Lead compound identified ahead of schedule garnering $500K.
Pharmacopeia will receive a $500,000 milestone payment from GlaxoSmithKline as it has identified a lead compound for advancement six months ahead of schedule. This candidate is being evaluated as a treatment for inflammatory pain and will now enter lead optimization.
Under the terms of the companies’ collaboration, Pharmacopeia has already received $10 million from GSK and is entitled to an additional $5-million upon the completion of further early discovery activities. Pharmacopeia could also earn milestones totaling up to $83 million per program plus double-digit royalties.
