Vernalis earns milestone payment in Hsp90 collaboration with Novartis

Milestone

The UK biotech Vernalis plc has triggered a $3 million milestone in its collaboration with Novartis on the oncology target Hsp90. 

The milestone is due following the first dosing in a Phase II proof of concept clinical trial of AUY-922, an Hsp90 inhibitor, in a range of solid tumours. 

Ian Garland, CEO of Vernalis said, “We look forward to the results of the current Phase II proof of concept study which Novartis has indicated are targeted for 2010.”