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Jul 10, 2009

Addex Gets $500K from Merck & Co. for Reaching Preclinical Milestone

  • Addex Pharmaceuticals achieved a second preclinical milestone in its partnership with Merck & Co. and will thus receive $500,000. The firm was able to show the desired nondopaminergic activity profile after oral administration of mGluR4 positive allosteric modulator in an animal model of Parkinson's disease.

    The collaboration is focused on developing allosteric modulators that activate the metabotropic glutamate receptor 4 (mGluR4) for Parkinson's disease and other undisclosed indications. Addex received $250,000 after achieving the first preclinical milestone during the first quarter of last year.

    The deal was signed in December 2007, and Merck paid $3 million up front and agreed to pay $106.5 million based on milestones achieved for the first product, ranging from the research stage up to regulatory activities. Additional milestones of up to $61 million will be paid if two more drugs are developed.

    Addex is eligible to receive undisclosed royalties on sales of any products resulting from this collaboration. Merck is responsible for clinical development.

    Addex’ proprietary pipeline consists of ADX10059 in Phase IIb trials as a GERD treatment and a migraine preventive. Also, ADX48621 is in a Phase I study for levodopa associated dyskinesia in Parkinson's disease.     

     



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