Trubion Pharmaceuticals Announces Extension of Research Period Under Its Wyeth Collaboration
June 22 2009 - 4:00PM
PR Newswire (US)
SEATTLE, June 22 /PRNewswire-FirstCall/ -- Trubion Pharmaceuticals,
Inc. (NASDAQ:TRBN) today announced that Wyeth Pharmaceuticals, a
division of Wyeth (NYSE:WYE), has exercised its option under the
terms of its collaboration agreement with Trubion to extend the
research period for an additional one-year period through Dec. 22,
2010. Under the terms of the research period extension, Wyeth's
obligations to Trubion include collaboration research funding
commitments of approximately $3.3 million in exchange for committed
research services through Dec. 22, 2010. (Logo:
http://www.newscom.com/cgi-bin/prnh/20090320/TRUBIONLOGO) "We are
pleased that Wyeth has extended the research period of our
collaboration," said Peter Thompson, M.D., FACP, president, CEO and
chairman of Trubion. "Wyeth's ongoing commitment to the
collaboration underscores the potential of our technology, and we
look forward to continuing our efforts with Wyeth as we pursue the
development of additional first-in-class and best-in-class
compounds." In December 2005, Trubion entered into a collaboration
agreement with Wyeth for the development and worldwide
commercialization of TRU-015 and other CD20-directed therapeutics.
The agreement also includes the development and worldwide
commercialization of certain other product candidates directed to a
small number of targets other than CD20 that have been established
pursuant to the agreement. Unless earlier terminated, the agreement
will remain in effect on a product-by-product basis and on a
country-by-country basis until the later of the date that any such
product shall no longer be covered by a valid claim of a U.S. or
foreign patent or application and, generally, 10 years after the
first commercial sale of any product licensed under the agreement.
Wyeth may terminate the agreement without cause at any time upon 90
days' written notice. Trubion retains the right to develop and
commercialize, on its own or with others, product candidates
directed to all targets not included within the agreement,
including CD37. About Trubion Trubion is a biopharmaceutical
company that is creating a pipeline of novel protein therapeutic
product candidates to treat autoimmune and inflammatory diseases
and cancer. The Company's mission is to develop a variety of
first-in-class and best-in-class product candidates, customized for
optimal safety, efficacy and convenience that it believes may offer
improved patient experiences. Trubion's current product candidates
are novel single-chain protein, or SMIP(TM), therapeutics, and are
designed using its custom drug assembly technology. Trubion's
product pipeline includes CD20-directed SMIP therapeutics such as
TRU-015 and SBI-087 for autoimmune and inflammatory diseases,
developed under the Company's Wyeth collaboration. Trubion's
product pipeline also includes Trubion's proprietary product
candidate, TRU-016, a novel CD37-targeted therapy for the treatment
of B-cell malignancies that is currently in Phase 1 / 2 clinical
evaluation. In addition to Trubion's current clinical stage product
pipeline, the Company is also developing additional product
candidates that build on its product development experience. More
information is available in the investors section of Trubion's
website: http://investors.trubion.com/index.cfm. Forward-Looking
Statements Certain statements in this release may constitute
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933. These statements include, but are not
limited to, those related to the Company's future clinical
development programs and the timing thereof, the Company's future
regulatory filings and the timing and outcome thereof. These
statements are based on current expectations and assumptions
regarding future events and business performance and involve
certain risks and uncertainties that could cause actual results to
differ materially. These risks include, but are not limited to,
risks associated with the Company's Wyeth collaboration, including
Wyeth's control over development timelines, the risks that the
Company is unable to advance its clinical development programs and
regulatory applications and action at the rate it expects, and such
other risks as identified in the Company's quarterly report on Form
10-Q for the period ended March 31, 2009, and from time to time in
other reports filed by Trubion with the U.S. Securities and
Exchange Commission. These reports are available on the Investors
page of the company's corporate website at http://www.trubion.com/.
Trubion undertakes no duty to update any forward-looking statement
to conform the statement to actual results or changes in the
Company's expectations. TRBN-G Contact: Jim DeNike Senior Director,
Corporate Communications Trubion Pharmaceuticals, Inc. (206)
838-0500 http://www.trubion.com/ Waggener Edstrom Worldwide
Healthcare Amy Petty Senior Account Executive (617) 576-5788
http://www.newscom.com/cgi-bin/prnh/20090320/TRUBIONLOGO
http://photoarchive.ap.org/ DATASOURCE: Trubion Pharmaceuticals,
Inc. CONTACT: Jim DeNike, Senior Director, Corporate Communications
of Trubion Pharmaceuticals, Inc., +1-206-838-0500, ; or Amy Petty,
Senior Account Executive of Waggener Edstrom Worldwide Healthcare,
+1-617-576-5788, , for Trubion Pharmaceuticals, Inc. Web Site:
http://www.trubion.com/
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