Vernalis to receive $1.5 million milestone payment from Novartis for anti-cancer compound

By Angela McDaniels

Seattle, Dec. 19 - Vernalis plc said that Novartis AG, as part of a joint research and development collaboration for oncology target Hsp90, has selected a compound for preclinical development and will pay Vernalis a $1.5 million milestone payment.

The compound is expected to enter clinical testing in the second half of 2006, the company said.

"We are delighted that our program with Novartis has progressed to this next stage, demonstrating the ability of our structure-based, drug-design platform to deliver candidate molecules," Vernalis chief executive officer Simon Sturge said in a company news release.

"Hsp90 inhibitors are an increasingly attractive target for a number of different cancer indications and Novartis is an acknowledged world leader in the oncology field. This type of collaboration enables us to advance promising compounds from our oncology portfolio while maintaining development of our central nervous system pipeline."

The Vernalis Hsp90 program is the result of a collaboration established in March 2002 with Cancer Research Technology Ltd. and The Institute of Cancer Research. Vernalis said it will pay Cancer Research Technology and The Institute of Cancer Research a proportion of its revenues from the agreement with Novartis.

Hsp90 is a protein known to be over-expressed in tumors. The inhibition of Hsp90 results in interference in multiple signaling pathways that mediate cancer growth, the company said.

Vernalis is a pharmaceutical company based in Winnersh, England, that develops products marketed to specialist neurologists.

Novartis is a pharmaceuticals company based in Basel, Switzerland.

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