Chemgenex gets milestone from Vernalis
Wednesday, 23 February, 2005
Chemgenex Pharmaceuticals (ASX:CXS) will receive a AUD$720,000 milestone payment from its partner Vernalis for progress made on its depression and anxiety target discovery program.
The companies entered into a partnership agreement in August last year, which is worth as much as $2 million in the first year depending on the achievement of milestones, and are working on a further licensing and collaboration agreement. To date, the company has identified ten novel genes and proteins associated with depression and anxiety.
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