AMRI Receives BMS Preclinical Milestone

A compound under development by Albany Molecular Research, Inc. and Bristol-Myers Squibb will proceed into preclinical development, triggering a $1.5 million payment to AMRI. This is the first milestone in the companies’ research collaboration to develop improved treatments for depression and diseases of the central nervous system (CNS).

Under the 2005 licensing agreement, BMS received an exclusive license to develop and commercialize a series of biogenic amine reuptake inhibitors from AMRI’s research program. The payment is a result of the selection of a clinical candidate and advancement into preclinical toxicity and safety testing by BMS. If the compound moves into Phase I testing, additional milestone payments would be triggered.

The compound may represent a new class of therapeutic agents that could lead to an improved treatment for depression or other CNS disease indications. The two companies will continue to evaluate additional compounds for development, as the nominated compound progresses further along the development pipeline.

Under the original agreement, AMRI is eligible to receive as much as $66 million per compound in development and regulatory milestone payments for the first two compounds and additional payments of as much as $22 million per compound on subsequent compounds. AMRI will also receive royalties on worldwide sales of commercialized compounds.