Corixa Licenses Novel Target to Genentech for Therapeutic Development and Commercialization
SEATTLE--(BUSINESS WIRE)--Jan. 13, 2005--Corixa Corporation (NASDAQ:CRXA - News), a developer of immunotherapeutics, today announced that it has signed a license agreement with Genentech (NYSE:DNA - News) in which Corixa will grant Genentech exclusive worldwide rights to a novel target for the possible development of humanized antibody-based therapeutics.
Under the terms of the agreement, Corixa will receive a $1.6 million up-front license fee, and may receive up to an additional $8.25 million in future success-based payments upon completion of certain regulatory and commercial milestones in addition to royalty payments on product sales. Genentech will be responsible for development and commercialization costs of any potential therapeutic based on Corixa's antibody target.
"Our agreement with Genentech further demonstrates the strength of our broad portfolio of antibody targets," said Steven Gillis, PhD, chairman and chief executive officer of Corixa. "We are pleased that our discovery efforts have successfully yielded yet another unique target for potential further clinical development and we view Genentech as a strong development partner in this field."
About Corixa
Corixa is a biopharmaceutical company developing vaccine adjuvants and immunology based products that manage human diseases. Corixa's products are currently in multiple clinical development programs, including several that have advanced to and through late stage clinical trials. The company partners with numerous developers and marketers of pharmaceuticals, targeting products that are Powered by Corixa(TM) technology with the goal of making its potential products available to patients around the world. Corixa was founded in 1994 and is headquartered in Seattle, with additional operations in Hamilton, Montana. For more information, please visit Corixa's Web site at www.corixa.com.// |
