Endocyte receives payment for the advancement of epothilone-folate anti-cancer agent

Endocyte, Inc., a cancer drug discovery and development company, today announced it has received a milestone payment from Bristol-Myers Squibb Company (NYSE: BMY). This payment was triggered by the commencement of a Phase II clinical trial for an epothilone-folate anti-cancer agent identified through the collaboration between Endocyte and Bristol-Myers Squibb scientists.

"We are pleased to see the advancement of the epothilone-folate compound by our outstanding partner Bristol-Myers Squibb," said Ron Ellis, president and CEO of Endocyte. "This further validates Endocyte's targeting platform and its leadership position in this space."

Bristol-Myers Squibb and Endocyte entered into an exclusive license agreement with respect to the compound in 2005. Bristol-Myers Squibb is responsible for all development, manufacturing, registration and marketing of the epothilone-folate chemotherapeutic agent.