Founded in 2005 by Paramount BioSciences, LLC, TRACON Pharmaceuticals is a privately held biopharmaceutical company focused on the development of products for cancer treatment, including agents that inhibit angiogenesis.
Micromet, Inc. on the other hand, is a biopharmaceutical company focused on the development of novel and proprietary antibody-based products for cancer, inflammatory and autoimmune diseases.
Micromet, Inc. (Nasdaq: MITI) and TRACON Pharmaceuticals, Inc. has agreed on an exclusive worldwide license granting TRACON exclusive worldwide rights to develop and commercialize Micromet's D93 antibody with a novel mode of action for the treatment of cancer.
D93 - a recombinant humanized IgG1 monoclonal antibody that inhibits angiogenesis, tumor cell growth and metastasis by targeting cleaved collagen, which is predominantly produced in the extracellular matrix of tumors - is a potential anti-cancer agent, alone or in combination with chemotherapeutics.
(An investigational new drug (IND) application was in fact submitted by Micromet to the USFDA for D93’s clinical testing in cancer patients.)
The terms of agreement include:
- TRACON will be responsible for all development and commercial activities.
- TRACON plans to initiate a phase 1 clinical trial in the second half of this year.
- TRACON will pay Micromet upfront and milestone payments of more than $100 million, if D93 is successfully developed and commercialized.
- Micromet will receive royalties on worldwide sales of D93.
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