Seattle Genetics Collects Payment From Progenics
Luke Timmerman10/15/08
Seattle Genetics, the developer of targeted cancer drugs, said today it has received a milestone payment from Progenics Pharmaceuticals. Bothell, WA-based Seattle Genetics (NASDAQ: SGEN) got the payment because Progenics bought a license to the Seattle Genetics antibody-drug linking technology, and has used it to develop a drug candidate that has entered the first stage of clinical trials for hormone-resistant prostate cancer. Financial terms weren’t disclosed.
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
