PeptiDream Announces Milestone in Macrocyclic Peptide Drug Discovery Alliance with Bristol-Myers Squibb

PeptiDream Inc., a Tokyo-based biopharmaceutical company announced today the achievement of a milestone in one of the discovery programs in its alliance with US-based Bristol-Myers Squibb. The milestone is the decision by Bristol-Myers Squibb to designate a Collaboration Compound as a candidate for exploratory clinical development, indicating that the compound has met certain pre-defined criteria and is now suitable for exploratory clinical development. The compound will now proceed to IND-enabling studies. Achievement of this milestone entitles PeptiDream to receive an undisclosed payment specified in the research collaboration and license agreement between PeptiDream and Bristol-Myers Squibb initiated October 15, 2010 and extended on October 15, 2012.