EPIX Pharmaceuticals, Inc. (EPIX) Expands Collaboration with Cystic Fibrosis Foundation Therapeutics, Inc.
4/7/2008 9:34:26 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 expanded its collaboration with Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT), the nonprofit affiliate of the Cystic Fibrosis Foundation. The new agreement expands the existing collaboration between EPIX and CFFT and increases payments from CFFT by up to $37.7 million. As a result, the total potential value of the collaboration has increased to more than $50 million. The expanded agreement follows EPIX’s successful development of a validated, virtual 3-D molecule of the full length Cystic Fibrosis Transmembrane conductance Regulator (CFTR), announced in January 2008. CFTR is the key protein associated with cystic fibrosis.