Agensys Signs Collaboration and License Agreement with Genentech.SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif. -- Agensys, Inc., a cancer biotechnology company, today announced an agreement with Genentech Inc. (NYSE NYSE See: New York Stock Exchange :DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. ) for the research, development and commercialization of therapeutic and diagnostic products to two of Agensys' proprietary cancer targets. The agreement provides Genentech with exclusive worldwide licenses under Agensys' patent rights for the development of specified therapeutic products and associated diagnostic applications. Genentech also acquires rights to certain monoclonal antibodies This is a list of monoclonal antibodies, antibodies which are clones of a single parent cell. When used as medications, the generic names end in -mab (see "Nomenclature of monoclonal antibodies"). developed at Agensys and provides Agensys financial incentives to collaborate on developing additional antibodies to both targets, which would then fall under the license. "This agreement leverages both our proprietary target discoveries and our capabilities in antibody product development," said Donald B. Rice, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Agensys. "Collaborating with Genentech, a world leader in cancer therapeutics, validates our strategy of pursuing multiple product opportunities and selected partnerships." Under the terms of the agreement, the successful development and launch of antibody products to each target would trigger milestone payments that could exceed $90 million. Agensys would also receive royalties on the sales of therapeutic products and a share of the profits from diagnostic products. The subsequent development of non-antibody products would prompt additional comparable milestone and royalty payments. Genentech will be responsible for the development and commercialization of all therapeutic and associated diagnostic products, except for vaccine products and certain diagnostic applications, which rights were retained by Agensys. In addition to an upfront licensing payment, Genentech has made an equity investment in Agensys preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . About Agensys Agensys, Inc. is a privately held biotechnology company that is developing a pipeline of therapeutic monoclonal antibodies to treat solid tumor cancers. These antibodies, many of which are fully human, are being generated to a diverse portfolio of proprietary, clinically relevant cancer targets that encompass 14 types of solid tumors. The Company has the capabilities to both develop and manufacture antibody products and, through a partnership with Abgenix, has access to the XenoMouse(R) technologies required to generate fully human antibodies. In parallel to developing certain antibody products, Agensys aims to establish partnerships to develop and commercialize selected antibody products, and to exploit small molecule, vaccine and diagnostic applications to its proprietary cancer targets. The Company's laboratories, GMP GMP (guanosine monophosphate): see guanine. manufacturing facility and offices are located in Santa Monica, California For other uses, see Santa Monica (disambiguation). Santa Monica is a coastal city in western Los Angeles County, California, USA. Situated on Santa Monica Bay of the Pacific Ocean, it is surrounded by the City of Los Angeles — Pacific Palisades and Brentwood on the north, . For further information about Agensys, please visit http://www.agensys.com. |
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