Merck (MRK) has initiated a phase 1 clinical trial of an oral peptide drug candidate that was formulated using Cyprumed's oral tablet technology, Cyprumed said Tuesday.

The trial is covered under the companies' April 2025 non-exclusive license and option deal that allows Merck to develop oral peptide formulations using Cyprumed's drug delivery technology, according to the statement. Cyprumed said the deal entitles it to upfront and milestone payments of up to $493 million.

No other trial details were disclosed. Cyprumed said the trial triggers a payment under the agreement with Merck, without disclosing the specific amount.