GlobeImmune gets 'milestone payment'
Last Updated: 17:10 October 16, 2013
Louisville-based GlobeImmune is privately held and does not disclose financial details of such "milestone payments," said Kirk Christoffersen, the company's vice president for corporate development. "Milestone payments" are made when certain goals are reached.
In this case, a key clinical patient trial was completed, Christoffersen said. Publicly traded Gilead Sciences (Nasdaq: GILD) in Foster City, California, has not filed any details of the payment.
GlobeImmune plans to use the money from Gilead to fund its continuing research on Tarmogen drug candidates used to treat cancer and some infectious diseases, Christoffersen said. Tarmogens activate the human body's immune system by stimulating an immunity system, known as "T cell immunity."
GlobeImmune has 24 employees. The company in September received a $4 million grant to study how a separate Tarmogen drug candidates may be used to treat tuberculosis infection and drug-resistant forms of tuberculosis.
The company received $17.5 million in venture capital funding in 2010 and $13 million in 2009. In addition to its partnership with Gilead, GlobeImmune also partners with biopharmaceutical company Celgene Corp. in Summit, New Jersey, (Nasdaq: CELG) on research to commercialize drugs to treat cancer.
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