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Predix Pharmaceuticals Announces Expansion Of Research Collaboration With Cystic Fibrosis Foundation Therapeutics, Inc.; Predix Pharmaceuticals To Receive $1.5 Million Milestone Payment; Total Potential Value Of Agreement Increased To $16 Million



8/3/2006 3:30:45 PM

LEXINGTON, Mass.--(BUSINESS WIRE)--Aug. 3, 2006--Predix Pharmaceuticals, which recently announced a definitive agreement to merge with EPIX Pharmaceuticals (NASDAQ: EPIX), announced today that it has expanded its research, development and commercialization agreement with Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT), the nonprofit drug discovery and development affiliate of the Cystic Fibrosis Foundation. In addition, Predix has achieved another milestone under the original agreement and will receive the associated $1.5 million payment. Under the terms of the amended agreement, Predix may be eligible for up to an additional $3.5 million in research funding and milestone payments, bringing the total value of its research collaboration with CFFT to $16 million.

Read at BioSpace.com

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