FREMONT, Calif., Aug 13, 2004 (BUSINESS WIRE) -- Abgenix, Inc. (ABGX, Trade) announced today that it will receive a milestone payment from Amgen triggered by the advancement of AMG 162, a fully human antibody created using Abgenix's proprietary XenoMouse(R) technology, into a pivotal clinical trial. This is one of seven antibodies derived from XenoMouse technology that are currently in clinical trials by Abgenix and its various partners, and the first product candidate from Abgenix's technology out-licensing program to move into the pivotal phase of development.
"We are delighted with this news which reinforces the potential of our technology licensing program to contribute to a future stream of revenue," said Ray Withy, Ph.D., president and chief executive officer of Abgenix. "We believe that the achievement of this milestone also highlights the applicability of our XenoMouse technology in a variety of therapeutic applications."
Abgenix entered into an agreement with Amgen in April 1999 whereby Abgenix granted to Amgen a license to Abgenix's antibody generation technology. Amgen is responsible for product development and commercialization of any products developed through the collaboration. Abgenix may receive milestone payments and royalties of any future product sales.
Abgenix and Amgen have a separate co-development agreement for panitumumab, an EGFr inhibiting fully human monoclonal antibody that is currently in pivotal trials as a third line monotherapy for colorectal cancer |
