On June 17, 2015 FORMA Therapeutics reported that they have successfully met a preclinical development candidate milestone in their strategic collaboration agreement with Celgene Corporation, announced in April 2014, under which FORMA and Celgene will discover, develop and commercialize drug candidates (Press release, Forma Therapeutics, JUN 17, 2015, View Source [SID:1234509340]).

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This collaboration enables Celgene to evaluate named clinical candidate profiles and elect to license development and commercialization rights in a stepwise manner, upon FORMA’s successful completion of defined preclinical activities. Celgene has obtained an exclusive EU license for a defined clinical program and related compounds, in exchange for an undisclosed payment to FORMA. Under the terms of the collaboration agreement, FORMA will advance this program through Phase 1, and Celgene will be responsible thereafter for all further global clinical development for each licensed candidate. Phase 1 studies will begin in the second half of 2015.

Paolo Paoletti, M.D., Research and Development Committee Chair for FORMA’s Board of Directors added, "FORMA’s highly differentiated clinical candidate in the exciting area of epigenetics will be advanced for both solid and liquid tumors which may improve the lives of patients worldwide. The joint collaboration with Celgene and their steadfast commitment to oncology provides FORMA with a unique opportunity to advance an innovative pipeline of novel therapies."