14th Feb 2017 08:05
LONDON (Alliance News) - Pharmaceutical company Vernalis PLC on Tuesday said it has received a USD3.0 million milestone payment under its deal with US biotechnology firm Corvus Pharmaceuticals Inc.
Vernalis licensed the rights for its CPI-444 adenosine receptor antagonist programme, which treats cancer, to Corvus in February 2015. Corvus announced positive data from its phase 1/1b study on CPI-444 in January and expanded the patients involved in the trials.
This expansion has triggered the USD3.0 million milestone payments. The licensing deal has the potential to earn Vernalis a total of USD220.0 million.
"We are delighted with both the speed of progress of CPI-444 and the promising indication of single-agent activity in renal cell carcinoma patients as well other disease cohorts," said Vernalis Chief Executive Ian Garland.
"We will watch progress with a great deal of interest over the remainder of 2017," he added.
Shares in Vernalis were up 2.3% to 30.56 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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