NOXXON Pharma AG Achieves Milestone in Partnership with Eli Lilly and Company
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NOXXON Pharma AG announced the achievement of an important milestone in its drug discovery and development partnership with Eli Lilly and Company. NOXXON's successful identification of a Spiegelmer® with picomolar affinity and high selectivity for its target met contractually specified milestone criteria and triggers a payment of an undisclosed amount. Lilly and NOXXON entered into the agreement last year to discover and develop Spiegelmers® for the treatment of migraine.
Following the completion of the discovery work, the identified Spiegelmer® will undergo pharmacological testing and pre-clinical development. Lilly is responsible for the pre-clinical and clinical development as well as the commercialization of the Spiegelmer® product, provided the product is approved by regulatory authorities.