Partners Also Agree to Create Up To Six New Product Opportunities Based Upon
Micromet's Novel Platform of Antibody Derivatives
GAITHERSBURG, Md., and MUNICH, Germany, June 9 /PRNewswire-FirstCall/ --
MedImmune, Inc. (Nasdaq: MEDI) and Micromet AG (private) today announced an
agreement to jointly develop Micromet's B cell tumor drug, MT103, the most-
advanced representative of a novel class of antibody derivatives called Bi-
Specific T Cell Engagers (BiTE(TM)). In addition, the parties agreed to create
up to six novel drug candidates using Micromet's proprietary BiTE product
platform.
"This agreement with Micromet on MT103 and the promising BiTE platform
reflects MedImmune's dedication to expanding its oncology pipeline," said
James F. Young, Ph.D., MedImmune's president, research and development. "We
are excited with the possibility of developing MT103 into a new treatment
option for non-Hodgkin lymphoma and chronic lymphocytic leukemia. MT103 may
also have application in autoimmune diseases, such as rheumatoid arthritis,
myasthenia gravis, and systemic lupus erythematosus. We look forward to
working with Micromet to create additional drug candidates using the BiTE
technology."
Micromet has initiated two European Phase 1 studies of MT103 in non-
Hodgkin lymphoma (NHL) and plans to initiate a Phase 1 study in chronic
lymphocytic leukemia (CLL) later this year. The BiTE compound MT103 directs
and activates the patients' own T cells (a very potent type of killer cell)
against tumor cells. MT103 targets a particular protein (the CD19 antigen),
which is present on the large majority of B cells (white blood cells) but not
on other types of blood cells or healthy tissues. MT103 may therefore be
applied to the treatment of all B cell-related leukemias and lymphomas. The
Leukemia & Lymphoma Society had estimated that approximately 53,900 Americans
would be diagnosed with NHL in 2002, with approximately 7,000 new cases of CLL
each year.
Under the terms of the agreement, Micromet will receive milestone payments
based on the successful development, filing, registration and marketing of
MT103, as well as royalties on MedImmune's North American sales of the
product. Furthermore, MedImmune Ventures, Inc., a wholly owned venture capital
subsidiary of MedImmune, will make an investment in Micromet. MedImmune
receives Micromet's product rights to MT103 in North America and will assume
responsibility for clinical development, registration and commercialization of
the product in that region. As part of the agreement, MedImmune will develop
the commercial manufacturing process and supply clinical trial material as
well as commercial products for all markets. Micromet retains rights to MT103
outside of North America.
In addition to the MT103 co-development agreement, the parties will
collaborate to create and develop up to six new products based on the BiTE
platform. Micromet is entitled to receive milestones and royalties on future
product sales of all resulting BiTE products. In addition, Micromet has the
option to obtain exclusive European rights for BiTE compounds based on targets
non-proprietary to MedImmune and the option to receive co-promotion rights in
Europe for BiTE compounds based on MedImmune's proprietary targets. For each
new BiTE molecule MedImmune will cover full development costs up to Phase 1.
Micromet will be responsible for the generation of the new BiTE molecules. The
parties expect to initiate the first joint BiTE program within the next six
months.
Erich Felber, MD, chief executive officer of Micromet, said, "We are
pleased to establish a co-development relationship with MedImmune, one of the
world's leading biotechnology companies. MedImmune's track record in building
product franchises and its commitment to the oncology and antibody arena make
them an ideal partner. The partnership not only strengthens our clinical-stage
portfolio, but also creates and funds additional opportunities with the BiTE
product platform."
Notes to editors
BiTE(TM) (Bispecific T cell Engagers)
Visit www.micromet.de to download a backgrounder on BiTE(TM) technology.
BiTE(TM) is a registered and filed trademark.
About Micromet AG
Micromet AG, a private Munich-based biotechnology company, puts novel
concepts in antibody therapy to work. Using proprietary technologies, the
Company is building a strong pipeline of innovative drug candidates for the
treatment of cancer, inflammation and autoimmune disease, with two of them
currently in clinical trials. Beyond its proprietary BiTE(TM) product engine,
the Company is exploiting the potential of SCAs (singe-chain antibodies) for
the development of novel drug formats under a multiyear strategic
collaboration with Enzon Inc. For further information, please visit the
company's web site at www.micromet.de.
About MedImmune
MedImmune is a leading biotechnology company focused on researching,
developing and commercializing products to prevent or treat infectious
disease, autoimmune disease and cancer. MedImmune markets three products,
Synagis(R) (palivizumab), Ethyol(R) (amifostine) and CytoGam(R)
(cytomegalovirus immune globulin intravenous (human)), and has additional
products in clinical testing. MedImmune employs over 1,700 people, is
headquartered in Gaithersburg, Maryland, and has additional operations in
Frederick, Maryland, as well as Pennsylvania, California, the United Kingdom
and the Netherlands. For more information on MedImmune, visit the company's
website at www.medimmune.com.
This announcement may contain, in addition to historical information,
certain forward-looking statements that involve risks and uncertainties. Such
statements with respect to MedImmune reflect the current views of MedImmune's
management and are based on certain assumptions. Actual results for MedImmune
could differ materially from those currently anticipated as a result of a
number of factors, including risks and uncertainties discussed in MedImmune's
filings with the U.S. Securities and Exchange Commission. MedImmune is
developing several products for potential future marketing. There can be no
assurance that such development efforts will succeed, that such products will
receive required regulatory clearance or that, even if such regulatory
clearance were received, such products would ultimately achieve commercial
success.
SOURCE MedImmune, Inc.
-0- 06/09/2003
/CONTACT: Investors, John Filler, Sr. Analyst, Investor Relations,
+1-240-632-4086, or William Roberts, Sr. Manager, Investor Relations, +1-240-
888-7741, or Media, Jamie Lacey, Assoc. Director, Public Relations, +1-240-
632-4035, all of MedImmune, Inc.; or Media, Evelyn Wolf, Public Relations, of
Micromet AG, +49-89-895277-220, or US - Cynthia Isaac, Euro RSCG Life NRP,
+1-212-845-4267, for Micromet AG, or Investors, Ines-Regina Buth, Investor
Relations of Micromet AG, +49-89-895277-221/
/Web site: http://www.medimmune.com http://www.micromet.de /
(MEDI)
CO: MedImmune, Inc.; Micromet AG
ST: Maryland
IN: MTC HEA BIO
SU: JVN
BE
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9818 06/09/2003 06:01 EDT http://www.prnewswire.com