AVN to Receive $5 Million Milestone
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AVANIR Pharmaceuticals (AMEX: AVN) announced that a Phase I study has been initiated in partnership with AstraZeneca UK Limited (AstraZeneca) to evaluate the human safety of AZD2479, a compound under development as a reverse cholesterol transport enhancer. The allowance of the investigational new drug application (IND) by the U.S. Food and Drug Administration (FDA) triggers a $5 million milestone payment from AstraZeneca to AVANIR, the first designated milestone under the terms of the research collaboration and license agreement entered into in July 2005.
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