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Biomed & Biotech: Micromet Reaches Milestone Under Bayer Schering Collaboration

April 22, 2010 (FinancialWire) — Micromet, Inc. (NASDAQ: MITI) a biopharmaceutical company focused on the development and commercialization of antibodies for the treatment of cancer, said that it has achieved a milestone under its collaboration agreement with Bayer Schering Pharma AG.  

The milestone was triggered by Micromet's achievement of pre-clinical proof of concept for a BiTE antibody for the treatment of solid tumors, according to the company.

Micromet SVP Jens Hennecke said, "We have made important progress in advancing the development of this program since signing the collaboration agreement in January 2009."

Under the terms of the collaboration agreement Micromet is primarily responsible for the pre-clinical development of the BiTE antibody, and will collaborate with Bayer through the completion of phase 1 clinical trials, the company said. Bayer is responsible for product development beginning in phase 2, and for all manufacturing and commercialization activities. Micromet said it is entitled to receive progress dependent milestone payments of up to 285 million Euros and up to double digit royalties on net sales. In addition, Micromet said it will be reimbursed for its R&D expenses.

The company said that BiTE antibodies are designed to direct the body's cytotoxic, or cell-destroying, T cells against tumor cells, and represent a new therapeutic approach to cancer therapy.

Maryland-based Micromet is focused on the discovery, development and commercialization of antibody-based therapies for the treatment of cancer. Its product development pipeline includes novel antibodies generated with its proprietary BiTE technology, as well as conventional monoclonal antibodies.  

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