Progenics Licenses PSMA Antibody Technology to Bayer for Development of Alpha-Radiolabeled Therapeutic Antibodies
May 02 2016 - 8:30AM
Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced that
it has granted an exclusive license to Bayer for the development
and commercialization of therapeutic antibodies combining the
Company’s prostate specific membrane antigen (PSMA) antibody
technology with Bayer’s targeted thorium conjugate technology.
“While there have been recent advances in the treatment of
prostate cancer, there remains a great need for therapies that can
more specifically target primary and metastatic prostate cancer,”
said Mark R. Baker, Chief Executive Officer of Progenics. “This
license agreement with Bayer further validates the value of our
PSMA antibody technology in the development of targeted cancer
treatments. We are pleased that Bayer recognizes the potential of
our technology.”
PSMA is a protein that has been found to be
amplified on the surface of >95% of prostate cancer cells
and is a validated target for the detection of primary and
metastatic prostate cancer. Antibody-thorium conjugates are
comprised of a radioactive alpha emitter, thorium-227, linked to an
antibody, in this case PSMA. The thorium conjugates bind to the
surface of tumor cells and emit alpha particles that destroy tumor
cells by inducing DNA double-strand breaks, with no need for uptake
into the cells for efficacy.
Per the terms of the license agreement,
Progenics will receive an upfront fee and could receive additional
potential clinical and regulatory development milestones. If
approved, Progenics is entitled to single digit royalties and sales
milestone payments.
About Progenics
Progenics Pharmaceuticals, Inc. is developing
innovative medicines and other products for targeting and treating
cancer, with a pipeline that includes several product candidates in
later-stage clinical development. These products in development
include therapeutic agents designed to precisely target cancer
(AZEDRA®, 1095 and PSMA ADC), and PSMA-targeted imaging agents for
prostate cancer (1404 and PyL) intended to enable clinicians and
patients to accurately visualize and manage their disease. In
addition, in late 2015 Progenics acquired EXINI Diagnostics AB, a
leader in the development of advanced artificial intelligence-based
imaging analysis tools and solutions for medical decision support.
The acquisition of EXINI complements Progenics’ strategy to support
its imaging and therapeutic agents with sophisticated analytical
tools and other technologies to help physicians and patients
visualize, understand, target and treat cancer. Progenics’
first commercial product, RELISTOR® (methylnaltrexone bromide) for
opioid-induced constipation, is partnered with and marketed by
Valeant Pharmaceuticals International, Inc.
(PGNX-F)
Contact:
Melissa Downs
Investor Relations
(914) 789-2801
mdowns@progenics.com
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