AMRI will receive a $4 million milestone payment from Bristol-Myers Squibb following BMS’s submission of a Clinical Trial Application (CTA) to the Health Products and Food Branch (HPFB), Health Canada for approval to initiate Phase I studies on an AMRI compound licensed to BMS. Upon approval, BMS may begin Phase I testing in Canada.
    
This compound is a biogenic amine reuptake inhibitor, which may represent a new class of therapeutic agent that could lead to an improved treatment for depression or other CNS disease indications. The two companies are researching treatments for depression and diseases of the central nervous system (CNS) as part of their collaboration. AMRI and BMS will continue to evaluate additional compounds under this pact.

“We are pleased to announce the achievement of a second milestone in our research collaboration with Bristol-Myers Squibb,” said AMRI chairman, president and chief executive officer Thomas E. D’Ambra. “The advancement of our licensed compound to a Phase I trial is a significant first for AMRI, demonstrating the ability of AMRI’s internal R&D efforts to generate valuable assets with commercial potential. We continue to believe that the biological mechanism underlying this approach has the potential to ultimately generate multiple clinical candidates.”
    
AMRI received its first milestone payment of $1.5 million in June 2007, when this compound was chosen by BMS for development. Under the 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 on subsequent compounds. The company will also receive royalties on worldwide sales of commercialized compounds.