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news.Cytogen Corporation has sold its 50% ownership interest in PSMA Development Company, the company's joint venture with Progenics Pharmaceuticals for the development of in vivo cancer immunotherapies based on prostate-specific membrane antigen.
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Under the terms of the agreement, Cytogen sold its 50% interest in PSMA Development Company (PDC) to Progenics for an upfront cash payment of $13.2 million, potential future milestone payments totaling up to $52 million payable upon regulatory approval and commercialization of PDC products, and an undisclosed royalty on future PDC product sales.
Prostate-specific membrane antigen (PSMA) is a protein abundantly expressed on the surface of prostate cancer cells, with an increased expression in high-grade cancers, metastatic disease and hormone-refractory prostate cancer. PSMA is also present at high levels on the newly formed blood vessels, or neovasculature, needed for the growth and survival of many solid tumors.
In contrast to other prostate-related antigens such as prostate-specific antigen (PSA), prostatic acid phosphatase (PAP) and prostate secretory protein, PSMA is a membrane glycoprotein that is not secreted. These unique attributes make PSMA an excellent target for monoclonal antibody diagnostic and therapeutic options in prostate cancer, and potentially other cancers.
In April, Cytogen announced the submission of an investigational new drug (IND) application to the FDA for CYT-500, the company's lead therapeutic candidate targeting PSMA. Subject to FDA acceptance and Institutional Review Board (IRB) approval at the planned clinical site, Cytogen expects to begin the first US phase I clinical trial of CYT-500 in patients with hormone-refractory prostate cancer.