Payment triggered by placement of a second product candidate from the VR1 program into IND-enabling studies and performance of initial candidate.
Renovis says it reached two milestones in its research collaboration with Pfizer to discover and develop VR1 antagonists for the potential treatment of pain and other indications.
The milestones include the placement of a second product candidate from the VR1 program into IND-enabling studies as well as completion of certain studies with a previously nominated compound. These milestones will trigger aggregate payments of $4.5 million from Pfizer to Renovis.
“VR1 antagonists have the potential to become breakthrough treatments for chronic pain and several other important indications,” said Corey S. Goodman, Ph.D., president and CEO of Renovis. “Our goal for the VR1 program with Pfizer has been to discover and develop multiple product candidates to address the needs of patients in these areas. With the recent nomination of a second candidate for IND-enabling studies, we believe we are making excellent progress toward this goal.”
