SOUTH PLAINFIELD, N.J., Aug. 10 /PRNewswire/ -- PTC Therapeutics, Inc. (PTC) today announced that it has reached a major research milestone in its collaboration with Schering-Plough Corporation (NYSE: SGP) receiving a $2 million payment in connection with the designation of a development candidate for the treatment of hepatitis C virus (HCV) infection.
The collaboration began in March of 2006 based on PTC's HCV efforts that were initiated using the GEMS(TM) technology (Gene Expression Modulation through Small Molecules). Under the terms of the collaboration, PTC and Schering-Plough are conducting a joint research program and Schering-Plough will be responsible for development and commercialization efforts worldwide. Schering-Plough made an upfront payment of $12 million in 2006 and PTC may earn additional milestone payments if specific development, regulatory and commercial goals are achieved. Total payments to PTC could exceed $200 million. Schering-Plough will receive exclusive worldwide commercialization rights for any approved products and pay PTC royalties on worldwide net sales.
"This important milestone represents the third development candidate arising from our novel technologies and research efforts and demonstrates PTC's ability to identify potential treatments across multiple therapeutic areas. We are very gratified to reach this milestone with Schering-Plough, a recognized leader in antiviral research and a wonderful partner to PTC," said Stuart Peltz, Ph.D., president and CEO of PTC Therapeutics. "Hepatitis C is an area of great unmet medica
|SOURCE PTC Therapeutics, Inc.|
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