Endocyte earns milestone from BMS

Endocyte has announced that it has received a milestone payment from Bristol-Myers Squibb. The payment was triggered by the commencement of a Phase II clinical trial for an epothilone-folate anti-cancer agent identified through the collaboration. Bristol-Myers Squibb and Endocyte entered into an exclusive license agreement with respect to the compound in 2005. Bristol-Myers Squibb is responsible for all development, manufacturing, registration and marketing of the epothilone-folate chemotherapeutic agent.