Milestone triggered
Argenta Discovery Ltd, of Harlow, UK reached a milestone in its joint programme with AstraZeneca plc, which aims to identify improved bronchodilators to treat chronic obstructive pulmonary disease.
Just 10 months after signing the original collaboration and licensing deal, the first candidate drug is entering formal preclinical development at AstraZeneca, triggering a milestone payment.
Christopher Ashton, Argenta’s CEO, said the programme on track to achieve the original goal for the first candidate from the collaboration to enter the clinic during 2008.
Claude Bertrand, Global Vice President Respiratory and Inflammation for AstraZeneca, said the programme is delivering high quality candidates even more rapidly than originally envisioned.
Argenta’s fast ‘fast forward’ strategy concentrates on developing novel respiratory treatments against well-known targets. The company is eligible for further development, regulatory and sales milestones in the collaboration. Royalties will also be payable dependent upon certain sales thresholds being achieved.
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