Trubion Pharmaceuticals Announces Extension of Research Period Under Its Wyeth Collaboration
June 19 2008 - 4:00PM
PR Newswire (US)
SEATTLE, June 19 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals
Inc. (NASDAQ:TRBN) today announced that Wyeth Pharmaceuticals, a
division of Wyeth (NYSE:WYE), has exercised its option under the
terms of its collaboration agreement with Trubion to extend the
research period for an additional one-year period through Dec. 22,
2009. Under the terms of the research period extension, Wyeth's
obligations to Trubion include collaboration research funding
commitments of approximately $3.2 million in exchange for committed
research services through Dec. 22, 2009. "We are pleased that Wyeth
has extended the research period of our collaboration," said Peter
Thompson, M.D., FACP, president, CEO and chairman of Trubion.
"Wyeth's ongoing commitment to the collaboration underscores the
potential of our technology, and we look forward to continuing our
efforts with Wyeth as we pursue the development of additional
first-in-class and best-in-class compounds." In December 2005,
Trubion entered into a collaboration agreement with Wyeth for the
development and worldwide commercialization of TRU-015 and other
CD20-directed therapeutics. The agreement also includes the
development and worldwide commercialization of certain other
product candidates directed to a small number of targets other than
CD20 that have been established pursuant to the agreement. Unless
earlier terminated, the agreement will remain in effect on a
product-by-product basis and on a country-by-country basis until
the later of the date that any such product shall no longer be
covered by a valid claim of a U.S. or foreign patent or application
and, generally, 10 years after the first commercial sale of any
product licensed under the agreement. Wyeth may terminate the
agreement without cause at any time upon 90 days' prior written
notice. Trubion retains the right to develop and commercialize, on
its own or with others, product candidates directed to all targets
not included within the agreement, including CD37. About Trubion
Trubion is a biopharmaceutical company that is creating a pipeline
of novel protein therapeutic product candidates to treat autoimmune
and inflammatory diseases and cancer. The company's mission is to
develop a variety of first-in-class and best-in-class product
candidates, customized for optimal safety, efficacy, and
convenience that it believes may offer improved patient
experiences. Trubion's current product candidates are novel
single-chain protein, or SMIP(TM), therapeutics, and are designed
using its custom drug assembly technology. Trubion's product
pipeline includes CD20-directed candidates such as TRU-015 and
SBI-087 for autoimmune and inflammatory diseases, developed under
the company's Wyeth collaboration. Trubion's product pipeline also
includes Trubion's proprietary product candidate, TRU-016, a novel
CD37-targeted therapy for the treatment of B-cell malignancies that
is currently in Phase 1/2 clinical evaluation. In addition to
Trubion's current product candidates, the company is also
developing additional alliance and proprietary product candidates
that build on its product development experience. More information
is available in the investors section of Trubion's website:
investors.trubion.com. Forward-Looking Statements Certain
statements in this release may constitute "forward-looking
statements" within the meaning of Section 21E of the Securities
Exchange Act of 1934 and Section 27A of the Securities Act of 1933.
These statements include, but are not limited to, those related to
the potential development and commercialization of new products
under the Wyeth collaboration agreement. These statements are based
on current expectations and assumptions regarding future events and
business performance and involve certain risks and uncertainties
that could cause actual results to differ materially. These risks
include, but are not limited to, risks associated with the
company's Wyeth collaboration, including Wyeth's control over
development timelines and the risks that the Company is unable to
advance its clinical development programs and regulatory
applications and action at the rate it expects and such other risks
as identified in the company's quarterly report on Form 10-Q for
the period ended March 31, 2008, and from time to time in other
reports filed by Trubion with the U.S. Securities and Exchange
Commission. These reports are available on the Investors page of
the company's corporate Web site at http://www.trubion.com/.
Trubion undertakes no duty to update any forward-looking statement
to conform the statement to actual results or changes in the
company's expectations. TRBN-G Contact: Jim DeNike Senior Director,
Corporate Communications Trubion Pharmaceuticals Inc. (206)
838-0500 Waggener Edstrom Worldwide Healthcare Amy Petty Senior
Account Executive (617) 576-5788 DATASOURCE: Trubion
Pharmaceuticals Inc. CONTACT: Jim DeNike, Senior Director,
Corporate Communications of Trubion Pharmaceuticals Inc.,
+1-206-838-0500, ; or Amy Petty, Senior Account Executive of
Waggener Edstrom Worldwide Healthcare, +1-617-576-5788, , for
Trubion Pharmaceuticals Inc. Web site: http://www.trubion.com/
http://investors.trubion.com/
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