Bayer Schering Exercises Option to Develop Solid Tumor BiTE Antibody with Micromet
December 01 2009 - 6:00AM
PR Newswire (US)
BETHESDA, Md., Dec. 1 /PRNewswire-FirstCall/ -- Micromet, Inc.
(NASDAQ: MITI), a biopharmaceutical company developing novel,
proprietary antibodies for the treatment of cancer, inflammation
and autoimmune diseases today announced that Bayer Schering Pharma
AG has exercised its option under the option, collaboration and
license agreement entered into on January 12, 2009 to develop a new
BiTE antibody for the treatment of solid tumors. Under the terms of
the agreement, Bayer Schering Pharma had an option until January 5,
2010 to license a specific BiTE antibody targeting an undisclosed
target. The option exercise triggers a formal collaboration between
Micromet and Bayer Schering Pharma on the development of the BiTE
antibody. Micromet will be primarily responsible for the
preclinical development of the BiTE antibody, and will collaborate
with Bayer through the completion of phase 1 clinical trials, at
which point Bayer Schering Pharma will assume full control of the
further development and commercialization of the BiTE antibody.
Micromet will receive an option exercise fee of Euro 5 million
(approx. $7.5 million), and is eligible for further milestone
payments of up to Euro 285 million (approx. $426 million) in total
and up to double digit royalties on net sales of the BiTE antibody.
In addition, Micromet will be reimbursed for its R&D expenses.
"BiTE antibodies represent a promising approach to cancer therapy,"
said Dr. Karl Ziegelbauer, Head Therapeutic Research Oncology of
Bayer Schering Pharma AG. "We are pleased with the progress of the
program since the signing of the agreement in January of this year.
We are looking forward to developing a new treatment for patients
with solid tumors and to further advance novel therapeutic options
in our oncology portfolio." Jens Hennecke, Micromet's Senior Vice
President for Business Development added: "Our research and
preclinical development teams have done an excellent job in
advancing the program since January of this year. Bayer Schering
Pharma's early option exercise is a recognition of Micromet's
development capabilities and confirms the promise of our BiTE
antibody platform." About BiTE Antibodies BiTEĀ® antibodies are
designed to direct the body's cytotoxic, or cell-destroying, T
cells against tumor cells, and represent a new therapeutic approach
to cancer therapy. Typically, antibodies cannot engage T cells
because T cells lack the appropriate receptors for binding
antibodies. BiTE antibodies have been shown to bind T cells to
tumor cells, ultimately inducing a self-destruction process in the
tumor cells referred to as apoptosis, or programmed cell death. In
the presence of BiTE antibodies, T cells have been demonstrated to
serially eliminate tumor cells, which explains the activity of BiTE
antibodies at very low concentrations. Through the killing process,
T cells start to proliferate, which leads to an increased number of
T cells at the site of attack. About Micromet, Inc. Micromet, Inc.
is a biopharmaceutical company developing novel, proprietary
antibodies for the treatment of cancer, inflammation and autoimmune
diseases. Its product development pipeline includes novel
antibodies generated with its proprietary BiTEĀ® antibody platform,
as well as conventional monoclonal antibodies. Two of Micromet's
BiTE antibodies and three of its conventional antibodies are
currently in clinical trials. Micromet's preclinical product
pipeline includes several novel BiTE antibodies generated with its
proprietary BiTE antibody platform technology. Micromet's
collaboration partners include sanofi-aventis, Bayer Schering
Pharma, Merck Serono, MedImmune and Nycomed. Forward-Looking
Statements This release contains certain forward-looking statements
that involve risks and uncertainties that could cause actual
results to be materially different from historical results or from
any future results expressed or implied by such forward-looking
statements. These forward-looking statements include statements
regarding the operation of the global collaboration with Bayer
Schering Pharma, the efficacy, safety and intended utilization of
our product candidates, including the BiTE antibody that is the
subject of the agreement with Bayer Schering Pharma, the mode of
action of BiTE antibodies, the conduct, timing and results of
future clinical trials, expectations of the future expansion of our
product pipeline and collaborations, and the future payment of
milestone and royalty payments by Bayer Schering Pharma. You are
urged to consider statements that include the words "ongoing,"
"may," "will," "believes," "potential," "expects," "plans,"
"anticipates," "intends," or the negative of those words or other
similar words to be uncertain and forward-looking. Factors that may
cause actual results to differ materially from any future results
expressed or implied by any forward-looking statements include the
risk that product candidates that appeared promising in early
research, preclinical studies or clinical trials do not demonstrate
safety and/or efficacy in subsequent clinical trials, the risk that
encouraging results from early research, preclinical studies or
clinical trials may not be confirmed upon further analysis of the
detailed results of such research, preclinical study or clinical
trial, the risk that additional information relating to the safety,
efficacy or tolerability of our product candidates may be
discovered upon further analysis of preclinical or clinical trial
data, the risk that we or our collaborators will not obtain
approval to market our product candidates, the risks associated
with reliance on outside financing to meet capital requirements,
and the risks associated with reliance on collaborators and
licensees, including Bayer Schering Pharma, sanofi-aventis,
MedImmune, Merck Serono, TRACON and Nycomed, for the funding or
conduct of further development and commercialization activities
relating to our product candidates. These factors and others are
more fully discussed in Micromet's Quarterly Report on Form 10-Q
for the fiscal quarter ended September 30, 2009, filed with the SEC
on November 6, 2009, as well as other filings by the company with
the SEC. DATASOURCE: Micromet, Inc. CONTACT: US Media: Chris Stamm,
+1-781-684-0770, ; US Investors: Susan Noonan, +1-212-966-3650, ;
European Media: Ludger Wess, +49 (40) 8816 5964, ; European
Investors: Ines-Regina Buth, +49 (30) 2363 2768, Web Site:
http://www.micromet-inc.com/
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