celgene and are confident that its drug development expertise will best position the compounds for potential advancement," Pharmacopeia president and chief executive officer Les Browne said in the release.

"By completing this program with Celgene, we not only receive an important milestone payment, but we are also able to focus more on our own internal drug discovery and development efforts."

Pharmacopeia's collaborations with multiple partners have resulted in four compounds currently in human clinical trials and an additional six candidates that are progressing through preclinical development.

Pharmacopeia, based in Princeton, N.J., discovers and develops small molecule therapeutics.

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