SEATTLE & STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 8, 2003--Corixa Corporation (Nasdaq:CRXA - News), a developer of immunotherapeutics, and Purdue Pharma L.P., a privately held pharmaceutical company, today announced that Corixa has licensed one of its antigens to Purdue to be developed for the treatment of a female reproductive tract cancer.
Purdue is exercising its option to license Corixa's antigen under the terms of a September 2000 agreement whereby both companies agreed to develop therapeutic antibodies directed against antigens identified by Corixa's discovery programs.
Purdue has chosen the antigen in order to develop monoclonal antibodies used as novel anti-tumor agents. Under the terms of the agreement, Corixa will receive a $2.5 million license fee, additional success-based milestones, and royalties on potential product sales. Purdue will pay for development and commercialization of a monoclonal antibody based on Corixa's antigen and will retain worldwide rights with an associated company.
"Purdue's selection of our antigen further validates our long-standing experience in novel tumor marker discovery," said Steven Gillis, Ph.D., Chairman and Chief Executive Officer of Corixa. "We are pleased that our discovery efforts have successfully yielded this unique target for further clinical development and look forward to our continued collaboration with Purdue."
"This license represents an important advancement of our efforts in developing cancer immunotherapies," said Paul Goldenheim, MD, Executive Vice President, Worldwide Research and Development, Purdue Pharma L.P... |
