Odyssey Therapeutics, Inc. said it achieved two milestones under the collaboration with Pfizer, Inc. triggering undisclosed milestone payments.

Odyssey Therapeutics entered into the current broad collaborative agreement with Pfizer in September 2006, following the successful completion of two prior collaborations. Under the terms of the multi-year agreement, Pfizer made an up-front payment and agreed to provide research and capital expenditure funding, and to make milestone payments upon the achievement of certain milestones.

The first milestone payment stemmed from the creation, in less than one year, of a large panel of high content assays to further enhance Odyssey's world-leading capability. An additional milestone payment was earned for establishing a novel system to quantify the biological activity of drug metabolites in living human cells.

These capabilities add to Odyssey Therapeutics' proprietary Protein-fragment Complementation Assay (PCA) technology, which measures pathway activity within living human cells. By probing changes in the intricate biochemical networks following treatment, Odyssey identifies on target as well as off-pathway activities of lead compounds and drugs.

"We are very pleased that our scientific team has been able to achieve these milestones. Our capabilities have been enhanced via the collaboration with Pfizer's exceptional team, and we look forward to continued progress," said Dr. John K. Westwick, president and CEO, Odyssey Therapeutics.

Odyssey Therapeutics, Inc. is a drug discovery company building therapeutic pipelines for chronic diseases. Odyssey is leveraging its proprietary pathway-based approach, human cell models and ultra high-throughput automated microscopy to optimise drug development for its own programs and for its premier pharmaceutical company partners.