Pharmacopeia And GlaxoSmithKline Collaboration Identifies A New Lead Compound

Princeton, NJ - Pharmacopeia an innovator in the discovery and development of novel small molecule therapeutics, announced recently that it has identified a new lead compound for advancement in its alliance with GlaxoSmithKline , through its collaboration with the Center of Excellence for External Drug Discovery (CEEDD). This newly identified lead compound is the second from a program being evaluated as a potential treatment for respiratory disease. As a result of this identification, Pharmacopeia received a $500,000 milestone payment from GSK.

``We are pleased that our research and development collaboration with GSK has resulted in the successful identification of a new lead chemical series for development,'' stated Dr. Joseph Mollica, Chairman of the Board and Interim President and Chief Executive Officer of Pharmacopeia. ``This significant achievement demonstrates our expertise in drug discovery, as well as both companies' commitment to developing novel treatments in diverse therapeutic areas. We look forward to future achievements as we progress programs towards clinical development.''

Pharmacopeia is entitled to success-based milestone payments totaling up to $83 million per program and potentially double-digit royalties on the sales of any product commercialized by GSK under the multi-program alliance. Should GSK decline its option to complete pivotal trials of alliance programs, Pharmacopeia may independently pursue them, subject to its obligations to GSK under the alliance. With the achievement of this milestone, Pharmacopeia has received $17 million from GSK in connection with the alliance.

``With the identification of this compound, our collaboration has now identified a total of four new leads,'' said Hugh Cowley, Senior Vice President of GSK and head of the CEEDD. ``We are extremely pleased to see the rapid and impressive achievements of the team driving this successful collaboration.''

SOURCE: Pharmacopeia