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Business Update
Company achieves $35 million in milestones from GSK
June 6th, 2005
Exelixis, Inc., (EXEL) announced that it has achieved 2 milestones totaling $35 million under its collaboration agreement with GlaxoSmithKline (GSK). The first of these milestones, totaling $30 million, was achieved as a result of the submission of the investigational new drug (IND) applications for XL880 in December 2004, and XL820 and XL844 in April 2005. All three of these compounds have shown excellent preclinical efficacy in a variety of tumor models. The phase I trial for XL880 is underway and the phase I trials for the other two compounds will commence upon U.S. Food and Drug Administration approval. The filing of these...
Source: Biotech Business Week (2005-06-06)
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