Atugen Achieves Milestones on Schering Target Validation Agreement

Atugen AG announced that it has achieved nine of its milestones under its target validation research contract with Schering AG and its U.S.-based subsidiary, Berlex Biosciences. The milestone payments have been made for nine cancer drug targets which have been further investigated in studies by Schering after Atugen successfully validated these targets out of several dozen identified by Schering since 2002. Over the period of the research agreement Atugen has received milestone payments, annual license fees and research funding. Financial details were not disclosed.

Bioportfolio (http://www.bioportfolio.com/news/atugen_16.htm)