Cardiome licenses Eli Lilly compound |
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Published
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Mon, 30 Apr 2007 18:55
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NEW YORK (AP) - Cardiome Pharma Corp. said Monday it received exclusive worldwide rights to Eli Lilly & Co.'s protein GED-aPC, which will initially be developed as cardiogenic shock treatment.Cardiome will pay Eli Lilly $20 million upfront and future development milestones of up to $40 million. Eli Lilly is entitled to royalty payments if the molecule is commercialized. Cardiome said clinical costs for the compound will be about $5 million in 2007.The compound has anti-inflammatory and anti-thrombotic properties. Eli Lilly has already finished an early-stage clinical trial on the drug.Cardiogenic shock is a life-threatening form of acute circulatory failure due to cardiac dysfunction, and is the leading cause of death for patients hospitalized following a heart attack, Cardiome said.Shares of Cardiome rose 9 cents to $9.84 on the Nasdaq Stock Market, while shares of Eli Lilly fell 50 cents to $59.11 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Eli Lilly, Cardiome agree in-licensing deal on GED-aPC drug candidate 