Micromet Achieves Milestone in BiTE Research Collaboration with MedImmune
CARLSBAD, Calif., April 23, 2007 /PRNewswire-FirstCall/ Micromet, Inc. today announced the achievement of a milestone in its research collaboration with MedImmune, Inc. for the development of new BiTE(R) molecules targeting carcinoembryonal antigen (CEA), a validated tumor- associated antigen frequently expressed on various human carcinomas. Preclinical data recently presented at the 2007 Annual Meeting of the American Association for Cancer Research (AACR) showed that CEA-BiTE molecules can prevent subcutaneous tumor growth and formation of lung metastases. Achievement of the preclinical proof-of-concept milestone in the CEA-BiTE program triggers an undisclosed payment from MedImmune to Micromet.
Micromet holds exclusive European rights to the CEA-BiTE program and is eligible for milestones and royalties for all other territories, including the U.S. Under the same agreement, both companies also collaborate on a new BiTE candidate targeting the tyrosine kinase receptor EphA2, which is frequently overexpressed on a wide variety of solid tumors.
"The achievement of this milestone further validates the versatility and power of the BiTE approach to treat various cancers by targeting different tumor antigens," said Patrick Baeuerle, Ph.D., Chief Scientific Officer of Micromet. "Following this initial success with the CEA-BiTE program, we are now advancing the second BiTE program through formal development with our partner MedImmune."
About BiTE(R) Molecules:
BiTE(R) molecules are a novel class of antibody derivatives with the potential to selectively direct and activate an individual's cytotoxic T cells, the body's most potent killer cells, to act against cancer cells. MT103/MEDI-538, a BiTE molecule targeting the B cell antigen CD19, provided clinical proof-of-concept for the BiTE platform technology, as presented at the most recent meeting of the American Society for Hematology. In an ongoing phase 1 study, MT103/MEDI-538 has shown potent elimination of tumor target cells in peripheral blood, bone marrow, lymph nodes and spleen of therapy- refractory non-Hodgkins lymphoma patients.
About Micromet, Inc.
Micromet, Inc. is a biopharmaceutical company focusing on the development of novel, proprietary antibody-based products for cancer, inflammatory and autoimmune diseases. Two product candidates are currently in clinical trials. MT103/MEDI-538, which is the first product candidate based on Micromet's novel BiTE(R) product development platform, is being evaluated in a phase 1 clinical trial for the treatment of patients with non-Hodgkins lymphoma. The BiTE product development platform is based on a unique, antibody-based format that leverages the cytotoxic potential of T cells, the most powerful 'killer cells' of the human immune system. Adecatumumab (MT201), a recombinant human monoclonal antibody which targets EpCAM expressing tumors, has completed two phase 2a clinical trials, one in patients with breast cancer and the other in patients with prostate cancer. In addition, a phase 1b trial evaluating the safety and tolerability of MT201 in combination with docetaxel is currently ongoing in patients with metastatic breast cancer. Micromet has established collaborations with MedImmune, Inc. for MT103/MEDI-538 and Merck Serono for adecatumumab (MT201).
Forward-Looking Statements of Micromet, Inc.
This release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding the intended utilization of product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research, discovery of new product candidates, and clinical trials, and partnering activities. Factors that may cause actual results to differ materially include the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, the risks associated with regulatory processes, the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborative partners for future revenues under the terms of its existing collaboration agreements, and for further pre-clinical and clinical studies, development and commercialization of product candidates. You are urged to consider statements that include the words "appear," "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. These factors and others are more fully discussed in Micromet's periodic reports and other filings with the SEC, including the "Risk Factors" sections of such reports.
Any forward-looking statements are made pursuant to Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, speak only as of the date made. Micromet undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Posted: April 2007