Pharmacopeia (PCOP) Receives $500K Milestone Payment from GlaxoSmithKline
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Pharmacopeia (Nasdaq: PCOP) today announced that it has identified a new lead compound 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 the second from a program being evaluated as a potential treatment for respiratory disease. As a result of this identification, Pharmacopeia received a $500,000 milestone payment from GSK.
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. With the achievement of this milestone, Pharmacopeia has received $17 million from GSK in connection with the alliance.
Pharmacopeia, Inc., a biopharmaceutical company, engages in the discovery and development of therapeutics to address significant medical needs.
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