UPDATE: Pfizer (PFE) to Provide $15M Milestone Payment to Gliknik Inc. Following Clinical Progress with PF-06755347, Previously Known As GL-2045

February 19, 2019 8:32 AM

(Updated - February 19, 2019 8:33 AM EST)

Gliknik Inc. today announced that it will receive a $15 million milestone payment from Pfizer Inc. (NYSE: PFE) following the start of a Phase I clinical trial of Pfizer drug candidate PF-06755347, previously known as GL-2045, for the potential treatment of chronic inflammatory demyelinating polyneuropathy (CIDP), a rare neurological disorder. Gliknik and Pfizer entered into an exclusive worldwide licensing agreement in 2013.

"Beginning the Phase I clinical trial is an important milestone in the development of this drug candidate," said Gliknik CEO David S. Block. "We are hopeful that Pfizer's clinical development efforts will lead to more treatment options for patients with CIDP."

Gliknik continues to be eligible to receive potential development, regulatory and commercial milestone payments under the 2013 license agreement with Pfizer. Gliknik is also eligible to receive tiered, double-digit royalties on net sales of any products that may be commercialized pursuant to this license agreement.

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