COPENHAGEN, Denmark, June 26 /PRNewswire-FirstCall/ -- Summary: Positive efficacy results with ofatumumab in rheumatoid arthritis enable Genmab to achieve first development milestone.
Genmab A/S (CSE: GEN) announced today it has reached the first development milestone for ofatumumab (HuMax-CD20(R)) under the terms of its collaboration with GlaxoSmithKline (GSK). Achievement of this milestone has resulted in a payment of DKK 116.3 million (approximately USD 20.8 million), triggered by positive efficacy results in the Phase II rheumatoid arthritis study, announced June 15, 2007. The payment will not influence Genmab’s financial guidance for 2007.
Genmab licensed exclusive worldwide rights to co-develop and commercialize ofatumumab to GSK in December 2006. Genmab received a license fee of DKK 582 million, and GSK invested DKK 2,033 million in Genmab shares. In addition, Genmab will be entitled to receive tiered double digit royalties on global sales of ofatumumab and may also receive further milestone payments. As part of the agreement, Genmab will have an option to co-promote, in a targeted oncology setting, ofatumumab, Bexxar(TM), and Arranon(TM) in the US and ofatumumab and Atriance(TM) in the Nordic region. GSK will also have an option for a CD20 UniBody(TM).
“Genmab’s clinical development team has worked very hard to progress the various ongoing clinical trial programs with ofatumumab, and these results in the RA indication are very encouraging,” said Lisa N. Drakeman, Ph.D., Chief Executive Officer of Genmab. “We are also very pleased that these results have helped us reach our first milestone in our collaboration with GSK so soon after entering into our agreement.”
About Genmab A/S
Genmab A/S is a biotechnology company that creates and develops human antibodies for the treatment of life-threatening and debilitating diseases. Genmab has numerous products in development to treat cancer, infectious disease, rheumatoid arthritis and other inflammatory conditions, and intends to continue assembling a broad portfolio of new therapeutic products. In addition, Genmab has developed UniBody(TM), a new proprietary technology that creates a stable, smaller antibody format. Genmab has operations in Europe and the US. For more information about Genmab, visit www.genmab.com.
This press 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. Genmab is not under an obligation to up-date statements regarding the future following the publication of this release; nor to confirm such statements in relation to actual results, unless this is required by law.
Genmab(R); the Y-shaped Genmab logo(R); HuMax(R); HuMax-CD4(R); HuMax-CD20(R); HuMax-EGFr(TM); HuMax-Inflam(TM); HuMax-TAC(TM); HuMax-HepC(TM), HuMax-CD38(TM); HuMax-ZP3(TM); and UniBody(TM) are all trademarks of Genmab A/S.
Contact: Helle Husted, Sr. Director, Investor Relations, T: +45-33-44-77-30, M: +45-25-27-47-13, E: hth@genmab.com
Stock Exchange Release no. 29/2007
Genmab A/S
CONTACT: Contact: Helle Husted, Sr. Director, Investor Relations, T:+45-33-44-77-30, M: +45-25-27-47-13, E: hth@genmab.com
