02.20.19
Gliknik Inc. will receive a $15 million milestone payment from Pfizer following the start of a Phase I clinical trial of Pfizer drug candidate PF-06755347, previously known as GL-2045, for the potential treatment of chronic inflammatory demyelinating polyneuropathy (CIDP), a rare neurological disorder. Gliknik and Pfizer entered into an exclusive worldwide licensing agreement in 2013.
"Beginning the Phase I clinical trial is an important milestone in the development of this drug candidate," said David Block, chief executive officer, Gliknik. "We are hopeful that Pfizer's clinical development efforts will lead to more treatment options for patients with CIDP."
Gliknik continues to be eligible to receive potential development, regulatory and commercial milestone payments under the 2013 license agreement with Pfizer. Gliknik is also eligible to receive tiered, double-digit royalties on net sales of any products that may be commercialized pursuant to this license agreement.
"Beginning the Phase I clinical trial is an important milestone in the development of this drug candidate," said David Block, chief executive officer, Gliknik. "We are hopeful that Pfizer's clinical development efforts will lead to more treatment options for patients with CIDP."
Gliknik continues to be eligible to receive potential development, regulatory and commercial milestone payments under the 2013 license agreement with Pfizer. Gliknik is also eligible to receive tiered, double-digit royalties on net sales of any products that may be commercialized pursuant to this license agreement.
