Belgian drug discovery company Galapagos NV (GLPG.BT) Monday said it has successfully identified a third candidate drug in its arthritis alliance with GlaxoSmithKline (GSK). The company also reached milestones for other compounds in the alliance, which trigger cash payments totaling EUR5.7 million to Galapagos.

MAIN FACTS:

-This latest preclinical candidate is a small molecule that meets all the chemical and biological criteria set by GSK for a potential new medicine. Galapagos developed the candidate against a novel drug target from its proprietary platform. Galapagos will now start scale-up chemistry and comprehensive safety evaluation, with the aim to initiate Phase I clinical trials early 2011.

-By Brussels Bureau, Dow Jones Newswires; +322 741 1480;
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