Jun 12, 2008
AMRI Lands a $4M Milestone Fee from Bristol-Myers Squibb
AMRI is due to receive a $4 million milestone payment from Bristol-Myers Squibb as a result of submitting an application to the Canadian regulatory agency to begin Phase I studies on an AMRI compound exclusively licensed to Bristol-Myers Squibb. A Clinical Trial Application was filed with the Health Products and Food Branch, Health Canada.
The compound under consideration is a biogenic amine reuptake inhibitor acting at multiple targets. AMRI and Bristol-Myers Squibb have collaborated to develop treatments for depression and diseases of the central nervous system.
This is the second milestone for this first candidate to emerge from the partnership; AMRI announced a $1.5 million fee a year ago when this compound was nominated by BMS for development.