APSN news>>> Applied NeuroSolutions Announces Increased Scope of Alzheimer's Disease Drug Discovery Collaboration With Eli Lilly and Company
2009-12-22 09:35 ET - News Release
VERNON HILLS, IL -- (MARKET WIRE) -- 12/22/09
Applied NeuroSolutions, Inc. (OTCBB: APSN) (www.AppliedNeuroSolutions.com), a biotechnology company focused on the development of products for the early diagnosis and treatment of Alzheimer's disease ("AD"), today announced that it has reached agreement with Eli Lilly and Company to increase the scope of its drug discovery collaboration.
In addition to the financial terms from the original collaboration agreement with Lilly announced in 2006, Applied NeuroSolutions will receive an up-front cash payment of $750,000 and may receive up to $25.5 million based on achievement of identified milestones. Royalties would be paid to Applied NeuroSolutions for any AD therapies brought to market that result from this addition to the original collaboration agreement.
"We are expanding our collaboration with Eli Lilly and Company focused on the development of new treatments for patients suffering from Alzheimer's disease," commented Craig S. Taylor, Ph.D., Applied NeuroSolutions' President and CEO. "Lilly continues to see the value in collaborating with Applied NeuroSolutions and our founding scientist, Dr. Peter Davies, a world renowned leader in Alzheimer's disease research. In total, our collaboration has the potential to produce multiple drug candidates, each targeting unique mechanisms."
"APNS has developed valuable reagents for understanding tau biology. We look forward to utilizing these tools, along with Professor Davies' expertise, to accelerate development of therapies that target tau in Alzheimer's disease," said Dr. Michael Hutton, Chief Scientific Officer of the Neurodegeneration Drug Hunting Team at Lilly.
