CAMBRIDGE, Mass.--(BUSINESS WIRE)--Celgene Corporation (NASDAQ:CELG) and Acceleron Pharma, Inc., a biopharmaceutical company developing novel therapeutics that modulate the growth of tissues including bone and muscle, today announced the initiation of a Phase 2 clinical study of its lead compound ACE-011 in patients with multiple myeloma. ACE-011 is being developed to treat bone loss associated with multiple myeloma and other cancers. The clinical study is designed to assess the safety and efficacy of ACE-011 in multiple myeloma patients with osteolytic bone lesions. Celgene Corporation will make a $5 million milestone payment to Acceleron in accordance with the terms of the collaboration agreement between the two companies.
