CAMBRIDGE, Mass., Dec. 19, 2011 /PRNewswire/ -- Metamark Genetics, Inc. announced today that it has entered into a research, collaboration, and license agreement with Janssen Biotech, Inc. The agreement is based on Metamark's discovery platform for the identification and characterization of specific proprietary cancer targets demonstrated to play a causal role in promoting tumor progression and spread (Prognosis Determinants). The collaboration will focus on the evaluation and validation of several of Metamark's Prognosis Determinants. Upon selection of the targets, Janssen Biotech will receive a limited exclusive license under Metamark's intellectual property and know-how and will thereafter be responsible for the discovery, development, and commercialization of therapeutic inhibitors targeting the specific Prognosis Determinants.
"We are delighted to enter into this important alliance with Janssen Biotech," said Eric Devroe, Ph.D., Vice President of Business & Strategy Development at Metamark. "This collaboration and license agreement reflects the value of Metamark's innovative approach to identifying genes and proteins that drive aggressive behavior of tumors both in the development of prognostic assays as well as in supporting the discovery and development of novel targeted therapeutics."
Metamark will receive an initial upfront payment from Janssen Biotech as well as near-term milestone payments following initial target validation. Under the terms of the agreement, Metamark may be eligible to receive up to $365 million in milestone payments across multiple targets, based upon the achievement of specified development, regulatory, and commercialization goals. In addition, Metamark will be entitled to royalties on worldwide net sales of therapeutics and any associated companion diagnostics upon commercialization.
Commenting on the agreement, Metamark President and CEO, Mark R. Straley, stated, "Our ultimate mission at Metamark Genetics is to improve cancer patient outcomes by empowering personalized treatment decisions. This collaboration advances our mission by enabling us to apply our unique understanding of tumor biology to direct the discovery and development of tumor-specific drugs and compounds."
About Metamark Genetics, Inc.
Metamark is a privately held oncology company focused on the development of function-based prognostic assays for early staged cancers. The MetamarkDx Prognostic Assays under development are based on Metamark's proprietary Prognosis Determinants, genes discovered through leading edge cancer research and demonstrated to play a causal role in promoting tumor progression and spread. For further information, please visit the company's website at www.metamarkgenetics.com.
Cautionary Note Regarding Forward-Looking Statements
This press release, and information contained on Metamark's website, contains forward-looking statements that involve substantial risks and uncertainties, including statements regarding Metamark's strategies and future plans, prospects and results, are forward-looking statements. The words "anticipate," "believe," "expect," "intend," "may," "plan," and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Metamark may not actually achieve the plans or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements.
SOURCE Metamark Genetics, Inc.