Pharmacopeia to get Schering payment |
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Published
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Wed, 28 Mar 2007 14:53
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PRINCETON, N.J. (AP) - Drug developer Pharmacopeia Drug Discovery Inc. said Wednesday it is entitled to a $1 million milestone payment now that Schering-Plough Corp. has started human testing of a jointly developed compound to treat inflammatory disease.The milestone payment was triggered with the beginning of Schering-Plough's early-stage clinical trial for the compound PS386113.While Schering-Plough is responsible for continued development and potentially selling the compound, Pharmacopeia will be entitled to future development milestone payments and royalties if it makes it to market.Pharmacopeia, which booked $16.9 million in 2006 revenue, is also collaborating with Schering-Plough for products to treat cancer, respiratory disorders, and metabolic diseases.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Pharmacopeia, Organon form alliance 