April 18, 2016 / 10:27 AM / 2 years ago

BRIEF-Transition Therapeutics provides update on type 2 diabetes drug candidate

April 18 (Reuters) - Transition Therapeutics Inc

* Transition therapeutics provides update on type 2 diabetes drug candidate TT401

* Received notification Eli Lilly will not elect to advance diabetes drug candidate, TT401 into phase 3 development

* Royalty that Transition is eligible to receive on sales of related Lilly compounds remains unaffected

* All TT401 development and commercialization rights will be transferred to transition

* Transition Therapeutics Inc says provides update on type 2 diabetes drug candidate TT401

* Going forward, lilly will be eligible to receive a royalty on future TT401 sales and a royalty on TT401 non-royalty income

* Under cos collaboration agreement, all TT401 development and commercialization rights will be transferred to Transition Source text for Eikon: Further company coverage:

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