Published on December 8, 2009 at 10:57 AM
Applied NeuroSolutions, Inc. (OTCBB:APSN)(www.AppliedNeuroSolutions.com),
a biotechnology company focused on the development of products for the
early diagnosis and treatment of Alzheimer's disease ("AD"), today
announced that Eli Lilly and Company (NYSE:LLY) has agreed to a one-year
renewal of its drug discovery collaboration. Lilly will pay $250,000 to
Applied NeuroSolutions for the one-year collaboration renewal.
The original collaboration term was for three years, with two one-year
options to extend the collaboration term at Lilly’s sole discretion.
Lilly exercised the first one-year option.
“It is very exciting that Eli Lilly and Company believes we are making
sufficient progress in our drug discovery efforts to renew the
collaboration for another year,” commented Craig S. Taylor, Ph.D.,
Applied NeuroSolutions’ President and CEO. “The efforts of Peter Davies,
Ph.D., our founding scientist, Lilly, and Applied NeuroSolutions have
achieved significant internal milestones to date and we are hopeful that
continued progress will lead to achievement of our first paid milestone
from Lilly in 2010.”
SOURCE Applied NeuroSolutions