Micromet reaches milestone under collaboration agreement

The company has achieved a milestone under its collaboration agreement with Bayer Schering Pharma.

Micromet, a biopharmaceutical company focused on the development and commercialisation of antibodies for the treatment of cancer, has achieved the pre-clinical stage for a BiTE antibody for the treatment of solid tumors.

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. Typically, antibodies cannot engage T cells because T cells lack the appropriate receptors for binding antibodies.

As per 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.

However, Bayer is responsible for product development beginning in Phase 2, and for all manufacturing and commercialisation activities. Micromet is entitled to receive progress dependent milestone payments of up to EUR285m and up to double digit royalties on net sales. In addition, Micromet will be reimbursed for its R&D expenses.

Jens Hennecke, senior vice president of business development at Micromet, said: "We have made important progress in advancing the development of this program since signing the collaboration agreement in January 2009. We look forward to continuing our productive collaboration with Bayer Schering Pharma."