Tuesday, February 19, 2008

Archemix wins milestone money from N.J. partner

Archemix Corp. reports it expects to garner a milestone payment from biotech Ophthotech Corp., triggered because Ophthotech has begun enrollment of a clinical trial that uses an aptamer molecule licensed from Archemix to treat an eye disease.

Aptamers are synthesized molecules, consisting of short sequences of nucleic acids, that are intended to bind to targeted proteins to treat disease, Archemix reports. Ophthotech, based in Princeton, N.J., plans to test the Archemix aptamer in combination with an anti-platelet growth factor in patients with age-related macular degeneration. The trial is expected to enroll up to 36 patients, according to Archemix.

Archemix did not reveal the amount of the milestone payment expected from Ophthotech, which has licensed two aptamer molecules from the Cambridge biotech to treat age-related macular degeneration. Ophthotech plans to advance the second aptamer into clinical trials in the second half of 2008, Archemix reports.

Archemix is a privately held biotech with 82 employees, company spokeswoman Adriana Jenkins said. Earlier this month the biotech withdrew plans to hold a $69 million initial public offering due to market conditions.