14 Sep 2006 - Karo Bio announced that an estrogen receptor compound discovered as part of its research collaboration with Merck & Co., Inc. has entered Phase I clinical development.
The collaboration with Merck began in November 1997 with the objective of developing new treatments targeting estrogen receptors. Such treatments are particularly relevant in women's healthcare, but have the potential for application in other major clinical areas.
The joint drug discovery phase of the collaboration with Merck was completed in 2002 and resulted in the discovery of a number of selective and potent compounds. In 2004, Karo Bio received a Phase I milestone payment from Merck for a compound whose development was subsequently discontinued. The entry of this latest compound into clinical development does not trigger a milestone payment for Karo Bio.
Under the terms of the collaboration agreement, Merck has exclusive worldwide rights to all compounds identified during the collaboration and is responsible for their further preclinical and clinical development. Karo Bio has rights to milestone payments from Merck based upon selection of new drug candidates as well as the successful clinical development of the compounds and final drug approval. Karo Bio also has rights to royalties on future drug sales.
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