Pharmacopeia and Schering-Plough extended their collaboration until April of 2007. The terms of the extension call for Schering-Plough to continue to pay Pharmacopeia research funding for 10 full-time chemistry employees.
Schering-Plough will also pay preclinical, clinical, and regulatory milestones as long as therapeutic candidates resulting from the collaboration advance to commercialization. Further, Pharmacopeia will continue to receive royalty payments on sales of any therapeutic products resulting from the collaboration.
The goal of the collaboration is to deliver development-ready therapeutic candidates for the Schering-Plough pipeline. The companies agreed to extend the collaboration to continue to advance one of the ongoing programs toward this goal.