Dendreon Corporation and Genentech to Collaborate on Trp-p8 Gene Platform -- Potential Value of Deal Over $110 Million.Business Editors/Health/Medical Writers BIOWIRE2K NOTE TO MEDIA: Multimedia assets available SEATTLE--(BW HealthWire)--Aug. 13, 2002 Dendreon Corporation (Nasdaq:DNDN) today announced a collaboration 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 products derived from Dendreon's Trp-p8 gene platform. The agreement concerns the development of 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"). , small molecules and other products derived from Dendreon's Trp-p8 gene platform. In addition to the purchase of equity, the agreement provides for upfront and milestone payments totaling over $110 million for the resulting development of Trp-p8 products. The companies will be jointly responsible for conducting pre-clinical and clinical work, with Genentech ultimately funding the majority of these activities. Genentech will also be responsible for all manufacturing of resulting products. "Trp-p8 was a highly sought after target, and the terms of our collaboration with Genentech reflect both companies' recognition of the potential value of resulting Trp-p8 products," said Mitchell H. Gold, M.D., chief business officer at Dendreon. "Genentech's equity investment, upfront and milestone payments values the deal to Dendreon at potentially more than $110 million. Dendreon believes that this is a historic number for a single pre-clinical target. Furthermore, we have the opportunity to co-promote and share profits with Genentech on any resulting products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ." Genentech will be responsible for commercialization of Trp-p8 products in the rest of the world except Asia and Oceania where Dendreon retains all development and commercialization rights. "Trp-p8 is an ideal cancer target due to the fact that it is a very widely expressed molecule and appears to have a functional role within the cell," said Reiner Laus, M.D., vice president of research at Dendreon. "We believe this target should produce a prolific source of new drug candidates for the two companies going forward." "Our collaboration with Genentech, the market leader in monoclonal antibodies for cancer, provides Dendreon with a clear strategic fit for our Trp-p8 target and validates the potential of our discovery," said Christopher S. Henney, Ph.D, D.Sc., chief executive officer of Dendreon. "We believe this collaboration will provide both short and long-term value for our company and shareholders. This, along with the encouraging results recently announced for our first Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA trial of Provenge(TM) provides us with multiple product opportunities well into the future." The Trp-p8 gene, discovered and patented by Dendreon, is over-expressed in a range of cancers including prostate, breast, lung and colon. The functional and tissue expression traits of Trp-p8 make it an attractive target for cancer therapy. Trp-p8 is a trans-membrane, voltage-gated calcium channel A Calcium channel is an ion channel which displays selective permeabiltiy to calcium ions. Examples include the voltage-dependent calcium channels and the inositol triphosphate receptor. Calcium channel blockers are used to treat hypertension. and is a member of the transient receptor potential Transient receptor potential or TRP channels are a family of loosely related ion channels that are non-selectively permeable to cations, including calcium and magnesium. (TRP Trp tryptophan. TRP traumatic reticuloperitonitis. Trp tryptophan. ) ion channel ion channel n. See channel. family. About Dendreon Dendreon Corporation is a biotechnology company developing targeted therapies for cancer. Dendreon currently has three vaccine candidates in clinical trials -- Provenge, for the treatment of prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. ; Mylovenge(TM), for the treatment of multiple myeloma multiple myeloma A malignant proliferation of abnormal plasma cells that populate the marrow-containing bones of the body. The affected plasma cells produce myeloma protein, a monoclonal antibody that replaces normal antibodies in the blood, thereby increasing susceptibility ; and APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. 8024, for the treatment of breast, ovarian and colon cancers. Dendreon's product pipeline also includes monoclonal antibodies and a pathway to small molecules. Dendreon has established important alliances with industry leaders Genentech, Johnson & Johnson Pharmaceutical Research & Development and Kirin Brewery Co., Ltd. For more information, visit www.dendreon.com Except for historical information contained herein, this news release contains forward looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements, particularly those risks and uncertainties inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics. Factors that may cause such a difference include risks that the collaboration with Genentech will not be completed as contemplated, that the company will be unable to successfully develop or commercialize its products, either alone or with collaborators, the failure by Dendreon to secure and maintain relationships with collaborators or perform obligations owed to collaborators, dependence on the efforts of third parties, the company's dependence upon intellectual property rights, Dendreon's limited operating history, risks associated with the completing or failing to complete clinical trials, the risk that the safety and/or efficacy results of a clinical trial will not support an application for a biologics license, the risk the company may not satisfy regulatory requirements and the uncertainty of Dendreon's future access to capital. Further information on the factors and risks that could affect Dendreon's business, financial condition and results of operations, are contained in Dendreon's public disclosure filings with the US. Securities and Exchange Commission, which are available at www.sec.gov. Note: A Photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.081302/bb4 |
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