Regeneron gets $20M milestone from Bayer

Regeneron Pharmaceuticals has enrolled the first patient in a Phase III trial of VEGF Trap-Eye for the treatment of central retinal vein occlusion, triggering a $20 million milestone payment form Bayer Healthcare. The pact was signed in 2006 and gave Regeneron $75 million up front and up to $245 million more in milestone payments for the eye therapy, which treats the leading cause of blindness in adults. The trial results are expected in 2011.

Additionally, Regeneron said that it's completed enrollment in a Phase II study of the drug for diabetic macular edema (DME), with the results expected in the first half of 2010. VEGF Trap-Eye is also being investigated for the treatment of the neovascular form of age-related macular degeneration. Regeneron has rights to the drug in the U.S., while Bayer holds ex-U.S. rights.

- here's the release