Healthcare Industry News: non-Hodgkins lymphoma
News Release - February 12, 2007
Morphotek Obtains Exclusive License from Micromet for Antibody to Treat Melanoma and Other CancersCARLSBAD, Calif., and EXTON, Pa., Feb. 12 (HSMN NewsFeed) -- Micromet, Inc. (Nasdaq: MITI ), a biopharmaceutical company focused on the development of novel, proprietary antibody-based products for cancer, inflammatory and autoimmune diseases, and Morphotek® Inc., a privately held biopharmaceutical company focused on the discovery and development of therapeutic monoclonal antibodies, today announced that Morphotek exercised its option under a 2004 agreement to obtain an exclusive worldwide license for an antibody targeting an antigen with potential activity for the treatment of certain cancers, including melanoma.
Under the terms of the agreement, Micromet has received a payment in connection with the exercise of the option by Morphotek and is eligible to receive development milestone payments and royalties on net sales. Morphotek is planning to file an investigational new drug (IND) application later this year and to commence clinical trials in 2008.
"This is yet another example of our Company's approach to leveraging our optimization technologies and know-how to yield antibodies with enhanced pharmacological activity suitable for clinical benefit," said Nicholas Niccolaides, Ph.D., President and Chief Executive Officer of Morphotek. "This molecule will join our portfolio of therapeutic antibodies as we continue to pursue our strategy of becoming a global leader in developing innovative immunotherapies for the treatment of cancer, inflammatory and infectious diseases."
"We are pleased to see this program move forward in development with our partner Morphotek," said Christian Itin, President and Chief Executive Officer of Micromet. "Morphotek has significantly optimized the original antibody using its proprietary hybridoma technology, producing a novel drug candidate that may be beneficial for the treatment of patients suffering from melanoma and other cancers."
About Morphotek® Inc.
Morphotek is a privately held biopharmaceutical company which discovers and develops monoclonal antibodies for oncology, inflammation and infectious diseases through the use of a proprietary human antibody technology called Human MORPHODOMA®. The Company currently has two antibodies in clinical development. MORAb-003 is in a multi-institutional phase 2 clinical trial for the treatment of ovarian cancer and MORAb-009 in a multi-institutional phase 1 clinical trial for the treatment of pancreatic and lung cancers. Morphotek markets its Human MORPHODOMA platform in collaboration with third parties to yield high quality human antibodies and attendant production lines that alleviate the burdensome royalty mandated by other antibody technologies. For further information, visit http://www.morphotek.com.
About Micromet, Inc. (http://www.micromet-inc.com)
Micromet, Inc. is a biopharmaceutical company focusing on the development of novel, proprietary antibody-based products for cancer, inflammatory and autoimmune diseases. Two product candidates are currently in clinical trials. MT103 (MEDI-538), which is the first product candidate based on Micromet's novel BiTE® product development platform, is being evaluated in a phase 1 clinical trial for the treatment of patients with non-Hodgkins lymphoma. The BiTE® product development platform is based on a unique, antibody-based format that leverages the cytotoxic potential of T cells, the most powerful 'killer cells' of the human immune system. Adecatumumab (MT201), a recombinant human monoclonal antibody which targets EpCAM expressing tumors, has completed two phase 2a clinical trials, one in patients with breast cancer and the other in patients with prostate cancer. In addition, a phase 1b trial evaluating the safety and tolerability of MT201 in combination with docetaxel is currently ongoing in patients with metastatic breast cancer. Micromet has established collaborations with MedImmune and Merck Serono.
This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding the intended utilization of product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research, discovery of new product candidates, and clinical trials, and partnering activities. Factors that may cause actual results to differ materially include the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, the risks associated with regulatory processes, the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborative partners for future revenues under the terms of its existing collaboration agreements, and for further pre-clinical and clinical studies, development and commercialization of product candidates. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. These factors and others are more fully discussed in Micromet's periodic reports and other filings with the SEC, including the "Risk Factors" sections of such reports.
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