Atrium Therapeutics receives $15 million milestone from Bristol Myers Squibb

Atrium Therapeutics Inc. (NASDAQ: RNA) received a $15 million development milestone payment from Bristol Myers Squibb Co. (NYSE: BMY) after delivering a development candidate for a cardiology indication under their collaboration agreement.

The milestone was achieved upon successful delivery of the first licensed compound targeting a cardiology indication under the companies' ongoing partnership. The collaboration focuses on discovering, developing and commercializing RNA-based therapies for cardiovascular indications.

"This milestone marks a meaningful step forward for Atrium, further expanding our RNA delivery platform and our ability to generate high quality cardiology development candidates," said Kathleen Gallagher, president and chief executive officer of Atrium Therapeutics.

Under the agreement terms, Atrium is eligible to receive up to approximately $1.35 billion in research and development milestone payments and up to approximately $825 million in commercial milestone payments. The company may also receive tiered royalties up to low double-digits on net sales. Bristol Myers Squibb will fund all future clinical development, regulatory and commercialization activities from the collaboration.

Atrium Therapeutics develops RNA therapeutics targeting the heart for cardiomyopathies. The company's platform combines monoclonal antibodies and targeted delivery ligands with oligonucleotides to deliver small interfering RNA to cardiac tissue. The company's pipeline includes ATR 1072 for PRKAG2 syndrome and ATR 1086 for PLN cardiomyopathy, along with two undisclosed research targets in rare cardiomyopathies.

The information is based on a company press release.

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