CombinatoRx Receives Milestone Payment for Prednisporin Advancement
June 07 2010 - 7:30AM
Business Wire
CombinatoRx, Incorporated (NASDAQ: CRXX) today announced that it
has received a milestone payment from Fovea Pharmaceuticals, a
division of Sanofi Aventis, relating to Fovea’s initiation of Phase
2b clinical testing of PrednisporinTM (FOV1101) in subjects with
persistent allergic conjunctivitis. Prednisporin™ is a
CombinatoRx-derived combination drug candidate that was exclusively
licensed to Fovea by CombinatoRx.
In addition to this $500,000 milestone, CombinatoRx will be
eligible to receive further development and regulatory based
milestone payments for Prednisporin of up to approximately $40.0
million and if commercialized, tiered royalty payments of up to 12%
of net sales.
“The advancement of Prednisporin into Phase 2b clinical
development demonstrates another successful translation of the
CombinatoRx combination High Throughput Screening (cHTS) platform
from screening to human clinical development”, said Mark H.N.
Corrigan, MD, President and CEO of CombinatoRx.
About CombinatoRx
CombinatoRx, Incorporated (CRXX) develops novel drug candidates
with a focus on the treatment of pain and inflammation. The company
applies its combination drug discovery capabilities and its
selective ion-channel modulation platform to generate innovative
therapeutics. To learn more about CombinatoRx, please visit
www.combinatorx.com.
Forward-Looking Statement:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
concerning CombinatoRx, its collaboration and license agreement
with Fovea Pharmaceuticals, the product candidate Prednisporin and
its clinical potential, the CombinatoRx combination drug discovery
technology, and its business plans. These forward-looking
statements about future expectations, plans, objectives and
prospects of CombinatoRx may be identified by words like "believe,"
"expect," "may," "will," "should," "seek," or “could” and similar
expressions and involve significant risks, uncertainties and
assumptions, including risks related to the clinical development,
regulatory approval and potential commercialization of Prednisporin
by Fovea or Sanofi-Aventis, the unproven nature of the CombinatoRx
drug discovery technologies, and those other risks that can be
found in the "Risk Factors" section of CombinatoRx's Annual Report
on Form 10-K, on file with the Securities and Exchange Commission
and the other reports that CombinatoRx periodically files with the
Securities and Exchange Commission. Actual results may differ
materially from those CombinatoRx contemplated by these
forward-looking statements. These forward looking statements
reflect management’s current views and CombinatoRx does not
undertake to update any of these forward-looking statements to
reflect a change in its views or events or circumstances that occur
after the date of this release except as required by law.
(c) 2010 CombinatoRx, Incorporated. All rights reserved.
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