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Jerini AG reaches milestones in two research alliances with Baxter Healthcare

07 Nov 2003 - Jerini AG announces that the company has successfully passed first milestones in two research alliances entered into with Baxter in 2001 and 2002. Jerini has optimized peptide lead molecules identified against two undisclosed targets applying its proprietary Peptides-To-Drugs platform including SPOT(TM), pepSTAR(TM) and pepMed(TM).
 
Although financial terms were not disclosed, one agreement provides for an upfront payment, FTE funding and milestones as well as performance payments for Jerini on the commercial sale of products. Under the second agreement Jerini receives FTE funding and is eligible for future success-based milestone and royalty payments.
 
"Jerini's Peptides-To-Drugs platform is a perfect fit to Baxter's long-term therapeutic aspirations", said Jens Schneider-Mergener, Chief Executive Officer of Jerini. "We are delighted by the validation our technology receives through the further extension of the agreement with Baxter".