Micromet, Inc. receives $10 million milestone payment from Serono for completion of Phase 2 clinical trials
Monday December 4, 3:34 am ET
CARLSBAD, CA--(MARKET WIRE)--Dec 4, 2006 --
Carlsbad, CA - December 4, 2006 - Micromet, Inc. (NASDAQ:MITI - News) ("Micromet" or the "Company"), a biopharmaceutical company focusing on the development of novel, proprietary antibody-based products for cancer, inflammatory and autoimmune diseases, today announced that the Company has received a $10 million milestone payment from Serono. The milestone payment was made in connection with the completion of two Phase 2 clinical trials with adecatumumab (MT201) evaluated as a single agent for the treatment of patients with metastatic breast cancer and prostate cancer, respectively.
Adecatumumab is a human monoclonal antibody targeting tumor cells overexpressing the epithelial cell adhesion molecule (EpCAM). Micromet and Serono reported final data for the two Phase 2 studies on October 2, 2006. The compound originated at Micromet and is being developed in collaboration between the companies.
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About adecatumumab Adecatumumab is a human monoclonal antibody targeting tumor cells overexpressing the epithelial cell adhesion molecule (EpCAM). EpCAM is the most widely and frequently expressed tumor-associated antigen known, and therefore, as target for monoclonal antibodies, has the potential to treat a majority of human solid tumors including breast, prostate, ovarian, colon, lung, pancreas and gastric cancer. Recent work suggested that EpCAM overexpressed on tumor cells is a potent oncogenic signaling protein, is present on so-called tumor stem cells and was shown in various cancer indications to be a negative prognostic factor for patient survival.
About Micromet, Inc. (www.micromet-inc.com) Micromet, Inc. is a biopharmaceutical company focusing on the development of novel, proprietary antibody-based products for cancer, inflammatory and autoimmune diseases. Two product candidates are currently in clinical trials. Adecatumumab (MT201) is a recombinant human monoclonal antibody which targets EpCAM expressing tumors with which Micromet has completed two phase 2 clinical trials, one in patients with breast cancer and the other in patients with prostate cancer. In addition, a phase 1 trial evaluating the safety and tolerability of MT201 in combination with docetaxel is currently ongoing in patients with metastatic breast cancer. MT103 (MEDI-538), which is the first product candidate based on the novel a BiTE® product development platform, is being evaluated in a phase 1 clinical trial for the treatment of patients with non-Hodgkins lymphoma in conjunction with MedImmune. The BiTE® product development platform is based on a unique, antibody-based format that leverages the cytotoxic potential of T cells, the most powerful 'killer cells' of the human immune system. Micromet has established collaborations with MedImmune and Serono. |
