Vernalis plc (LSE: VER) today announces the achievement of a milestone under the company's collaboration with Novartis on the oncology target Hsp90. The $3 million milestone is triggered by the first dosing in a Phase II proof of concept clinical trial of AUY-922, an Hsp90 inhibitor, in a range of solid tumours.
Ian Garland, CEO of Vernalis said "We are delighted that our programme with Novartis has progressed into Phase II and we look forward to the results of the current Phase II proof of concept study which Novartis has indicated are targeted for 2010".
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