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Seattle Genetics Licenses Monoclonal Antibodies from CLB-Research and Development
July 18, 2001 at 12:00 AM EDT
Bothell, WA – July 18, 2001 – Seattle Genetics, Inc. (Nasdaq: SGEN) announced today that the Company has entered into an agreement to license certain monoclonal antibodies that target cancer and immunological disease from CLB-Research and Development, located in the Netherlands. Seattle Genetics will have development, manufacturing and worldwide commercialization rights to therapeutic products derived from the antibodies.
Seattle Genetics will evaluate the antibodies as therapeutic agents alone as well as apply its antibody-drug conjugate technology as a way of increasing their potency. Antibody-drug conjugates enhance the potency of antibodies through the linkage of cytotoxic drug payloads, providing a means to selectively kill cancer cells while limiting damage to normal tissue. The Company has proprietary state-of-the-art, serum-stable linkers and highly potent, synthetic cell-killing agents.
“Antibody-drug conjugates represent an emerging class of therapeutic agent,” commented Clay B. Siegall, Ph.D., President and Chief Scientific Officer of Seattle Genetics. “We are pleased to be working with CLB in licensing these promising antibodies as a means of leveraging our technology platforms and further expanding our pipeline of product candidates for the treatment of cancer.”
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 (ADEPT). 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. The Company also out-licenses its mAb-based technologies to strategic partners developing targeted therapies. More information about Seattle Genetics can be found at www.seattlegenetics.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 related to adverse clinical results as our product candidates move into and advance in clinical trials, risks inherent in early stage development and failure by Seattle Genetics to secure collaborators. Additionally, the antibodies licensed from CLB-Research and Development may not be suitable for incorporation into our technology platforms as anticipated after further study and research. 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.