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Syrrx Closes Collaboration with Biogen Idec After Receiving Second and Third Milestone Payments

NEW YORK, Aug. 13 (GenomeWeb News) - Drug discovery company Syrrx Inc. announced today that it has closed its collaboration with Biogen Idec after receiving the second and third success-based milestone payments from the company.

 

The company received its first success-based payment from Biogen Idec on  May 27 . According to an agreement signed on Dec. 16, 2003, all success-based payments have now been completed.

 

Financial terms of the payments were not disclosed.

 

Syrrx said its collaboration with Biogen Idec allowed the company to apply its expertise in high-throughput protein crystallization to multiple drug targets that Biogen Idec has developed.

 

Stephen Kaldor, Syrrx's president and chief scientific officer, said that collaboration between the two companies demonstrated that Syrrx can rapidly generate valuable structural data on challenging drug discovery targets.

 

"We look forward to exploring opportunities to expand our relationship with Biogen Idec in the future," Kaldor said.

 

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