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Boston Business Journal January 26, 2004
ArQule compound
nets payment from Wyeth Woburn biopharmaceutical drug developer ArQule Inc. will be getting a crucial payment from partner Wyeth Pharmaceuticals of Collegeville, Pa., thanks to progress they've made in developing a potential new treatment. ArQule wouldn't disclose details about the milestone payment. But the company said the cash comes through as part of a $28 million, five-year collaboration the company signed with Wyeth in 1997. That deal gave Wyeth access to a number of ArQule's technology programs, which led to the discovery of a compound Wyeth wants to start using in clinical trials to treat an undisclosed disease in women's health. Wyeth has filed a new drug application with the U.S. Food and Drug Administration to gain permission to start clinical trials. The application, known as an "investigational new drug" application, is the first of its kind based on ArQule technology and also helped trigger the milestone payment. ArQule stands to
gain additional milestone payments if the compound progresses and is
eventually sold commercially. |
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