Pharmacopeia Drug Discovery, Inc. (PCOP)

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Pharmacopeia Earns Milestone Payment From Schering-Plough on Initiation of Phase 1 Clinical Trials of Novel Therapeutic Candidate

PRINCETON, N.J., Sept. 25 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced that Schering-Plough has initiated a Phase 1 clinical trial in the United States with PS948115, a compound identified from the collaboration between the two companies. The compound is being evaluated as a potential treatment for respiratory disease. Pharmacopeia will receive a $1 million milestone payment from Schering-Plough as a result of this trial initiation.

'The Schering-Plough collaboration continues to yield very attractive therapeutic candidates,' said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. 'This compound is the third drug candidate resulting from the collaboration that has been advanced by Schering-Plough in clinical trials this year.'

Schering-Plough is solely responsible for further development and commercialization of this respiratory disease candidate. However, Pharmacopeia is eligible to receive additional milestone payments if the program advances further in clinical trials, and will also receive royalties on sales of any resulting therapeutic products incorporating compounds derived from the program.