Pharmacopeia Drug Discovery, Inc. (PCOP)

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Pharmacopeia Collaboration With Celgene Corporation Advances Compound Into Phase 1 Clinical Development
Wednesday March 5, 7:30 am ET

PRINCETON, N.J., March 5 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP - News), an innovator in the discovery and development of novel small molecule therapeutics, announced today that Celgene Corporation has initiated a Phase 1 clinical study of a compound based on its collaboration with Pharmacopeia.

"We are pleased to see our collaboration with Celgene advance a program into Phase 1 trials," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "This milestone expands our clinical development stage pipeline to eight programs, of which we are developing two internally."

Celgene is solely responsible for the funding and management of development and commercialization of this inflammatory disease candidate. Pharmacopeia currently receives an annual license fee from Celgene for this program and is eligible to receive milestone payments if the program advances further in clinical trials. Pharmacopeia will also receive royalties on sales of any resulting therapeutic products incorporating compounds derived from the program.