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Critical discloses extra R&D funding from MedImmune is worth $1 million
New York, Dec. 13 - Critical Therapeutics, Inc. said that additional development support negotiated with MedImmune, Inc. will be worth $1 million.
Previously MedImmune had agreed to make a total of $3.0 million of development support payments to Critical Therapeutics through the end of 2006, of which $2.8 million had been billed through Sept. 30, 2005, according to an 8-K filing with the Securities and Exchange Commission.
The extra funding is under the two companies' agreement dating from July 2003. Critical Therapeutics and MedImmune agreed to work on products aimed at high mobility group box protein 1 (HMGB1).
On Dec. 8, Critical Therapeutics announced it received a $1.25 payment from MedImmune after reaching a preclinical, proof-of-concept milestone.
It also said that MedImmune will fund additional full-time employees at Critical Therapeutics through the end of 2006, although no dollar amount was announced.
HMGB1, a pro-inflammatory protein secreted by different cell types, is part of the body's response to trauma and infection. HMGB1 is expressed at high levels beginning 12 to 72 hours after an injury, which is about the time inflammation-associated tissue damage begins, according to critical therapeutics.
Inflammation is a key contributor to a number of chronic and acute diseases, including rheumatoid arthritis and sepsis, which have been the focus of the collaboration to date. Rheumatoid arthritis affects 2.1 million Americans and 750,000 people develop severe sepsis each year in the United States, the company said.
Critical Therapeutics, Inc. is a biopharmaceutical company based in Lexington, Mass., that develops products for respiratory, inflammatory and critical care diseases.
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