MacroGenics DART Therapeutic Selected by Boehringer Ingelheim as a Bi-Specific Pre-Clinical Development Candidate
Selection of a Pre-Clinical Development Candidate Triggers a $5 Million Milestone Payment
ROCKVILLE, Md., Nov. 11, 2013 (GLOBE NEWSWIRE) -- MacroGenics, Inc. (Nasdaq:MGNX) today announced that Boehringer Ingelheim has nominated a bi-specific antibody therapeutic candidate generated by MacroGenics' Dual-Affinity Re-Targeting (DART(TM)) technology for pre-clinical development. This will trigger a $5 million milestone payment to MacroGenics under the companies' October 2010 agreement to discover, develop and commercialize up to 10 DART-based therapeutics, which may span multiple therapeutic areas. In addition, Boehringer Ingelheim will pay a research maintenance payment of $4 million to MacroGenics in the fourth quarter of 2013.
Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics, added: "We are pleased that the lead candidate in this research program achieved this milestone. Over the past three years, we have greatly enjoyed our relationship with Boehringer Ingelheim and look forward to our continuing collaboration on additional DART research candidates."
Background on DART Platform
Our DART platform enables the targeting of multiple antigens or cells by using a single molecule with an antibody-like structure. We have created over 100 DART-based molecules, or DARTs, which have been configured for the potential treatment of cancer, autoimmune disorders and infectious disease. These DARTs can be tailored for either short or prolonged pharmacokinetics and have demonstrated good stability and attractive manufacturability. We have completed in vitro and in vivo proof of concept studies with multiple candidates and expect to advance our first DARTs into clinical development in 2014.
About MacroGenics, Inc.
MacroGenics is a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer and autoimmune diseases. The company generates its pipeline of product candidates from its proprietary suite of next-generation antibody technology platforms, which it believes improve the performance of monoclonal antibodies and antibody-derived molecules. The company creates both differentiated molecules that are directed to novel cancer targets, as well as "bio-betters," which are drugs designed to improve upon marketed medicines. The combination of MacroGenics' technology platforms and antibody engineering expertise has allowed the company to generate promising product candidates and enter into several strategic collaborations with global pharmaceutical and biotechnology companies. www.macrogenics.com
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Karen Sharma, Director
MacDougall Biomedical Communications