TOKYO--(BUSINESS WIRE)--PeptiDream Inc., a public Tokyo-based biopharmaceutical company (“PeptiDream”) (TOKYO:4587) announced today that it has earned a milestone for the dosing of a first patient in a clinical trial by its alliance partner, Bristol-Myers Squibb Company (BMS). This is the first program to enter clinical testing out of the discovery collaboration between the two companies. The molecule being advanced in clinical testing was discovered by Bristol-Myers Squibb starting from an active lead macrocyclic compound identified by Peptidream using its PDPS technology and provided to BMS for further optimization.
Under the terms of the original Discovery and Development Agreement, which was initiated on October 15, 2010 and extended on October 15, 2012, PeptiDream will receive a milestone payment for this event and is eligible to receive additional milestone payments upon the continuation of successful clinical development by BMS. In addition, Peptidream is eligible to receive tiered royalties on net sales of any product that results from the collaboration. Further financial terms have not been disclosed.
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