FDA OK triggers Pfizer payment to NicOx |
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Wed, 28 Mar 2007 14:01
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NEW YORK (AP) - French biotech drug developer NicOx SA said Wednesday that it is eligible for a milestone payment from Pfizer Inc. after the Food and Drug Administration granted clearance for Pfizer to begin human testing of a partnered glaucoma treatment candidate, PF-03187207.NicOx said the approval triggered a milestone payment of 1 million euros ($1.3 million). Pfizer applied for clinical trials in February.NicOx and Pfizer entered a collaboration agreement in 2004. To date, NicOx has received about 5 million euros ($6.7 million) from Pfizer. The glaucoma compound is the first drug candidate produced under the agreement.Under the 2004 agreement, NicOx stands to receive an additional 32 million euros ($42.7 million) in milestone payments, not including possible royalties.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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