Myogen extends drug discovery collaboration with Novartis

By Lisa Kerner

Charlotte, N.C., July 11 - Myogen, Inc. extended its research collaboration with Novartis AG for the discovery and development of novel drugs for the treatment of heart muscle disease.

Under the two-year extension, Novartis will provide research funding through October 2008 in exchange for licensing rights to compounds developed under the collaboration.

The agreement also allows Myogen to enter into co-promotion and profit sharing agreements within the cardiac market, providing Novartis is reimbursed for costs incurred through phase 2 trials.

To date, Myogen has achieved three research milestones under the existing collaboration.

Myogen is a Denver-based biopharmaceutical company focused on the discovery, development and commercialization of small molecule therapeutics for the treatment of cardiovascular disorders.

Novartis is a pharmaceutical company located in Basel, Switzerland.

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