Pharmacopeia (PCOP) Receives $500K Milestone Payment from GlaxoSmithKline (GSK) as Collaboration Identifies 6th Lead Compound
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Pharmacopeia (Nasdaq: PCOP) 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. 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.
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.
Pharmacopeia, Inc., a biopharmaceutical company, engages in the discovery and development of therapeutics to address significant medical needs.
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