Exelixis Achieves $35 Million in Milestones From GSK
Exelixis has achieved two milestones totaling $35 million under its collaboration agreement with GlaxoSmithKline (GSK).
The first of these milestones, totaling $30 million, was achieved as a result of the submission of the investigational new drug (IND) applications for XL880 in December 2004, and XL820 and XL844 in April 2005. All three of these compounds have shown excellent preclinical efficacy in a variety of tumor models. The $30 million milestone was part of the amendment to the collaboration signed in January 2005. It recognizes the fact that Exelixis has advanced internally derived compounds into clinical development faster than originally anticipated, and is intended to help support the consequent acceleration of clinical expenses.
The second milestone payment, totaling $5 million, was achieved as a result of progress that Exelixis has made in earlier stage programs, and is a reflection of the continued productivity of Exelixis' drug discovery and development.