NeurOp, Inc. today announced that Bristol-Myers Squibb has selected an
NR2B-specific N-methyl-D-aspartate (NMDA) receptor modulator as a drug
development candidate for treatment-resistant depression. This decision
triggers a milestone payment to NeurOp, which licensed its technology to
Bristol-Myers Squibb in 2009. The compound can now advance into pre-IND
studies.
“The team at Bristol-Myers Squibb has been a dedicated, insightful research
partner as we have worked together for more than three years to identify and
advance a new drug candidate,” commented Barney Koszalka, Ph.D., NeurOp
president and CEO. “Reaching this clinical and financial milestone is
important to NeurOp, because it will help support our R&D on additional
subunits of the NMDA receptor as treatments for other central nervous system
disorders.”
Under the terms of the agreement, Bristol-Myers Squibb agreed to pay NeurOp an
upfront fee and fund a multi-year research collaboration. The direct research
collaboration ended in December 2012, and the program was fully internalized
at Bristol-Myers Squibb. NeurOp is eligible to receive additional milestone
payments for the successful development of a compound and royalties on
worldwide sales of commercialized compounds. Financial terms of the current
milestone were not disclosed.
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