Partners Expect Program to Advance to the Clinic Within a Year; Studies
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BETHESDA, Md., and ZURICH, Switzerland, June 24 /PRNewswire/ -- Micromet, Inc. (Nasdaq: MITI) and Nycomed today announced the initiation of formal preclinical safety studies for the anti-GM-CSF human antibody MT203. Micromet received $775,000 (500,000 euros) from Nycomed for the achievement of this milestone.
Under a 2007 agreement between the two companies, Micromet and Nycomed develop MT203, a fully human anti-GM-CSF antibody that may be useful for the treatment of various inflammatory and autoimmune diseases. Preclinical studies support MT203's development for the treatment of rheumatoid arthritis and several other indications, including multiple sclerosis, psoriasis, asthma and chronic obstructive pulmonary disease.
"Data on MT203 remain encouraging and we are pleased to reach this important developmental milestone," said Jens Hennecke, Micromet's Vice President of Business Development. "The MT203 program is well on track and we are looking forward to advancing it into the clinic within a year."
"Within our partnership, Micromet has continued to deliver encouraging data on MT203 related to the treatment of inflammatory and autoimmune diseases," said Anders Ullman, Nycomed's Executive Vice President Research and Development. "MT203 represents an important asset in our early stage pipeline."
About Nycomed (http://www.nycomed.com)
Nycomed is a privately owned pharmaceutical company that provides medicines for hospitals, specialists and general practitioners, as well as over-the-counter medicines in selected markets. It is European based with a presence in over 50 countries worldwide and an increasing emphasis on fast growing markets. The company is active in a range of therapeutic areas, focusing on gastroenterology, respiratory, inflammation, pain management, osteoporosis and surgical management. New products are sourced both from its own research and from business partners. Nycomed employs 12,000 people. In 2007, it had annual sales of 3.5 billion euros and an adjusted EBITDA of 1.2 billion euros.
About Micromet, Inc.
Micromet, Inc. (http://www.micromet-inc.com) is a biopharmaceutical company developing novel, proprietary antibodies for the treatment of cancer, inflammation and autoimmune diseases. Four of its antibodies are currently in clinical trials, while the remainder of the product pipeline is in preclinical development. The BiTE(R) antibody blinatumomab, also known as MT103 is in a phase 2 clinical trial for the treatment of patients with acute lymphoblastic leukemia and in a phase 1 clinical trial for the treatment of patients with non-Hodgkin's lymphoma. BiTE antibodies represent a new class of antibodies that activate the T cells of a patient's own immune system, to eliminate cancer cells. Micromet is developing blinatumomab in collaboration with MedImmune, Inc., a subsidiary of AstraZeneca plc. MT110 is the second BiTE antibody in clinical trials, and is being developed by Micromet in a phase 1 clinical trial for the treatment of patients with lung or gastrointestinal cancer. The third clinical stage antibody is adecatumumab, also known as MT201, a human monoclonal antibody which targets epithelial cell adhesion molecule (EpCAM)-expressing solid tumors. Micromet is developing adecatumumab in collaboration with Merck Serono in a phase 1b clinical trial evaluating adecatumumab in combination with docetaxel for the treatment of patients with metastatic breast cancer. The fourth clinical stage antibody is MT293 which is licensed to TRACON Pharmaceuticals, Inc. and is being developed in a phase 1 clinical trial for the treatment of patients with cancer. Three additional BiTE antibodies, targeting CD33, CEA and MCSP, are in preclinical development. In addition, Micromet has established a collaboration with Nycomed for the development and commercialization of MT203, a human antibody neutralizing the activity of granulocyte/macrophage colony stimulating factor (GM-CSF), which has potential applications in the treatment of various inflammatory and autoimmune diseases, such as rheumatoid arthritis, psoriasis, or multiple sclerosis.
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. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include the risk that product candidates that appeared promising in early research, preclinical studies or clinical trials do not demonstrate safety and/or efficacy in subsequent clinical trials, the risk that encouraging results from early research, preclinical studies or clinical trials may not be confirmed upon further analysis of the detailed results of such research, preclinical study or clinical trial, the risk that additional information relating to the safety, efficacy or tolerability of our product candidates may be discovered upon further analysis of preclinical or clinical trial data, the risk that we or our collaborators will not obtain approval to market our product candidates, the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborators, including MedImmune, Merck Serono, TRACON and Nycomed, for the funding or conduct of further development and commercialization activities relating to our product candidates. You are urged to consider statements that include the words "ongoing," "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "suggests," "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 our periodic reports and other filings with the SEC.
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, Inc. undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
|SOURCE Micromet, Inc.|
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