AMRI receives $750K milestone payment

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Albany Molecular Research Inc. said a third compound being developed under its license and research agreement with Bristol-Myers Squibb Co. will proceed into preclinical development.

The Albany, N.Y.-based drug development company will receive a $750,000 payment from Bristol-Myers (NYSE: BMY). This is the fifth milestone payment in the ongoing research collaboration between the two companies, with the goal of developing improved treatments for diseases of the central nervous system.

Under the 2005 licensing agreement, Bristol-Myers has an exclusive license to develop and commercialize a series of biogenic amine reuptake inhibitors from AMRI’s proprietary research program. AMRI (Nasdaq: AMRI) is potentially eligible to receive up to $66 million in development and regulatory milestone payments on each of the first two compounds, and up to $22 million on each subsequent compound.

In addition, the Albany company will receive royalties on worldwide sales of any commercialized compounds.

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