Genmab Reaches Fifth Milestone in Ofatumumab Collaboration
News Aug 22, 2008
Genmab A/S has announced that it has reached the fifth milestone for ofatumumab (HuMax-CD20®) under the terms of its collaboration with GlaxoSmithKline (GSK).
A milestone payment of approximately DKK 232.7 million (approximately USD 48.5 million) was triggered by the achievement of positive results in the Phase III study of ofatumumab in refractory chronic lymphocytic leukemia (CLL).
Genmab has received an approximate total of DKK 552 million (approximately USD 110 million) in milestone payments under the collaboration so far.
"While achievement of this milestone represents an important potential turning point for Genmab," said Lisa N. Drakeman, Ph.D., Chief Executive Officer of Genmab, "it is even more important for CLL patients who are waiting for new treatments to combat their difficult to treat disease."
Ofatumumab is an investigational new generation fully human monoclonal antibody that targets a distinct, membrane proximal, small loop epitope (specific antibody binding site) of the CD20 molecule on B cells.
Ofatumumab is being developed to treat CLL, follicular non-Hodgkin's lymphoma, diffuse large B-cell lymphoma, rheumatoid arthritis and relapsing remitting Multiple Sclerosis under a co-development and commercialization agreement between Genmab and GlaxoSmithKline. It is not yet approved in any country.