Synta Gets $25M From Glaxo For Cancer Drug Milestone
Luke Timmerman10/14/08
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.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
