Company has advanced the first lead candidate in the pain program.
Pharmacopeia identified a lead for advancement in its alliance with GlaxoSmithKline, triggering a $500,000 milestone fee. This compound is the first from the program covering the treatment of pain and the fifth since the alliance was initiated in 2006.
Pharmacopeia is entitled to success-based milestone payments totaling up to $83 million per program and potentially double-digit royalties. Last year the company received $15 million upfront and $1.5 million in milestones by finding two lead candidates for the inflammatory program and one in the respiratory disease area. This year Pharmacopeia earned $500,000 through the identification of a second respiratory-related lead.
Should GSK decline its option to complete pivotal trials of alliance programs, Pharmacopeia will maintain future development and commercialization rights.
