Seattle Genetics Achieves Milestone under Antibody-Drug Conjugate Agreement with Genentech
Tuesday March 15, 7:00 am ET
BOTHELL, Wash.--(BUSINESS WIRE)--March 15, 2005--Seattle Genetics, Inc. (Nasdaq:SGEN - News) announced today that it has achieved a milestone under its antibody-drug conjugate (ADC) collaboration agreement with Genentech (NYSE: DNA - News), triggering an undisclosed payment to Seattle Genetics. The milestone is based on Genentech's continued progress in preclinical development with an ADC utilizing Seattle Genetics' technology.
"We believe our ADC technology is contributing significantly to advancing the field of antibody-based therapeutics," stated Clay B. Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. "We are pleased that Genentech is utilizing our ADC technology, and we look forward to continued collaboration towards developing a variety of targeted therapies."
Seattle Genetics' second generation ADC technology utilizes the targeting ability of monoclonal antibodies to deliver potent, cell-killing payloads to specific cells. This ADC technology employs 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, potentially sparing non-target cells many of the toxic effects of traditional chemotherapy. By linking drug payloads to monoclonal antibodies, ADCs can increase the cell-killing activity of antibodies that have inherent cell targeting ability.
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 three being tested in multiple ongoing clinical trials, SGN-30, SGN-15 and SGN-40, and four in preclinical development, SGN-35, SGN-70, SGN-75 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, UCB Celltech, Protein Design Labs, CuraGen and Bayer and for its ADEPT technology with Genencor International. More information about Seattle Genetics can be found at www.seattlegenetics.com. |
