Redx Pharma PLC (AIM:REDX) said a US$10mln milestone payment has been triggered under its oncology research collaboration with Nasdaq-listed Jazz Pharma, which has now moved into its second year.
Redx, which has realised US$20mln so far from the Jazz relationship, could potentially earn US$200mln from the tie-up for negotiating certain development, regulatory and commercial hurdles.
Under the agreement, Redx is responsible for the preclinical work on two cancer assets targeting the Ras/Raf/MAP kinase pathway and will take the targets up to the investigational new drug submission stage.
Chief executive Lisa Anson said: "We are extremely pleased to extend our productive oncology research collaboration with Jazz into its second year.
“This is based on advancing our programmes in this key signalling pathway and reflects Redx's core strength in discovering highly targeted potential drug candidates. We look forward to further progress in partnership with Jazz."
Redx is developing precision drugs for cancer and fibrosis. Its lead assets are oncology treatment, RXC004 and RXC007 for idiopathic pulmonary fibrosis.