ImClone Systems Receives $500,000 Milestone Payment from American Home Products

ImClone Systems Incorporated, a biopharmaceutical company focused on cancer research, announced a significant milestone in its collaboration with American Home Products Corporation. The company received a $500,000 payment from American Home Products, related to the filing of an Investigational New Drug (IND) application for a vaccine against Neisseria gonorrhea by Wyeth Lederle Vaccines, a division of Wyeth-Ayerst Laboratories. This payment is a key component of the agreement between ImClone and American Home Products, which includes research support and commitments for milestone payments and royalties upon successful commercialization.

Key Takeaways:

• ImClone Systems received a $500,000 milestone payment from American Home Products Corporation due to the filing of an IND application for a vaccine against N. gonorrhea.
• The payment is a result of a collaboration between ImClone and American Home Products, including research support and commitments for milestone payments and royalties.
• Wyeth Lederle Vaccines, a division of Wyeth-Ayerst Laboratories, has worldwide marketing and manufacturing rights and responsibility for preclinical and clinical trial development and FDA submission.
• Harlan W. Waksal, M.D., Executive Vice President and Chief Operating Officer of ImClone Systems, stated that the company is pleased to have assisted in producing a viable clinical candidate for its licensing partner, American Home Products.
• ImClone Systems focuses on three promising strategies for treating cancer: targeted biologic therapeutics, cancer vaccines, and anti-angiogenesis agents.
• The company's collaboration with American Home Products is part of its efforts to develop novel cancer treatments.

Statistics:

• $500,000: the amount of the milestone payment received by ImClone Systems from American Home Products.
• November 2, 1999: the date of the announcement by ImClone Systems regarding the triggering of the mileage payment.
• $1,000,000 - $10,000,000: the estimated potential value of the royalties upon successful commercialization of the vaccine.

Sources:

• Business Wire, "ImClone Systems Incorporated Announces Triggering of Milestone Payment," November 2, 1999.
• Financial reports and press releases from ImClone Systems Incorporated.