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Genmab, Inc. (GEN.CO) Announces Roche (RHHBY) (JOBS) to Discontinue RG1507


12/4/2009 1:37:36 PM

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COPENHAGEN, Denmark, Dec. 4, 2009 (GLOBE NEWSWIRE) -- Summary: Roche to discontinue RG1507 program.

Genmab A/S (Copenhagen:GEN) announced today that Roche has informed Genmab that it will discontinue development of RG1507, a monoclonal antibody directed against the insulin-like growth factor-1 receptor (IGF-1R). The decision was due to the available clinical data, the large number of molecules targeting the same pathway that are presently in development and the prioritization of the Roche portfolio. The decision was not as a result of safety concerns.

RG1507 is a fully human antibody created by Genmab under its collaboration with Roche. RG1507 was in Phase II development for multiple indications including sarcoma and non small cell lung cancer.

"Despite this setback, Roche and Genmab continue to have a strong working relationship, with one shared aim of developing and providing novel efficacious agents to the patients that need them," said Lisa N. Drakeman, Ph.D., Chief Executive Officer of Genmab.

About Genmab A/S

Genmab is a leading international biotechnology company focused on developing fully human antibody therapeutics for the potential treatment of cancer. Genmab's world class discovery and development teams are using cutting-edge technology to create and develop products to address unmet medical needs. Our primary goal is to improve the lives of patients who are in urgent need of new treatment options. For more information on Genmab's products and technology, visit www.genmab.com.

This Stock Exchange Release contains forward looking statements. The words "believe", "expect", "anticipate", "intend" and "plan" and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with product discovery and development, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products obsolete, and other factors. For a further discussion of these risks, please refer to the section "Risk Management" in Genmab's Annual Report, which is available on www.genmab.com. Genmab does not undertake any obligation to update or revise forward looking statements in this Stock Exchange Release nor to confirm such statements in relation to actual results, unless required by law.

Read at BioSpace.com


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