Tekmira Pharmaceuticals Corp. (TSX:TKM) has signed a multi-year agreement with New York-based Bristol-Myers Squibb Company to expand work on its therapeutic research.
Under the agreement, Bristol-Myers Squibb will conduct preclinical work using small interfering RNA molecules formulated by Tekmira in stable nucleic acid-lipid particles (SNALP) and share the data with the company.
Tekmira will receive US$3 million with the signing of the agreement. Over the four-year term of the agreement, Tekmira will be responsible for providing the SNALP molecules to Bristol-Myers Squibb, who will have a first right to negotiate a licensing agreement on certain RNAi products developed by Tekmira that evolve from gene targets validated by Bristol-Myers Squibb.
Tekmira reported a 23% increase in revenue last year, generated primarily from its research and development collaborations with major pharmaceutical firms as well as from licensing fees and milestone payments it received.
Revenue rose to $14.4 million from $11.7 million, with the company’s net loss falling to $9.7 million from $14.3 million.
Tekmira’s share price range during the past week: between $0.90 and $0.96: 52-week high: $1.49; 52-week low: $0.69.