Phylogica Limited (ASX:PYC) CFO & VP Corporate Development, Nick Woolf, explains the significance of the peptide drug discovery company’s latest project milestone with Pfizer. The collaboration was inked in December 2010 and saw Phylogica receive an upfront payment of $US0.5 million. Reaching the most recent milestone comes after the company received an undisclosed milestone payment for successfully completing the first stage of the collaboration in December 2011.
Under the terms of the deal Phylogica will also receive a payment for reaching the latest milestone. Mr Woolf explains where Phylogica will put the funds and when it expects to reach the next milestone as part of the collaboration and license agreement to discover novel peptide-based vaccines.
Phylogica secured its fourth partnership with Johnson & Johnson’s pharmaceutical unit, Janssen, in December 2011. The collaboration is to develop multiple Phylomer-based drug candidates using novel cell-penetrating peptides derived from Phylogica's Phylomer-platform. Mr Woolf updates the market on progress made in the first half, with respect to the Janssen partnership, as well as Phylogica’s plans in the second half of 2012.