EPIX Pharmaceuticals, Inc. (EPIX) Achieves Milestone from Collaboration with Cystic Fibrosis Foundation Therapeutics, Inc.
9/16/2008 9:54:40 AM
LEXINGTON, Mass.--(BUSINESS WIRE)--EPIX Pharmaceuticals, Inc. (NASDAQ:EPIX), a biopharmaceutical company focused on discovering and developing novel therapeutics through the use of its proprietary and highly efficient in silico drug discovery platform, today announced that it has achieved another milestone in its collaboration with Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT), the nonprofit affiliate of the Cystic Fibrosis Foundation. As a result, EPIX will receive $500,000 from CFFT, bringing the total amount of milestone payments achieved under this collaboration to $4.5 million. The milestone payment is part of a research, development and commercialization agreement between EPIX and CFFT that focuses on discovering potential drug therapies targeting the Cystic Fibrosis Transmembrane conductance Regulator (CFTR) ion channel. Under the terms of the agreement, EPIX will own all worldwide rights to any compound that results from this collaboration. In April 2008, CFFT and EPIX expanded the potential value of their collaboration to more than $50 million.