ARCHEMIX SECURES MILESTONE PAYMENT

Cambridge biotech firm Archemix said Eyetech Pharmaceuticals Inc. has chosen one of its drugs for further development, unlocking payments spelled out in a 2004 agreement. Archemix said it would receive an undisclosed payment after Eyetech announced it had chosen an unnamed molecule known as an aptamer meant to slow age-related macular degeneration, a prominent cause of fading eyesight among the elderly. "This candidate milestone demonstrates the value of our expertise in therapeutic aptamers and our commitment to this collaboration," said Archemix President and CEO Errol De Souza.

()a href="http://www.bizjournals.com/boston/stories/2005/06/20/daily30.html?from_rss=1" target="_blank">Boston Business Journal