Gliknik announced that it will receive a $15 million milestone payment from Pfizer following the start of a Phase I clinical trial of Pfizer drug candidate PF-06755347, previously known as GL-2045, for the potential treatment of chronic inflammatory demyelinating polyneuropathy (CIDP), a rare neurological disorder. Gliknik and Pfizer entered into an exclusive worldwide licensing agreement in 2013.
"Beginning the Phase I clinical trial is an important milestone in the development of this drug candidate," said Gliknik CEO David S. Block. "We are hopeful that Pfizer's clinical development efforts will lead to more treatment options for patients with CIDP."
Gliknik continues to be eligible to receive potential development, regulatory and commercial milestone payments under the 2013 license agreement with Pfizer. Gliknik is also eligible to receive tiered, double-digit royalties on net sales of any products that may be commercialized pursuant to this license agreement.
PF-06755347 is a recombinant immunomodulation drug candidate, not derived from blood that was designed with the hope of meeting or exceeding the efficacy of the blood product Intravenous Immune Globulin (IVIg) in treating autoimmune diseases. In 2015, the U.S. Food and Drug Administration granted PF-06755347 Orphan Drug Designation for CIDP.