Biotech, cancer, synta pharmaceuticals

Synta Gets $25M From Glaxo For Cancer Drug Milestone

Luke Timmerman 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.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.