Lexicon and Bristol-Myers select development candidate for neuropathic pain

US biopharma company Lexicon Pharmaceuticals (Nasdaq: LXRX) and partner pharma major Bristol-Myers Squibb (NYSE: BMY) have selected a development candidate for neuropathic pain as part of their neuroscience drug discovery and development alliance.

The companies are proceeding with plans to progress the development candidate through IND-enabling studies in preparation for the commencement of clinical trials. B-MS has the first option under the alliance to obtain exclusive clinical development and commercialization rights upon the initiation of Phase I clinical studies, subject to the payment of milestones and royalties to Lexicon.

"The selection of this very promising drug candidate for neuropathic pain marks the culmination of a long-standing and highly-productive collaborative effort between Lexicon and Bristol-Myers Squibb," said Lonnel Coats, Lexicon's president and chief executive, adding: "We look forward to bringing innovation from this novel mechanism to patients in an area of high unmet need."