Harris & Harris Group Portfolio Company, Mersana Therapeutics, Announces FDA Clearance of IND Application for Lead Antibody-D...
October 24 2016 - 11:57AM
Harris & Harris Group, Inc. (NASDAQ:TINY), an investor in
transformative companies enabled by disruptive science, notes the
announcement by its portfolio company, Mersana Therapeutics, Inc.,
that the U.S. Food and Drug Administration (FDA) cleared the
company’s Investigational New Drug (IND) application to begin Phase
1 clinical trials for its lead oncology drug candidate
XMT-1522. The compound is Mersana’s first pipeline product
and defines a new class of HER2-targeted therapies.
The drug is being co-developed with Takeda
Pharmaceutical Company Limited, and, as part of that agreement,
Mersana will receive a $20 million milestone payment based on FDA
clearance of this IND. In February, Takeda, through its
wholly owned subsidiary Millennium Pharmaceuticals, Inc., entered
into a strategic partnership with Mersana to co-develop XMT-1522,
and Mersana will lead execution of the Phase 1 trial. Mersana
will retain full commercial rights in the United States and Canada
while Takeda will have rights in rest of world.
Mersana’s press release can be viewed at
http://www.mersana.com/news/mersana-announces-fda-clearance-ind-application-lead-antibody-drug-conjugate-xmt-1522.
About Harris & Harris
Group
Harris & Harris Group is a publicly traded
venture capital firm that is also a business development
company. Detailed information about Harris & Harris Group
and its holdings can be found on its website at www.HHVC.com, on
Facebook at www.facebook.com/harrisharrisvc and by following on
Twitter @harrisandharrisgroup.
This press release may contain statements of a
forward-looking nature relating to future events. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions. These
statements reflect the Company's current beliefs, and a number of
important factors could cause actual results to differ materially
from those expressed in this press release. Please see the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2015, as well as subsequent filings, filed with the
Securities and Exchange Commission for a more detailed discussion
of the risks and uncertainties associated with the Company's
business, including, but not limited to, the risks and
uncertainties associated with venture capital investing and other
significant factors that could affect the Company's actual results.
Except as otherwise required by Federal securities laws, the
Company undertakes no obligation to update or revise these
forward-looking statements to reflect new events or uncertainties.
The references and links to the websites www.HHVC.com,
www.mersana.com and www.Facebook.com have been provided as a
convenience, and the information contained on such websites is not
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Harris Group is not responsible for the contents of third party
websites.
Press Contact:
Daniel B. Wolfe
Harris & Harris Group, Inc.
212-582-0900
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