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news.Californian biopharmaceutical company Micromet has granted Tracon Pharmaceuticals exclusive worldwide rights to develop and commercialize Micromet's D93 cancer antibody.
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Tracon will pay Micromet upfront and milestone payments of more than $100 million, if D93 is successfully developed and commercialized. In addition, Micromet will receive royalties on worldwide sales of D93.
Preclinical studies indicate that D93 has the potential to treat different types of cancer as a single agent and in combination with chemotherapeutics. Because of its anti-angiogenic activity, D93 may also provide a new therapeutic approach for other diseases involving neo-vascularization such as wet age-related macular degeneration or proliferative diabetic retinopathy, according to Micromet.
Under the terms of the agreement, Tracon will be responsible for all development and commercial activities. Tracon plans to initiate a phase I clinical trial in the second half of this year.