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Exelixis to Receive Milestone Payment From Bristol-Myers Squibb for Achievement of Liver X Receptor Agonist Development Milestone
Date:11/29/2007

SOUTH SAN FRANCISCO, Calif., Nov. 29 /PRNewswire-FirstCall/ -- Exelixis, Inc. (Nasdaq: EXEL) today announced that its right to receive from Bristol-Myers Squibb (NYSE: BMY) a milestone payment of $5 million was triggered as a result of the acceptance of an Investigational New Drug application, or foreign equivalent, for a compound discovered and developed under the two companies' Liver X Receptor (LXR) collaboration.

This is the first clinical trial of a compound in this collaboration to discover novel therapies targeted against LXR, a nuclear hormone receptor implicated in a variety of cardiovascular and metabolic disorders. "The quality of our lead candidate and the speed at which it progressed into the clinic are testaments to the efficiency of our LXR collaboration with Bristol-Myers Squibb," said Michael Morrissey, Ph.D., Exelixis' president of research and development. "Our combined preclinical studies suggest that LXR agonists may have significant potential in treating a number of cardiovascular and metabolic disorders including atherosclerosis, and we look forward to Bristol-Myers Squibb's further investigating that potential in this trial."

Exelixis and Bristol-Myers Squibb established their joint LXR collaboration in January 2006 for an initial period of two years. The collaboration calls for Exelixis and Bristol-Myers Squibb to jointly identify drug candidates that are ready for IND-enabling studies, with Bristol-Myers Squibb then undertaking further pr
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SOURCE Exelixis, Inc.
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