Seattle Genetics Receives License Fee From Genencor

seattle-geneticsSeattle Genetics, Inc. has recieved a license fee in an undisclosed amount from Genencor International, Inc. under the terms of a strategic alliance formed by the two companies in January 2002.

The collaboration involves the joint discovery and development of a class of cancer therapeutics based on tumor-targeted enzymes that activate prodrugs.

At the time the parties formed the collaboration, Genencor made an equity investment of $3 million in and agreed to pay specific fees and milestone payments.

The two companies are sharing development costs and have the right to jointly commercialize any resulting products within the field.

Currently, the companies are jointly developing SGN-17/19, the lead product candidate in the antibody-directed enzyme prodrug therapy (ADEPT) platform for the treatment of metastatic melanoma.

The companies may also include other product candidates as part of the collaboration in the future.

“We are excited to be developing an antibody-based therapy for metastatic melanoma, a cancer which currently lacks effective treatments,” stated Clay B. Siegall, Ph.D., President and Chief Scientific Officer.

“Our relationship with Genencor has proven mutually beneficial and we look forward to continuing our collaboration on the development of targeted enzyme-based cancer therapies.” discovers and develops monoclonal antibody-based therapeutics to treat cancer and related diseases.

The Company has four technologies: engineered monoclonal antibodies, antibody-drug conjugates (ADC), single-chain immunotoxins and ADEPT.

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