Abgenix to Receive Milestone Payment from Amgen for Advancement of Product Candidate into Clinical Trials
Thursday January 13, 9:21 am ET
Eleventh XenoMouse Antibody Advances to the Clinical Phase
FREMONT, Calif.--(BUSINESS WIRE)--Jan. 13, 2005--Abgenix, Inc. (Nasdaq:ABGX - News) announced today that the company will receive a milestone payment from Amgen triggered by Amgen's advancement of an undisclosed antibody, created using Abgenix's proprietary XenoMouse® technology, into clinical trials. This is the eleventh antibody generated with Abgenix's technology to move into the clinic phase.
"We are pleased to see another Amgen product candidate derived from our technology enter into the clinic," said Bill Ringo, president and chief executive officer of Abgenix. "We are encouraged about the potential of these technology licensing programs to contribute to future revenues, building upon future potential revenues from our lead product candidate, panitumumab, and our entire proprietary product portfolio."
In 1999 Abgenix entered into an agreement with Amgen granting 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. |
