EvoGenix Commences Second Project With GSK

Australia’s EvoGenix announced that it has entered into a second project with GlaxoSmithKline (GSK) under the terms of a agreement executed between the two companies in October 2005.

Successful completion of the first project by EvoGenix was confirmed by the companies in March.

In the second project EvoGenix will apply its proprietary EvoGene technology to the optimization of a further protein selected from the GSK product pipeline, the companies said. Under the terms of the nonexclusive agreement, EvoGenix said it will receive research funding for a maximum of three optimization projects to be performed for GSK.

EvoGenix in return will receive milestone payments upon successful achievement of project goals and the advancement of the resultant products through preclinical and clinical development.

GSK said it will conduct any further development and subsequent commercialization of the products with EvoGenix receiving royalties on sales of any marketed products resulting from the collaboration.