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Exhibit 99.1
CAMBRIDGE, Mass. and FREMONT, Calif., Sept. 6 /PRNewswire/ -- ImmunoGen, Inc.
(Nasdaq: IMGN) and Abgenix, Inc. (Nasdaq: ABGX) today announced a collaboration
providing Abgenix with access to ImmunoGen's maytansinoid Tumor-Activated
Prodrug (TAP) technology for use with Abgenix's fully human antibodies generated
with XenoMouse(TM) technology. ImmunoGen will receive $5 million in technology
access fee payments, as well as potential milestone payments, and royalties on
net sales of any resulting products. In addition, Abgenix will purchase $15
million of ImmunoGen common stock at $19.00 per share.
The multi-year agreement provides Abgenix with a broad license to utilize
ImmunoGen's maytansinoid TAP platform in its antibody product research efforts
and an option to obtain product licenses for a large number of antigen targets
over the agreement's ten-year term. Abgenix will be responsible for
manufacturing, product development and marketing of any products developed
through the collaboration. ImmunoGen may produce preclinical and clinical
material, at Abgenix's request, for a manufacturing payment.
"Having access to ImmunoGen's existing TAP technology will allow Abgenix to
extend its product reach, particularly in the oncology field," said R. Scott
Greer, chairman and CEO of Abgenix. "Many of the targets emerging from our
antigen sourcing collaborations may be appropriate for tumor-activated prodrug
therapy. The alliance represents another example of how Abgenix is assembling
the technologies necessary to rapidly move from a genomics target to an
effective therapeutic product."
"We are pleased to welcome Abgenix, a leader in producing fully human monoclonal
antibodies, as one of our partners," said Mitchel Sayare, Ph.D., Chairman and
CEO of ImmunoGen, Inc. "In addition to Abgenix's XenoMouse technology, this
collaboration also leverages Abgenix's numerous genomics partners who will
provide access to targets. This agreement is an important step toward our goal
of exploiting new genomics information through development of new antibody-based
TAP products."
ImmunoGen's tumor-activated prodrug technology consists of potent cytotoxic
drugs coupled to monoclonal antibodies that recognize and bind to tumor cells,
effectively delivering the cytotoxic agents directly to cancer cells.
Maytansinoids are a family of potent chemotherapeutic agents a thousand-fold
more cytotoxic than existing chemotherapeutic drugs. In animal studies,
maytansinoid TAPs eradicated human tumor xenografts. TAPS using ImmunoGen's
technology have the potential to be more potent and less toxic to the patient
than existing chemotherapeutics.
ImmunoGen, Inc. develops innovative biopharmaceuticals, primarily for cancer
treatment. The Company has created potent tumor-activated prodrugs, consisting
of drugs coupled to monoclonal antibodies for delivery to and destruction of
cancer cells. The most advanced TAP, huC242-DM1/SB-408075, designed to treat
colorectal and pancreatic cancer, is in a Phase I/II human clinical study. In
addition to its maytansinoid platform of TAPs, the Company is working on other
proprietary TAP platforms comprising agents, such as taxanes, which exert
cell-killing activity via different mechanisms of action.
Abgenix is a biopharmaceutical company that develops and intends to
commercialize antibody therapies for the treatment of such conditions as
transplant-related diseases, inflammatory and autoimmune disorders,
cardiovascular disease, infectious diseases, and cancer. For more information on
Abgenix, visit the company's Web site at HTTP://WWW.ABGENIX.COM.
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Abgenix developed XenoMouse(TM) technology to enable the rapid generation of
high affinity, fully human antibody product candidates to essentially any
disease target appropriate for antibody therapy. Abgenix has collaborative
arrangements with multiple pharmaceutical, genomics and biotechnology companies
involving its XenoMouse technology. In addition, Abgenix has multiple
proprietary antibody product candidates under development internally, three of
which are in human clinical trials for graft-versus-host disease, psoriasis,
rheumatoid arthritis, and cancer.
This press release includes forward-looking statements based on management's
current expectations. Factors that could cause future results to differ
materially from such expectations include, but are not limited to: the ability
to secure future funding; the success of ImmunoGen's research strategy; the
applicability of the discoveries made therein; the difficulties inherent in the
development of pharmaceuticals, including uncertainties as to the timing and
results of preclinical studies; delayed achievements of milestones; reliance on
collaborators; uncertainty as to whether ImmunoGen's potential products will
succeed in entering human clinical trials and uncertainty as to the results of
such trials; uncertainty as to whether adequate reimbursement for these products
will exist from the government, private healthcare insurers and third-party
payors; and the uncertainties as to the extent of future government regulation
of the pharmaceutical business.
Statements made in this press release about Abgenix's XenoMouse technology,
product development activities and collaborative arrangements other than
statements of historical fact, are forward looking statements and are subject to
a number of uncertainties that could cause actual results to differ materially
from the statements made, including risks associated with the success of
clinical trials, the progress of research and product development programs, the
regulatory approval process, competitive products, future capital requirements
and the extent and breadth of Abgenix's patent portfolio. Please see Abgenix's
public filings with the Securities and Exchange Commission for information about
risks that may affect Abgenix.
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