Pharmacyclics, Inc.(PCYC ) recently
announced the enrollment of the fifth patient in a phase III study,
RESONATE-2, which is being conducted to evaluate ibrutinib as a
monotherapy versus chlorambucil in elderly patients suffering from
chronic lymphocytic leukemia (CLL)/small lymphocyctic lymphoma
With the enrollment of the fifth patient, Pharmacyclics is
eligible to receive a $50 milestone payment from partner, Janssen
Biotech, Inc., a Johnson & Johnson ( JNJ ) company.
RESONATE-2 will enroll 272 patients worldwide.
Pharmacyclics and Janssen's agreement dates back to Dec 2011.
The companies are collaborating for the global development and
commercialization of ibrutinib. In addition to receiving a $150
million upfront payment from Janssen, Pharmacyclics is entitled to
receive another $825 million on the achievement of development and
On Aug 1, 2012, Pharmacyclics had announced the enrollment of
the fifth patient in a phase III study, RESONATE, which is
conducted to evaluate ibrutinib versus ofatumumab in patients with
relapsed or refractory CLL/SLL. This led to the first milestone
payment of $50 million for Pharmacyclics from Janssen.
On Aug 20, 2012, Pharmacyclics became eligible to receive its
second milestone payment of $50 million as a result of enrolling
the fifth patient in a phase II study, SPARK, which is conducted to
evaluate ibrutinib in patients suffering from relapsed or
refractory mantle cell lymphoma (MCL).
The third milestone payment of $50 million was triggered on Oct
15, 2012, when Pharmacyclics announced the enrollment of the fifth
patient in an international, randomized phase III clinical trial of
ibrutinib in combination with bendamustine and rituximab in
patients with relapsed or refractory CLL/SLL.
Thus, out of $825 million, $200 million of milestones have
already been earned by Pharmacyclics to date.
Pharmacyclics carries a Zacks Rank #3 (Hold). Currently,
companies like QLT Inc. ( QLTI ) and
Catalyst Pharmaceutical Partners Inc. ( CPRX ) look more
attractive with a Zacks Rank #1 (Strong Buy).CATALYST PHARMA (CPRX): Free Stock Analysis
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