Phase I Testing Begins on Second Compound Developed from AMRI (AMRI), Bristol-Myers (BMY) Collaboration; AMRI to Receive $4M Milestone Payment
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AMRI (NASDAQ: AMRI) announced today that Bristol-Myers Squibb Company (NYSE: BMY) has submitted a Clinical Trial Application to the Medical Products Agency in Sweden for approval to initiate Phase I studies on an AMRI compound exclusively licensed to Bristol-Myers Squibb. Upon approval of the CTA by the MPA, Bristol-Myers Squibb may begin Phase I testing in Sweden.
AMRI will receive a $4 million milestone payment from Bristol-Myers Squibb as a result of the submission of this CTA per the collaborative agreement between the two companies. This is the second AMRI compound from this collaboration to be selected by Bristol-Myers Squibb for Phase I testing. Bristol-Myers Squibb initiated a Phase I study on a separate AMRI compound in Canada in 2008.
This is the fourth milestone payment in the on-going research collaboration to develop improved treatments for depression and diseases of the central nervous system bringing the total milestone and licensing fees earned to date to $17.5 million. The two companies will continue to evaluate additional compounds.
Under the collaborative agreement, AMRI is potentially eligible to receive up to $66 million per compound in development and regulatory milestone payments for the first two compounds, and additional payments of up to $22 million per compound on subsequent compounds. In addition, AMRI will receive royalties on worldwide sales of commercialized compounds.
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