Morphotek® and Cancer Innovations, Inc. Announce Evaluation and Option Agreement
News Jul 17, 2009
Morphotek, Inc. and Cancer Innovations, Inc. (CII) have announced that they have entered into an evaluation and option agreement in which Morphotek will evaluate monoclonal antibodies targeting certain tumor-associated proteins.
The agreement with CII provides Morphotek access to several of CII's monoclonal antibodies. Morphotek will evaluate one or more of the antibodies and have the right to exercise an option for a license during the evaluation period.
Should Morphotek choose to exercise its option, the parties will enter negotiations for a license under which Morphotek would receive an exclusive worldwide license to develop the antibodies for potential therapeutic, diagnostic and prophylactic use, and would retain the responsibility for the commercialization of the antibodies.
"We are delighted that CII has decided to partner with Morphotek," said Nicholas C. Nicolaides, Ph.D., President and CEO of Morphotek. "We believe that these antibodies provide a novel approach to targeting tumor-associated proteins. Antibody targeting of tumor-associated proteins has demonstrated promising anti-angiogenic activity in preclinical studies. We are pleased to be able to access these antibodies for evaluation and possible development as we continue to grow our therapeutic antibody portfolio."
"CII has developed several monoclonal antibodies, peptides and small molecules with potential applications in the treatment of cancer and neo-vascular disorders," said Toni Gray, President and CEO of CII. "This agreement with Morphotek has the potential for the development of new drug candidates for cancer."
Morphotek will apply its antibody discovery technologies, including its proprietary MORPHODOMA technology, to improve the activity of the antibodies or develop new antibodies for potential therapeutic applications.
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