Vernalis receives milestone payment in Hsp90 inhibitor collaboration
Vernalis plc announced the achievement of a milestone under the company’s collaboration with Novartis on the oncology target Hsp90. The $1.5 million milestone was triggered by the start of Phase I clinical trials of an oral Hsp90 inhibitor in a range of solid tumours.
Ian Garland, CEO of Vernalis said “We are delighted that Novartis is now progressing two Hsp90 inhibitors in human clinical studies. Milestones and royalties are receivable on both programmes as they progress through development and into commercialisation."
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