MacroGenics Announces Development Milestone Achieved in Retifanlimab (MGA012) Collaboration with Incyte
September 21 2020 - 7:30AM
MacroGenics, Inc. (Nasdaq: MGNX), a clinical-stage
biopharmaceutical company focused on discovering and developing
innovative monoclonal antibody-based therapeutics for the treatment
of cancer, today announced that a $15 million milestone payment has
been triggered under its exclusive global collaboration and license
agreement with Incyte for retifanlimab (MGA012), an investigational
anti-PD-1 monoclonal antibody designed by MacroGenics and licensed
to Incyte (as INCMGA00012). The milestone was triggered by the
initiation of the Phase 3 POD1UM-304 clinical trial, evaluating the
efficacy and safety of retifanlimab with platinum-based
chemotherapy in patients with metastatic squamous and non-squamous
non-small cell lung cancer (NSCLC).
MacroGenics and Incyte have each established multiple
development programs for retifanlimab, evaluating the anti-PD-1
molecule either as monotherapy or in combination with other agents.
Incyte is conducting clinical trials that are potentially
registration-enabling for patients with metastatic NSCLC, squamous
carcinoma of the anal canal (SCAC), MSI-high endometrial cancer,
Merkel cell carcinoma, and MacroGenics is conducting a potentially
registration-enabling study in HER2-positive gastric cancer.
“Anti-PD-1 therapy has become a mainstay in cancer treatment
across multiple tumor types, and we are excited to see our Incyte
partnership continue to advance the development of retifanlimab
across a broad set of monotherapy and combination regimens,” said
Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. “We
look forward to continued progress on this program over the coming
months.”
Under the collaboration agreement with Incyte, MacroGenics is
eligible to receive up to a total of $390 million in potential
remaining development and regulatory milestones and up to $330
million in potential commercial milestones. If retifanlimab is
approved and commercialized, MacroGenics would be eligible to
receive royalties, tiered from 15 to 24 percent, on future
worldwide net sales of the molecule.
About MacroGenics, Inc.
MacroGenics is a clinical-stage biopharmaceutical company
focused on discovering and developing innovative monoclonal
antibody-based therapeutics for the treatment of cancer. The
Company generates its pipeline of product candidates primarily from
its proprietary suite of next-generation antibody-based technology
platforms, which have applicability across broad therapeutic
domains. For more information, please see the Company's website at
www.macrogenics.com. MacroGenics and the MacroGenics logo are
trademarks or registered trademarks of MacroGenics, Inc.
Cautionary Note on Forward-Looking
Statements
Any statements in this press release about future expectations,
plans and prospects for the Company, including statements about the
Company's strategy, future operations, clinical development of the
Company's therapeutic candidates, milestone or opt-in payments from
the Company's collaborators, the Company's anticipated milestones
and future expectations and plans and prospects for the Company and
other statements containing the words "subject to", "believe",
"anticipate", "plan", "expect", "intend", "estimate", "project",
"may", "will", "should", "would", "could", "can", the negatives
thereof, variations thereon and similar expressions, or by
discussions of strategy constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties inherent in the initiation and enrollment of future
clinical trials, expectations of expanding ongoing clinical trials,
availability and timing of data from ongoing clinical trials,
expectations for the timing and steps required in the regulatory
review process, expectations for regulatory approvals, the impact
of competitive products, our ability to enter into agreements with
strategic partners and other matters that could affect the
availability or commercial potential of the Company's product
candidates, business or economic disruptions due to catastrophes or
other events, including natural disasters or public health crises
such as the novel coronavirus (referred to as COVID-19), and other
risks described in the Company's filings with the Securities and
Exchange Commission. In addition, the forward-looking statements
included in this press release represent the Company's views only
as of the date hereof. The Company anticipates that subsequent
events and developments will cause the Company's views to change.
However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so, except as may be
required by law. These forward-looking statements should not be
relied upon as representing the Company's views as of any date
subsequent to the date hereof.
Contacts:
Jim Karrels, Senior Vice President, CFO
1-301-251-5172, info@macrogenics.com
MacroGenics (NASDAQ:MGNX)
Historical Stock Chart
From Aug 2024 to Sep 2024
MacroGenics (NASDAQ:MGNX)
Historical Stock Chart
From Sep 2023 to Sep 2024