XOMA Discontinues Development of MLN2201
Friday October 10, 7:30 am ET
BERKELEY, Calif.--(BUSINESS WIRE)--Oct. 10, 2003--XOMA Ltd. (Nasdaq:XOMA - News) announced today that it has discontinued development of MLN2201, a humanized monoclonal antibody being developed for conditions related to inflammation of the heart and blood vessels. MLN2201 was one of two products of an ongoing development collaboration with Millennium Pharmaceuticals, Inc. The companies are continuing with the development of CAB-2, a complement inhibitor that targets vascular inflammation.
The decision was based on preliminary results from an open-label, dose-escalating Phase I clinical trial designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of MLN2201 in healthy volunteers. The preliminary data did not meet pre-defined criteria necessary to support further product development efforts.
"Our collaboration with Millennium has been very productive," said John L. Castello, XOMA's chairman, president and chief executive officer. "We pre-defined the success criteria that MLN2201 had to achieve in its Phase I trial before it could be moved into more expensive, clinical efficacy testing. Based on the data, we have made the decision to direct our resources towards more promising products."
Under the current terms of the joint collaboration agreement and as a result of the termination of the MLN2201 development program, Millennium's remaining obligation to purchase, at XOMA's option, up to $33.5 million worth of common shares will be reduced by 40 percent, to a total amount of up to $20.1 million in common shares.
About the XOMA/Millennium Collaboration
XOMA and Millennium entered into an agreement in November 2001 to collaborate on the development of MLN2201 and CAB-2, a recombinant protein that inhibits complement activation, for certain vascular inflammation indications. Under the terms of the original agreement, XOMA is responsible for development activities and related costs for both products through the completion of phase II trials. After the successful completion of phase II studies, Millennium has the right to further develop and commercialize the products, with XOMA retaining the option to choose between further participation in the development program and eventual profit sharing, or alternatively being entitled to future royalty and milestone payments. With the termination of MLN2201 development, CAB-2 will be the sole focus of this collaboration. |
