Janux Therapeutics, Inc. (NASDAQ: JANX) announced it received a $35 million milestone payment from Bristol Myers Squibb following the nomination of a development candidate under their collaboration agreement, according to a company statement.

The milestone was achieved after identifying a tumor-activated therapeutic using Janux's TRACTr platform. The therapeutic targets an undisclosed solid tumor antigen expressed across several human cancer types.

Under the collaboration terms, Janux will conduct preclinical development through IND submission. Bristol Myers Squibb will hold the IND and handle subsequent clinical development and global commercialization. Janux will support Bristol Myers Squibb through completion of the first Phase 1 clinical study.

"This milestone underscores the strength of our approach to generating value through both internal innovation and strategic partnerships," said David Campbell, President and Chief Executive Officer of Janux.

The San Diego-based clinical-stage biopharmaceutical company remains eligible for additional development, regulatory and commercial milestone payments, as well as tiered royalties on global product sales from the collaboration.

Janux develops immunotherapies using its Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The company has clinical candidates JANX007 targeting prostate-specific membrane antigen in a Phase 1 trial for metastatic castration-resistant prostate cancer, JANX008 targeting epidermal growth factor receptor in Phase 1 for solid tumors, and JANX011 for autoimmune diseases in Phase 1 studies.