Incyte Achieves $19 Million Milestone as Novel JAK1 and JAK2 Inhibitor Advances into Phase IIb Development for Rheumatoid Arthritis
WILMINGTON, Del., Oct 20, 2010 (BUSINESS WIRE) --
Incyte Corporation (NASDAQ:INCY) announced today that it has earned a $19 million dollar milestone payment from Eli Lilly and Company (NYSE: LLY) based on the initiation of a Phase IIb clinical trial evaluating INCB28050 for the treatment of rheumatoid arthritis. This trial is being conducted by Eli Lilly as part of the exclusive worldwide license and collaboration agreement for Incyte's novel, oral, JAK1 and JAK2 inhibitor. The compound will now be referred to as LY3009104.
About the Phase IIb Clinical Trial
This Phase IIb clinical trial is a global, dose-ranging, study expected to involve 270 patients with active rheumatoid arthritis and is open to enrollment via www.ClinTrials.gov -- NCT01185353.
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, including the statement with respect to the expected number of patients in the Phase IIb clinical trial, 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, the ability to enroll a sufficient number of patients, and other risks detailed from time to time in Incyte's filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2010. Incyte disclaims any intent or obligation to update these forward-looking statements.
SOURCE: Incyte Corporation
Incyte CorporationPamela M. MurphyVice President, Investor Relations/Corporate Communications302-498-6944