Molecular Templates Signs Deal With Eli Lilly

From Associated Press (July 6, 2010)

GEORGETOWN, Texas -- Molecular Templates said Tuesday it entered a cancer drug discovery and research deal with Eli Lilly & Co. unit ImClone Systems.

Under the deal, Molecular Templates will identify engineered toxin bodies against an undisclosed cancer target.

ImClone will conduct preclinical studies using the engineered toxin bodies to evaluate their potential.

The companies will have the option to continue their collaboration following the preclinical evaluation. Molecular Templates will receive upfront, milestone and royalty payments if any of the engineered toxin bodies are selected for further development and commercialization.

Financial terms of the deal were not disclosed.