GLYC reported that Pfizer has made a $15 million payment to the company under the terms of the parties? collaboration for the development of rivipansel (GMI-1070).
Under the collaboration, Pfizer plans to initiate a Phase 3 clinical trial of rivipansel, which will trigger an additional $20 million milestone payment to GLYC upon the dosing of the first patient in the trial.
The companies are currently developing rivipansel as a potential treatment for vaso-occlusive crisis (VOC) of sickle cell, one of the most prevalent genetic disorders in the U.S., affecting over 90,000 people.
The main clinical feature of sickle cell disease is periodic painful VOC episodes, known as VOC or pain crises, which result in significant clinical complications. Rivipansel is intended to treat VOC by inhibiting the cell activation and enhanced cell adhesion which causes the ischemia and pain.
GLYC is a clinical stage biotechnology company focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role.
More about GlycoMimetics, Inc. (GLYC) at www.glycomimetics.com
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my.jpg China Ming Yang Wind Power Group Limited (MY)
After closing bell on Tuesday, MY reported a strong performance on its unaudited financial results.
For the first quarter 2014, MY posted revenue of RMB1,224.0 million (US$196.9 million), a 52.0% increase year over year, gross profit of RMB192.0 million (US$30.9 million), compared to RMB89.7 million in the same period the prior year, total comprehensive income of RMB185.8 million (US$29.9 million), compared to RMB4.5 million in the corresponding period a year ago, and basic EPS and diluted EPS of RMB1.54 (US$0.25) and RMB1.51 (US$0.24), respectively, versus basic and diluted EPS of RMB0.19 and RMB0.19 for the first quarter 2013.
According to MY, it has signed new orders of 671.5MW during the quarter, and its signed orderbook continues to grow strongly and has now reached a historic high of 3.3GW.
MY is a leading wind turbine manufacturer in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines.
More about China Ming Yang Wind Power Group Limited (MY) at ir.mywind.com.cn
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adms.jpg Adamas Pharmaceuticals, Inc. (ADMS)
ADMS reported that it has received a $25 million milestone payment from Forest Laboratories Holdings Limited related to the development of MDX-8704.
MDX-8704, a fixed-dosed combination of memantine HCl extended release capsules and donepezil HCl, is being developed as a once daily therapy for the treatment of moderate-to-severe dementia of the Alzheimer's type in the United States.
The $25 million milestone payment was paid to ADMS as a result of the FDA acceptance of the New Drug Application for MDX-8704. There is up to a $30 million milestone payable upon FDA approval. Also under the terms of the license agreement, ADMS will receive royalties on US net sales of Namenda XR(R) and MDX-8704 beginning five years after their launches.
Forest has exclusive US commercialization rights and is also responsible for all US regulatory-related activities. ADMS retains exclusive commercialization rights outside the US. MDX-8704 is covered by a Forest patent and multiple ADMS patents that extend up to 2029.
ADMS is a specialty pharmaceutical company driven to improve the lives of those affected by chronic disorders of the central nervous system
More about Adamas Pharmaceuticals, Inc. (ADMS) at www.adamaspharma.com.