Seattle Genetics, Inc. announced that MedImmune, Inc., has exercised its option to obtain an exclusive license to a second antigen target under the parties’ existing antibody-drug conjugate collaboration, triggering a $1.5 million payment to Seattle Genetics
BOTHELL, WA, USA | October 31, 2007 | Seattle Genetics, Inc. (NASDAQ:SGEN), announced today that MedImmune, Inc., has exercised its option to obtain an exclusive license to a second antigen target under the parties’ existing antibody-drug conjugate (ADC) collaboration, triggering a $1.5 million payment to Seattle Genetics.
Seattle Genetics’ ADC technology empowers antibodies by linking them to potent drug payloads. The company’s technology employs synthetic, highly potent drugs that are bound to monoclonal antibodies through proprietary linker systems. The linkers are designed to be stable in the bloodstream but to release the drug payload under specific conditions once inside target cells, thereby sparing non-target cells from the toxic effects of traditional chemotherapy.
"MedImmune has made substantial progress with its first ADC program, and we look forward to collaborating with them further on a second target," said Eric L. Dobmeier, Chief Business Officer of Seattle Genetics. "Through momentum with our own ADC programs, such as SGN-35, and continued progress by our collaborators, our ADC technology is demonstrating its significant potential to impact the way cancer is treated."
Seattle Genetics and MedImmune entered into the ADC collaboration in April 2005 to provide MedImmune with access to Seattle Genetics’ ADC technology for antibodies targeting up to two antigens. Under the terms of the collaboration, MedImmune paid an upfront fee of $2.0 million for the first target and obtained an option to license a second antigen for an additional fee of $1.5 million. MedImmune has also agreed to pay ongoing technology access fees, progress-dependent milestone payments and royalties on net sales of ADC products. MedImmune is responsible for research, product development, manufacturing and commercialization of product candidates under the collaboration.
Seattle Genetics is advancing its own proprietary ADC programs, notably SGN-35, an ADC for Hodgkin lymphoma and other CD30-positive malignancies, which is in an ongoing phase I dose-escalation trial. To date, multiple objective responses have been observed at well-tolerated doses of SGN-35. Data from this trial will be presented at the 7th International Symposium on Hodgkin Lymphoma in Cologne, Germany on November 5, 2007. The company is also developing two lead preclinical ADC programs, SGN-75, an anti-CD70 ADC, and an anti-CD19 ADC.
About Seattle Genetics
Seattle Genetics is a biotechnology company developing monoclonal antibody-based therapies for the treatment of multiple types of cancer, including lymphoma, multiple myeloma, leukemia and solid tumors. The company has an exclusive worldwide collaboration agreement with Genentech to develop and commercialize SGN-40. Seattle Genetics also has three other proprietary programs in ongoing clinical trials: SGN-33, SGN-35 and SGN-30. In addition, the company has developed proprietary antibody-drug conjugate (ADC) technology comprised of highly potent synthetic drugs and stable linkers for attaching the drugs to monoclonal antibodies. Seattle Genetics has collaborations for its ADC technology with a number of leading biotechnology and pharmaceutical companies, including Genentech, Bayer, CuraGen, Progenics and MedImmune, as well as an ADC co-development agreement with Agensys. More information can be found at www.seattlegenetics.com.
Certain statements made in this press release are forward-looking, such as those, among others, relating to the therapeutic potential of products utilizing Seattle Genetics’ ADC technology. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks related to adverse clinical results as our product candidates and our collaborators’ product candidates move into and advance in clinical trials and failure by Seattle Genetics to maintain its relationships with collaborators. More information about the risks and uncertainties faced by Seattle Genetics is contained in the Company’s filings with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Seattle Genetics, Inc.
Post Views: 76
Seattle Genetics, Inc. announced that MedImmune, Inc., has exercised its option to obtain an exclusive license to a second antigen target under the parties’ existing antibody-drug conjugate collaboration, triggering a $1.5 million payment to Seattle Genetics
BOTHELL, WA, USA | October 31, 2007 | Seattle Genetics, Inc. (NASDAQ:SGEN), announced today that MedImmune, Inc., has exercised its option to obtain an exclusive license to a second antigen target under the parties’ existing antibody-drug conjugate (ADC) collaboration, triggering a $1.5 million payment to Seattle Genetics.
Seattle Genetics’ ADC technology empowers antibodies by linking them to potent drug payloads. The company’s technology employs synthetic, highly potent drugs that are bound to monoclonal antibodies through proprietary linker systems. The linkers are designed to be stable in the bloodstream but to release the drug payload under specific conditions once inside target cells, thereby sparing non-target cells from the toxic effects of traditional chemotherapy.
"MedImmune has made substantial progress with its first ADC program, and we look forward to collaborating with them further on a second target," said Eric L. Dobmeier, Chief Business Officer of Seattle Genetics. "Through momentum with our own ADC programs, such as SGN-35, and continued progress by our collaborators, our ADC technology is demonstrating its significant potential to impact the way cancer is treated."
Seattle Genetics and MedImmune entered into the ADC collaboration in April 2005 to provide MedImmune with access to Seattle Genetics’ ADC technology for antibodies targeting up to two antigens. Under the terms of the collaboration, MedImmune paid an upfront fee of $2.0 million for the first target and obtained an option to license a second antigen for an additional fee of $1.5 million. MedImmune has also agreed to pay ongoing technology access fees, progress-dependent milestone payments and royalties on net sales of ADC products. MedImmune is responsible for research, product development, manufacturing and commercialization of product candidates under the collaboration.
Seattle Genetics is advancing its own proprietary ADC programs, notably SGN-35, an ADC for Hodgkin lymphoma and other CD30-positive malignancies, which is in an ongoing phase I dose-escalation trial. To date, multiple objective responses have been observed at well-tolerated doses of SGN-35. Data from this trial will be presented at the 7th International Symposium on Hodgkin Lymphoma in Cologne, Germany on November 5, 2007. The company is also developing two lead preclinical ADC programs, SGN-75, an anti-CD70 ADC, and an anti-CD19 ADC.
About Seattle Genetics
Seattle Genetics is a biotechnology company developing monoclonal antibody-based therapies for the treatment of multiple types of cancer, including lymphoma, multiple myeloma, leukemia and solid tumors. The company has an exclusive worldwide collaboration agreement with Genentech to develop and commercialize SGN-40. Seattle Genetics also has three other proprietary programs in ongoing clinical trials: SGN-33, SGN-35 and SGN-30. In addition, the company has developed proprietary antibody-drug conjugate (ADC) technology comprised of highly potent synthetic drugs and stable linkers for attaching the drugs to monoclonal antibodies. Seattle Genetics has collaborations for its ADC technology with a number of leading biotechnology and pharmaceutical companies, including Genentech, Bayer, CuraGen, Progenics and MedImmune, as well as an ADC co-development agreement with Agensys. More information can be found at www.seattlegenetics.com.
Certain statements made in this press release are forward-looking, such as those, among others, relating to the therapeutic potential of products utilizing Seattle Genetics’ ADC technology. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks related to adverse clinical results as our product candidates and our collaborators’ product candidates move into and advance in clinical trials and failure by Seattle Genetics to maintain its relationships with collaborators. More information about the risks and uncertainties faced by Seattle Genetics is contained in the Company’s filings with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Seattle Genetics, Inc.
Post Views: 76
