Seattle Genetics Achieves Milestone Under Antibody-Drug Conjugate Collaboration Triggered by Genentech's IND Filing

Seattle Genetics Achieves Milestone Under Antibody-Drug Conjugate Collaboration Triggered by Genentech's IND Filing

BOTHELL, Wash.--(BUSINESS WIRE)--Seattle Genetics, Inc. (NASDAQ:SGEN), announced today that it has achieved a milestone under its antibody-drug conjugate (ADC) collaboration with Genentech, Inc. The milestone was triggered by Genentech's filing of an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) for an ADC utilizing Seattle Genetics' technology.

"Genentech and our other collaborators continue to make strong progress with ADCs utilizing our technology, and we expect multiple ADC programs to advance into the clinic over the next several years," said Eric L. Dobmeier, Chief Business Officer of Seattle Genetics. "The achievement of this milestone under our collaboration with Genentech further demonstrates the broad potential of our ADC technology to empower antibodies."

Under the terms of the ADC collaboration agreement, Genentech has rights to use Seattle Genetics' ADC technology with antibodies against targets selected by Genentech. Genentech is responsible for research, product development, manufacturing and commercialization activities under the collaboration. Seattle Genetics is entitled to receive fees, progress-dependent milestone payments and royalties on net sales of any resulting ADC products.

Seattle Genetics is advancing its own pipeline of ADC programs, including SGN-35, which is in two phase I clinical trials for patients with Hodgkin lymphoma and other CD30-positive hematologic malignancies. At the recent American Society of Clinical Oncology (ASCO) annual meeting, data were presented demonstrating multiple complete and partial responses at well-tolerated doses of SGN-35. The company is also developing a number of proprietary preclinical ADC programs, including SGN-75 and an anti-CD19 ADC.

About ADCs

ADCs utilize the targeting ability of monoclonal antibodies to deliver potent, cell-killing payloads to specific cells. Seattle Genetics has developed proprietary technology employing synthetic, highly potent drugs that can be attached to antibodies through proprietary linker systems. The linkers are designed to be stable in the bloodstream but to release the drug payload under specific conditions once inside target cells, thereby sparing non-target cells many of the toxic effects of traditional chemotherapy. To date, Seattle Genetics has generated more than $65 million through technology license agreements with leading biotechnology and pharmaceutical companies.

About Seattle Genetics

Seattle Genetics is a clinical-stage biotechnology company focused on the development and commercialization of monoclonal antibody-based therapies for the treatment of cancer and autoimmune disease. The company has a worldwide collaboration with Genentech for SGN-40. Seattle Genetics also has two other product candidates in ongoing clinical trials: SGN-33 and SGN-35. In addition, the company has developed proprietary antibody-drug conjugate (ADC) technology comprising highly potent synthetic drugs and stable linkers for attaching the drugs to monoclonal antibodies. Seattle Genetics has collaborations for its ADC technology with a number of leading biotechnology and pharmaceutical companies, including Genentech, Bayer, CuraGen, Progenics and MedImmune, a wholly owned subsidiary of AstraZeneca, as well as an ADC co-development agreement with Agensys, a wholly owned subsidiary of Astellas Pharma.

Certain of the statements made in this press release are forward looking, such as those, among others, relating to the therapeutic potential of Seattle Genetics' ADC technology. 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 the inability to show sufficient safety or activity as our or our collaborators' ADC product candidates move into and advance in clinical trials. 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.