Seattle Genetics, Inc. (Nasdaq:SGEN) announced today that it has
achieved a milestone under its antibody-drug conjugate (ADC)
collaboration agreement with Progenics Pharmaceuticals (Nasdaq:PGNX).
The milestone was triggered by Progenics’
initiation of a phase I clinical trial with its prostate-specific
membrane antigen (PSMA)-targeted ADC for patients with
hormone-refractory prostate cancer.
“This is the fourth product utilizing Seattle
Genetics’ ADC technology to enter clinical
trials, reflecting continued progress by us and our collaborators in
advancing ADCs for unmet medical needs in both hematologic malignancies
and solid tumors,” said Eric L. Dobmeier,
Chief Business Officer of Seattle Genetics. “As
demonstrated by clinical data reported from our SGN-35 program, we
believe that empowered antibodies will play an important role in the
future of cancer therapy by combining the specificity of antibodies with
the potency of cytotoxic drugs.”
Under the ADC collaboration agreement, Progenics has exclusive rights to
use Seattle Genetics' ADC technology with monoclonal antibodies that
target PSMA, a protein that is highly expressed on both primary and
metastatic prostate cancer cells. Seattle Genetics received an upfront
fee and Progenics pays ongoing technology access and material supply
fees. Progenics has also agreed to make progress-dependent milestone
payments and pay royalties on net sales of ADC products. Progenics is
responsible for research, product development, manufacturing and
commercialization of any products resulting from the collaboration.
Seattle Genetics is advancing its own proprietary pipeline of ADC
programs, including SGN-35, which is in two phase I clinical trials for
patients with Hodgkin lymphoma and other CD30-positive hematologic
malignancies. Based on positive SGN-35 data reported at the American
Society of Clinical Oncology meeting in June 2008, the company expects
to finalize its SGN-35 development plans, including registration
pathway, during 2008 and begin pivotal trials in the first half of 2009.
Seattle Genetics is also developing a number of preclinical ADCs,
including SGN-75 and an anti-CD19 ADC.
About ADCs
ADCs utilize the targeting ability of monoclonal antibodies to deliver
potent, cell-killing payloads to specific cells. Seattle Genetics has
developed proprietary 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.
About Seattle Genetics
Seattle Genetics is a clinical stage biotechnology company focused on
the development and commercialization of monoclonal antibody-based
therapies for the treatment of cancer and autoimmune disease. The
company has four product candidates in ongoing clinical trials: SGN-40,
SGN-33, SGN-35 and SGN-70. SGN-40 is being developed under a worldwide
collaboration with Genentech. In addition, the company has developed
proprietary antibody-drug conjugate (ADC) technology comprising highly
potent synthetic drugs and stable linkers for attaching the drugs to
monoclonal antibodies. Seattle Genetics has collaborations for its ADC
technology with a number of leading biotechnology and pharmaceutical
companies, including Genentech, Bayer, CuraGen, Progenics, Daiichi
Sankyo and MedImmune, a subsidiary of AstraZeneca, as well as an ADC
co-development agreement with Agensys, a subsidiary of Astellas Pharma.
More information can be found at www.seattlegenetics.com.
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to the therapeutic
potential of Seattle Genetics’ ADC technology
and development plans and registration pathway for SGN-35. Actual
results or developments may differ materially from those projected or
implied in these forward-looking statements. Factors that may cause such
a difference include the inability to show sufficient safety or activity
as our or our collaborators’ ADC product
candidates move into and advance in clinical trials. 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.
Seattle Genetics, Inc.
Peggy Pinkston, 425-527-4160
ppinkston@seagen.com
