INCYTE : Achieves $15 Million Milestone for c-MET Inhibitor Oncology Program
Incyte Corporation (NASDAQ: INCY) announced today that it has earned a $15 million payment from Novartis based on the achievement of a predefined milestone in an ongoing Phase I dose- escalation trial for INCB28060 (also known as INC280) in patients with solid tumors. This trial is being conducted by Incyte as part of its worldwide collaboration and license agreement with Novartis under which Incyte exclusively licensed worldwide rights to INCB28060 to Novartis.
About INCB28060 (also known as INC280)
INCB28060 is a potent, orally available selective inhibitor of the c-MET receptor tyrosine kinase, a clinically validated cancer target. In preclinical models, INCB28060 has demonstrated favorable pharmacologic activity and that the compound can be dosed safely to achieve high levels of c-MET inhibition that result in tumor regression.
Incyte Corporation is a Wilmington, Delaware-based drug discovery and development company focused on developing proprietary small molecule drugs for oncology and inflammation. For additional information on Incyte, visit the Company's web site at www.incyte.com.
Except for the historical information contained herein, the matters set forth in this press release are all forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the high degree of risk and uncertainty associated with drug development and clinical trials, and other risks detailed from time to time in Incyte's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010. Incyte disclaims any intent or obligation to update these forward-looking statements.