BETHESDA, Md., April 21 /PRNewswire-FirstCall/ -- Micromet, Inc. a biopharmaceutical company focused on the development and commercialization of next-generation antibodies for the treatment of cancer, announced today that it has achieved a milestone under its collaboration agreement with Bayer Schering Pharma AG. The milestone was triggered by Micromet's achievement of pre-clinical proof of concept for a BiTE antibody for the treatment of solid tumors.
Under the terms of the collaboration agreement Micromet is primarily responsible for the pre-clinical development of the BiTE antibody, and will collaborate with Bayer through the completion of phase 1 clinical trials. Bayer is responsible for product development beginning in phase 2, and for all manufacturing and commercialization activities. Micromet is entitled to receive progress dependent milestone payments of up to 285 million Euros and up to double digit royalties on net sales. In addition, Micromet will be reimbursed for its R&D expenses.
About Micromet, Inc.
Micromet, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibody-based therapies for the treatment of cancer. Its product development pipeline includes novel antibodies generated with its proprietary BiTE(R) technology, as well as conventional monoclonal antibodies. Two of Micromet's BiTE antibodies and three of its conventional antibodies are currently in clinical trials. Micromet has collaborations with a number of leading pharmaceutical companies, including sanofi-aventis, Bayer Schering Pharma, Nycomed, Merck Serono, and AstraZeneca's wholly owned subsidiary MedImmune. Additional information can be found at www.micromet-inc.com.
CONTACT: Jennifer Neiman, Director, Corporate Communications, Micromet,
Inc., +1-240-486-4413, Jennifer.neiman@micromet-inc.com
Web site: http://www.micromet-inc.com/
