Molecular Templates Announces Agreement with Takeda for the Joint Development of a Protein-Based Oncology Therapy
September 19 2018 - 8:00AM
The Agreement Will Support the Development of a
Potential New Treatment Option for Multiple Myeloma
Molecular Templates, Inc. (Nasdaq:MTEM) today announced
an agreement with Takeda Pharmaceutical Company Limited (Takeda)
for the joint development of CD38-targeted engineered toxin bodies
(ETBs) for the treatment of patients with diseases such as multiple
myeloma. The lead development candidate is a CD38-targeted ETB that
resulted from a previous discovery collaboration between the two
companies.
The parties developed preclinical stage ETBs targeting CD38
under the prior discovery collaboration. Takeda and Molecular
Templates will further develop the ETBs for the treatment of
multiple myeloma under this new license, development and
commercialization agreement.
“This collaboration builds on Takeda’s deep history and
commitment to the study of blood cancers, including multiple
myeloma,” said Philip Rowlands, Ph.D., Head, Oncology Therapeutic
Area Unit at Takeda. “Throughout our research collaboration with
Molecular Templates, we have seen the promise of its ETB platform
for the discovery and development of new therapies. As we expand
our relationship and continue to explore next-generation
modalities, our hope is to bring forth new and important treatment
options for patients.”
Under the terms of the agreement, Takeda will make an upfront
payment of $30 million and Molecular Templates is eligible to
receive development, regulatory and commercial milestone payments
of up to $632.5 million if Molecular Templates exercises its
co-development option or $337.5 million if Molecular Templates does
not exercise or opts out of its co-development option. Takeda has
also agreed to pay royalties on sales of the commercial product
developed through the collaboration. Molecular Templates and Takeda
will share equally in the development costs.
“We have worked closely with Takeda’s scientific team since
October 2016 to develop CD38-targeted ETBs with substantial
improvements over our own internal program, MT-4019,” said Eric
Poma, Ph.D., Molecular Templates’ Chief Executive and Scientific
Officer. “Takeda’s expertise in multiple myeloma and strong
antibody capabilities allowed us to develop CD38-targeted ETBs
that, of the ones tested to date, are the most potent ETBs we have
created with our platform. We look forward to moving this
program into the clinic.”
Multiple myeloma cells widely express the CD38 protein, making
it an increasingly important target in the development of
therapeutics for multiple myeloma. CD38-targeted ETBs recognize the
protein and deliver a modified bacterial toxin that enters the
myeloma cells and destroys them through the enzymatic and
irreversible destruction of ribosomes. Unlike other CD38-targeted
therapies, ETBs are not reliant on the body’s own immune system for
effectiveness, offering the potential of broader and deeper
responses.
About Molecular Templates Molecular
Templates is focused on the discovery, development and
commercialization of next-generation immunotoxins called Engineered
Toxin Bodies (ETBs) for the treatment of cancers and other serious
diseases. For additional information, please visit Molecular
Templates’ website at www.mtem.com.
Forward-Looking Statements
This press release contains forward-looking statements for
purposes of the Private Securities Litigation Reform Act of 1995
(the “Act”). Molecular Templates disclaims any intent or obligation
to update these forward-looking statements, and claims the
protection of the Act’s Safe Harbor for forward-looking statements.
All statements, other than statements of historical facts, included
in this press release regarding strategy, future results, future
financial position, future revenue, prospects, plans and objectives
of Molecular Templates are forward-looking statements. In addition,
when or if used in this press release, the words “may,” “could,”
“should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“plan,” “predict” and similar expressions and their variants, as
they relate to Molecular Templates may identify forward-looking
statements. Examples of such statements include, but are not
limited to, statements relating to the development of the potential
for CD-38 targeting ETBs under the agreement; the expected timing
and the potential for payments under the agreement; and the
Company’s belief that its proprietary biologic drug platform
technology, or ETBs, provides for a differentiated mechanism of
action that may address some of the limitations associated with
currently available cancer therapeutics.
Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties. Actual events or
results may differ materially from those discussed in the
forward-looking statements as a result of various factors
including, but not limited to, the uncertainties inherent in the
preclinical and clinical development process; risks associated with
the joint development of CD38-targeted ETBs; whether the Company’s
cash resources will be sufficient to fund its continuing operations
for the periods and/or trials anticipated; the ability of the
Company to protect its intellectual property rights; and
legislative, regulatory, political and economic developments, as
well as those risks identified under the heading “Risk Factors” in
the Company’s filings with the SEC. Any forward-looking statements
contained in this press release speak only as of the date hereof,
and the Company specifically disclaims any obligation to update any
forward-looking statement, whether because of new information,
future events or otherwise.
Investor Contact: Adam CutlerChief Financial
Officeradam.cutler@mtem.com 862-204-4006
Source: Molecular Templates, Inc.
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