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Seattle Genetics and Eos Biotechnology Collaborate To Develop Next Generation Antibody-Drug Conjugates For Cancer Therapy
June 5, 2001 at 12:00 AM EDT

Bothell, WA and South San Francisco, CA – June 5, 2001 – Seattle Genetics, Inc. (Nasdaq: SGEN) and Eos Biotechnology, Inc. announced today a collaboration to use Seattle Genetics’ toxic payload technology with Eos’ proprietary monoclonal antibodies directed against novel cancer targets derived from their analyses of the human genome. Seattle Genetics has fully synthetic, highly potent, novel drugs that can be used as payloads to dramatically increase the potency of monoclonal antibodies as therapeutic agents. Under the multi-year agreement, Seattle Genetics will provide broad access to their proprietary, novel classes of cell-killing drugs and their proprietary, specialized linkers, used to attach the drugs to antibodies. Eos will apply this technology towards developing therapeutic antibodies linked to these toxic payloads, to specifically target and kill tumor cells.

“The binding of an antibody to the surface of a cancer cell rarely induces cell death by itself,” stated Clay B. Siegall, Ph.D., President and Chief Scientific Officer at Seattle Genetics. “Enhancing the potency of antibodies through the linkage of drug payloads provides a means to selectively kill cancer cells while limiting damage to normal tissue.”

“Gaining access to Seattle Genetics’ technologies represents another important step for Eos in assembling and integrating the necessary tools to progress from new genome–derived targets directly to therapeutic candidates,” said David Martin, M.D., President and Chief Executive Officer of Eos. “Our goal is to quickly determine whether our antibodies interact with our novel targets in a therapeutically meaningful way. Since we choose our targets based on their specificity for the cancer cell, we believe that antibodies armed with potent payloads and directed to these targets could achieve that goal rapidly and frequently,” added Martin.

Under the terms of the agreement, Seattle Genetics will provide access both to its current technology of novel, fully synthetic payloads as well as any new technology developed during the course of the collaboration. Eos will pay an upfront technology access fee, milestone payments and royalties on net sales of any resulting products. Eos will be responsible for product development, manufacturing and marketing of any products generated through the collaboration.

“Seattle Genetics is committed to discovering and developing leading-edge antibody-drug conjugate technology for use with our internal programs as well as to partner with other companies,” stated H. Perry Fell, Ph.D., Chief Executive Officer of Seattle Genetics. “By working with Eos, we benefit by leveraging our internal work into a collaboration with a company committed to developing therapeutically useful products based on novel discoveries from analyzing the human genome. Eos benefits by gaining access to a sophisticated arsenal of next generation payloads to couple to their proprietary antibodies.”

About Seattle Genetics

Seattle Genetics discovers and develops monoclonal antibody, or mAb, -based therapeutics to treat cancer and related diseases. The Company utilizes its mAb-based technologies to increase the potency and efficacy of antibodies with specificity for cancer. Seattle Genetics has four mAb-based technologies: engineered mAbs, mAb-drug conjugates, single-chain immunotoxins and antibody-directed enzyme prodrug therapy. Using these technologies and its expertise in cancer, Seattle Genetics has built a diverse portfolio of drug candidates targeted to many types of human cancers, including two currently being tested in clinical trials. More information about Seattle Genetics can be found at www.seattlegenetics.com.

About Eos Biotechnology

Eos Biotechnology, a privately funded biotechnology company in South San Francisco, develops, applies and integrates a variety of high-throughput genomics, bioinformatics and biological processes for the creation of novel therapeutic and diagnostic products. Eos technologies are being applied to rapidly and cost-effectively build a pipeline of novel and medically important therapeutics and diagnostics in the areas of oncology, angiogenesis and inflammation, with initial product development efforts focused in the area of therapeutic antibodies. Further information about Eos and its programs is available at www.eosbiotech.com.

Certain of the statements made in this press release are forward-looking. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks inherent in early stage development and reliance by Seattle Genetics on collaborators. More information about the risks and uncertainties faced by Seattle Genetics is contained in the Company’s filings with the Securities and Exchange Commission, including its registration statement on Form S-1 (Registration No. 333-50266.) dated March 6, 2001. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS:
FOR SEATTLE GENETICS, INC.:
Tim Carroll, Chief Financial Officer
(425) 489-4970
tcarroll@seagen.com

FOR EOS BIOTECHNOLOGY, INC.:
David Martin, M.D., President & CEO
(650) 246-2302
dmartin@eosbiotech.com

NOONAN/RUSSO COMMUNICATIONS
Talya Gould
(415) 677-4455, ext. 284
t.gould@noonanrusso.com