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Seattle Genetics Signs Development and Manufacturing Agreement with ICOS for the Monoclonal Antibody Component of SGN-15
August 14, 2001 at 12:00 AM EDT
Bothell, WA – August 14, 2001 – Seattle Genetics, Inc. (Nasdaq: SGEN) announced today that the Company has entered into an agreement with ICOS Corporation (Nasdaq: ICOS) for the development and manufacture of the monoclonal antibody component of its lead antibody-drug conjugate SGN-15. Under the terms of the agreement, ICOS will perform process development, scale-up and GMP manufacturing. SGN-15 is presently being tested in phase II trials for the treatment of breast, colon and prostate cancers. Financial terms were not disclosed.
“The growth in our clinical trials is driving a need for additional amounts of SGN-15,” stated H. Perry Fell, Ph.D., Chief Executive Officer of Seattle Genetics. “We look forward to continuing our relationship with ICOS, which is also manufacturing GMP grade product of SGN-30, our product candidate that we expect to enter clinical trials in 2002.”
About Seattle Genetics
Seattle Genetics discovers and develops monoclonal antibody, or mAb, -based therapeutics to treat cancer and related diseases. The Company has four technologies: engineered mAbs, mAb-drug conjugates, single-chain immunotoxins and antibody-directed enzyme prodrug therapy (ADEPT). 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. Seattle Genetics has agreements with many organizations including Genentech, Medarex, Aventis, Bristol-Myers Squibb, Eos Biotechnology, Arizona State University, the University of Miami, and CLB Research and Development. 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’ collaborators, including ICOS Corporation, to complete their obligations in a timely manner or supply the quantity or quality of products necessary to the Company’s business. More information about the risks and uncertainties faced by Seattle Genetics is contained in the Company’s filings with the Securities and Exchange Commission. 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.