MediGene AG Exercises Option for Anti-L1 Monoclonal Antibody and Continues Collaboration With German Cancer Research Center (DKFZ)

MARTINSRIED/ MUNICH, Germany, July 17, 2008 (PRIME NEWSWIRE) -- MediGene AG (Frankfurt:MDG) announced that, according to plan, an option, granted two years ago by the German Cancer Research Center (Deutsches Krebsforschungszentrum = DKFZ) in Heidelberg for the development and commercialization of an antibody for the treatment of different types of cancer, including ovarian cancer, will now be exercised by MediGene. MediGene therefore acquires an exclusive worldwide license for the application and commercialization of Anti L1 antibodies in anti-tumor therapy. In June 2006, MediGene and the DKFZ initiated this collaboration for the purpose of the therapeutic development of monoclonal antibodies against the tumor marker L1. The initial duration of the agreement was two years and it will now be extended. Concurrently with exercising the option for the license, an agreement that was initiated end of 2007 for the co-development and commercialization of the anti-L1 monoclonal antibody with Celltrion, Inc., a South Korean biopharmaceutical company which provides CMO (contract manufacturing organization) services, is now finalized. The L1-antibody is currently in the preclinical phase of development.