Exelixis submitted an Investigational New Drug application (IND) for XL518 to the FDA on December 20, 2006. MEK is a key component of a pathway frequently activated in human tumors.
Under the terms of the agreement, Exelixis will receive upfront and milestone payments totaling $40 million upon signing of the agreement and with the submission of the IND for XL518 to the FDA. Exelixis is responsible for developing XL518 through the end of phase I. If Genentech exercises its option to further develop XL518, Exelixis will receive an additional payment and Genentech will be responsible for further development.
George Scangos, president and CEO of Exelixis, said: “Genentech is a leading innovator of important new cancer therapies, and we believe that this collaboration validates the significant potential of XL518 to be the first in a new class of drugs targeting critical intracellular signaling pathways.”