B-MS Extends Cadus Collaboration Deal

Bristol-Myers Squibb has exercised its option to extend its three-yearresearch collaboration with Cadus (initiated in July 1994) for an additional two years, and will provide a further $10 million in research funding.

The original deal focuses on the discovery of drugs directed at G protein-coupled receptors, which are found in the membranes of almost all cells, including human, animal and plant cells, and are known or suspected to play a role in diseases such as AIDS, hypertension, atherosclerosis, some cancers and immunological disorders including rheumatoid arthritis. B-MS is now not only extending the agreement, but is also expanding the scope of the partnership to include other molecular targets proprietary to Cadus.

To date, Cadus has received over $30 million in equity and cash from B-MS, which owns approximately 17% of Cadus stock.