Bristol-Myers Squibb extends neuroscience alliance with Lexicon Genetics

By E. Janene Geiss

Philadelphia, May 31 - Lexicon Genetics Inc. said Wednesday that Bristol-Myers Squibb Co. has extended the target discovery term of its neuroscience alliance with Lexicon for an additional two years.

Bristol-Myers Squibb and Lexicon began this alliance in December 2003 to accelerate the discovery, development and commercialization of therapies that address unmet medical needs in psychiatry and neurology, according to a company news release.

Bristol-Myers Squibb said it will provide Lexicon $20 million in additional research funding over the two-year extended research term, which begins in January 2007.

The drug target discovery portion of the alliance encompasses the physiological and behavioral analysis of genes to identify promising new neuroscience targets for the development of small molecule drugs to treat disorders including depression, anxiety, schizophrenia, pain and Alzheimer's disease. The extended term provides for further advanced research on selected targets.

Under the original alliance, Bristol-Myers Squibb said it has worked with Lexicon on medicinal chemistry, preclinical research and development of drugs addressing promising neuroscience targets.

Bristol-Myers Squibb said it may assume responsibility for clinical development and commercialization of any drugs resulting from the alliance that enter clinical trials.

Under the terms of the alliance, Lexicon said it received an upfront payment from Bristol-Myers Squibb and, in addition, annual research funding over the initial three-year research term of the agreement.

For each drug developed and commercialized by Bristol-Myers Squibb from the alliance, Lexicon said it also will receive clinical and regulatory milestone payments and will earn royalties on net sales.

Lexicon Genetics, based in The Woodlands, Texas, is a biopharmaceutical company.

Bristol-Myers Squibb is a New York City pharmaceutical company.

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