Cytoclonal Pharmaceutics Inc. And Bristol-Myers Squibb Sign $2 Million R&D Agreement Extension
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Cytoclonal Pharmaceutics Inc. (NASDAQ:CYPH) and Bristol-Myers Squibb Company (NYSE:BMY) have agreed on an extension of their Research and Development Agreement for the development of new technology based on microbial fermentation for the production of novel taxane therapeutics, as well as paclitaxel, the active ingredient in TAXOL®. The extension involves payments by Bristol-Myers Squibb of $2 million in research support to Cytoclonal and is part of a licensing arrangement between the two companies initiated in 1998.
"Bristol-Myers Squibb is pleased with the development of Cytoclonal's new technology and looks forward to further progress," said David R. Dodds, Ph.D., Director of Fermentation and Biocatalysis Development, Bristol-Myers Squibb.
"We look forward to continued advancement of our program with Bristol-Myers Squibb, a worldwide leader in the field of cancer therapeutics," said Dr. Arthur P. Bollon, President and Chief Executive Officer of Cytoclonal.
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