ArQule Announces Receipt of Milestone Payment from Wyeth
ArQule, Inc. announced the receipt of a milestone payment from Wyeth in connection with the filing of an Investigational New Drug (IND) application by Wyeth to the U.S. food and Drug Administration (FDA) related to a compound under development for Alzheimer's disease.
Under its previously established chemistry collaboration agreements with a number of pharmaceutical companies, ArQule received fees for services provided during the active phase of the agreements. These agreements at times include obligations for collaborators such as Wyeth to make milestone and royalty payments based on development milestones for compounds provided to them by ArQule.
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