Jul 7 2010
Maxygen, Inc. (Nasdaq:MAXY), a biotechnology company focused on the development of improved protein drugs, today announced that its majority-owned subsidiary, Perseid Therapeutics LLC, achieved a second preclinical milestone under its collaboration with Astellas Pharma Inc. to co-develop and commercialize next-generation CTLA4-Ig therapeutics. Perseid has received a $5 million dollar payment from Astellas for achievement of this milestone. Perseid achieved the initial preclinical milestone under this collaboration in December 2009 and also received a $5 million dollar payment from Astellas for the achievement of that milestone.
“It further exemplifies the strength of our collaboration and the outstanding work that has been accomplished by the Perseid-Astellas team.”
"This second milestone represents a significant achievement in the continued progress of our next-generation CTLA-4 program," said Grant Yonehiro, CEO of Perseid. "It further exemplifies the strength of our collaboration and the outstanding work that has been accomplished by the Perseid-Astellas team."
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