Ortho-McNeil Extends Research Deal with Arena Pharmaceuticals (ARNA)
Arena Pharmaceuticals, Inc. (Nasdaq: ARNA) said hat Ortho-McNeil Pharmaceutical, Inc. exercised its option to extend the research term for one additional year under the provisions of its partnership with Arena to develop compounds targeting the Glucose-Dependent Insulinotropic Receptor, or GDIR.
The GDIR is a novel receptor discovered by Arena that has the potential to stimulate insulin production in response to increases in blood glucose.
By extending the research term for an additional year, Ortho-McNeil is committed to provide research funding to Arena in the amount of $2.4 million.
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