Biotech failure, 2002 Message Board

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Biotech / Medical : Biotech failure, 2002

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To: keokalani'nui who wrote (118)	10/8/2002 9:19:59 AM
From: Icebrg	Read Replies (2) of 130

Seattle Genetics Provides Update On SGN-14 BOTHELL, Wash., Oct 8, 2002 (BUSINESS WIRE) -- Seattle Genetics, Inc. (Nasdaq:SGEN) announced today that it has received notification from Genentech (NYSE:DNA) that Genentech will not continue development of the product candidate SGN-14 (PRO64553). Genentech licensed SGN-14, an anti-CD40 monoclonal antibody, from Seattle Genetics in June 1999. Under the terms of the license agreement with Genentech, Seattle Genetics will have the right to develop SGN-14 on its own with Genentech receiving royalties on any resultant sales using Genentech technology. Genentech has also agreed to assist in transferring technology created during the collaboration back to Seattle Genetics. "We believe that SGN-14 has therapeutic potential for the treatment of patients with hematologic malignances," stated Clay B. Siegall, Ph.D., President and Chief Scientific Officer of Seattle Genetics. "Seattle Genetics intends to pursue further development of SGN-14 with the goal of initiating clinical trials in the future." Genentech's decision on SGN-14 does not affect the ongoing collaboration between the two companies on Seattle Genetics' antibody-drug conjugate technology.

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