Synta Gets $25M From Glaxo For Cancer Drug Milestone

10/14/08

Synta Pharmaceuticals, a Lexington, MA-based cancer drug developer, said today it has earned $25 million from its partner, GlaxoSmithKline, for reaching milestones in development of elesclomol. The drug is currently in the final stage of testing for metastatic melanoma, in a trial called Symmetry. Synta (NASDAQ: SNTA) is eligible to receive another $25 million in milestone payments before completing enrollment in the study.

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