Epix is in line for $7.5 million milestone payment
Epix Pharmaceuticals Inc., a Lexington biopharmaceutical company, said today it is entitled to a $7.5 milestone payment from British drug maker GlaxoSmithKline PLC for its work in developing a potential treatment for Alzheimer's disease.
A collaboration agreement between the two companies calls for GlaxoSmithKline to make such a payment when Epix initiates Phase 2b clinical testing of a drug candidate called PRX-03140, Epix said, and the testing has begun.
The hope is that PRX-03140 can be part of a drug cocktail that can manage the progression of Alzheimer's disease and its symptoms, the companies said.
Among other programs, Epix is also working to develop new cystic fibrosis drugs. (At right, an Epix senior scientist works on an experiment related to cystic fibrosis.)
Last month, the company said that it expects to receive as much as $37.7 million from the Cystic Fibrosis Foundation to help continue that research.
For additional Globe coverage of Epix, click here.
(By Chris Reidy, Globe staff)
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