Vernalis receives milestone payment in Hsp90 inhibitor collaboration
London, UK: 3rd September 2007 - Vernalis plc today announced the achievement of a milestone under the company’s joint research and development collaboration with Novartis on the oncology target Hsp90. The milestone payment was triggered by the start of Phase I clinical trials of a Vernalis compound in a range of solid tumours and liquid cancers.
The Vernalis Hsp90 programme is the result of a collaboration established in March 2002 with CRT and The Institute of Cancer Research, building on studies funded by The ICR, Cancer Research UK and Wellcome Trust. Under the agreement, Vernalis will pay CRT and The ICR a proportion of its revenues from the agreement with Novartis. The original press release from Vernalis can be viewed here.
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