Seattle Genetics Announces That Protein Design Labs Has Taken An Exclusive Antigen License Under ADC Collaboration
Tuesday December 23, 9:02 am ET
BOTHELL, Wash.--(BUSINESS WIRE)--Dec. 23, 2003--Seattle Genetics, Inc. (Nasdaq:SGEN - News) announced today that Protein Design Labs, Inc. (PDL) (Nasdaq:PDLI - News) has exercised an option for an exclusive license to an antigen target under the parties' antibody-drug conjugate (ADC) collaboration, triggering a payment to Seattle Genetics.
"The exercise of this option by Protein Design Labs reflects the progress being made in our collaboration, and is recognition of the potential of ADCs as therapeutics," stated Clay B. Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. "Seattle Genetics has made meaningful advances in ADC technology by improving their stability, potency and ease of manufacturing."
The ADC collaboration between Seattle Genetics and PDL was originally formed in June 2001 with Eos Biotechnology, and was assumed by PDL in 2003 through its acquisition of Eos Biotechnology. Under the terms of the collaboration, PDL has a license to use Seattle Genetics' ADC technology with antibodies against targets selected by PDL. PDL pays ongoing technology access and material supply fees and has agreed to pay progress-dependent milestone payments and royalties on net sales of any resulting ADC products. PDL is responsible for research, product development, manufacturing and commercialization of any products resulting from the collaboration.
ADCs utilize the targeting ability of monoclonal antibodies to deliver potent, cell-killing payloads to specific cells. Seattle Genetics has developed improved ADC technology employing synthetic, highly potent drugs that can be attached to antibodies through proprietary linker systems. The linkers are designed to be stable in the bloodstream but to release the drug payload under specific conditions once inside target cells, thereby sparing non-target cells many of the toxic effects of traditional chemotherapy. ADCs may increase the therapeutic potential of the many antibodies with targeting ability but no inherent cell-killing activity on their own.
About Seattle Genetics
Seattle Genetics discovers and develops monoclonal antibody-based therapeutics to treat cancer and other human diseases. The company has built a diverse portfolio of product candidates targeted to many types of cancer, including two being tested in multiple ongoing clinical trials, SGN-30 and SGN-15, and three in preclinical development, SGN-40, SGN-35 and SGN-17/19. The product candidates encompass three platform technologies: genetically engineered monoclonal antibodies, antibody-drug conjugates (ADCs) and antibody-directed enzyme prodrug therapy (ADEPT). Seattle Genetics has developed leading ADC technology comprised of highly potent synthetic drugs and stable linkers for attaching the drugs to monoclonal antibodies. The company currently has license agreements for its ADC technology with Genentech, Celltech Group and Protein Design Labs. More information about Seattle Genetics can be found at www.seattlegenetics.com.
Certain of the statements made in this press release are forward-looking. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Specifically, the statements regarding the potential therapeutic benefit of Seattle Genetics' ADC technology are forward-looking and actual results may differ materially from these statements for various reasons. Factors that may cause such a difference include difficulties in implementing the combined technologies of Seattle Genetics and its partners, risks related to adverse clinical results as our product candidates move into and advance in clinical trials, risks inherent in early stage development and failure by Seattle Genetics to secure collaborators or failure of those collaborators to perform their contractual obligations. More information about the risks and uncertainties faced by Seattle Genetics is contained in the Company's filings with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Contact:
Seattle Genetics, Inc.
Peggy Pinkston, 425-527-4160
ppinkston@seagen.com |
