Albany Molecular Research Inc. is in line to receive another $1.5 million milestone payment from Bristol-Myers Squibb Co.
The Albany, N.Y., drug discovery company said this is because a second compound being developed under its research agreement with Bristol Myers (NYSE: BMY), a New York City-based pharmaceutical company, will proceed into preclinical development. The companies teamed up in 2005 to seek improved treatments for depression and diseases of the central nervous system.
