Exhibit 99.1
Progenics Broadens Collaboration with
Seattle Genetics for Prostate Cancer Therapy;
Positive Preclinical Findings on PSMA Antibody-Drug Conjugate
Published in Clinical Cancer Research Journal
TARRYTOWN, N.Y.--(BUSINESS WIRE)--May 25, 2006--Progenics
Pharmaceuticals, Inc. (NASDAQ: PGNX) today announced the expansion of
its collaboration with Seattle Genetics, Inc. (NASDAQ: SGEN) to
include activities intended to accelerate the manufacture and
development of Progenics' prostate-specific membrane antigen (PSMA)
antibody-drug conjugate (ADC). Under the expanded collaboration,
Seattle Genetics will develop and optimize certain methods suitable
for manufacturing and testing PSMA ADC to support studies in humans.
The new agreement is designed to accelerate development of this
product by leveraging Seattle Genetics' prior experience in ADC
process development and testing. Progenics is responsible for fees and
milestone payments in addition to those already provided under the
parties' existing collaborative agreement established in June 2005.
"We are committed to developing PSMA-based immunotherapies for
prostate cancer that are potentially less toxic and more active than
existing treatments," said Paul J. Maddon, M.D., Ph.D., Progenics'
Founder, Chief Executive Officer and Chief Science Officer. "Prostate
cancer patients with metastatic disease have the greatest unmet
medical need, and we intend to initiate phase 1 clinical studies in
this setting during 2007 with our fully human antibody-drug conjugate.
Having acquired full rights to our PSMA antibody-drug conjugate
program in April, core teams from our research and development,
manufacturing, clinical and regulatory areas are working to expedite
the development of this promising new therapy."
Potent Anti-Tumor Activity
Progenics also announced today that findings on its PSMA ADC
program were published in the current issue of Clinical Cancer
Research (volume 12, issue 8). Top line results from this study were
originally reported in a Progenics press release during September
2005. In a well-recognized mouse model of human prostate cancer, PSMA
ADC significantly prolonged overall survival up to nine-fold as
compared to untreated animals (p=0.0018, log-rank test, two-sided).
Remarkably, established tumors in two of the five animals treated at
the highest dose were eradicated and remained undetectable over 500
days through the completion of the study. No overt toxicity was
observed in any of the treated animals.
PSMA
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. In contrast
to other prostate markers such as prostate-specific antigen (PSA),
prostatic acid phosphatase (PAP) and prostate secretory protein, PSMA
is a membrane glycoprotein that is expressed at the cell surface and
not secreted. 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; however, PSMA has limited expression on normal
tissues other than prostate. This unique expression pattern makes PSMA
an attractive target for cancer immunotherapy.
PSMA ADC
PSMA ADC is a fully human monoclonal antibody to PSMA linked to a
derivative of auristatin, a highly potent cytotoxic drug, utilizing
Seattle Genetics' proprietary ADC technology. The monoclonal antibody
portion binds PSMA with high affinity and specificity, thereby
targeting the cytotoxic drug to cancer cells. After binding its
target, PSMA ADC rapidly enters the cancer cell and releases the drug
payload. Once released from the antibody, the drug destroys the cancer
cell by disrupting the cellular "backbone" required for growth and
division. PSMA ADC is designed to be stable in blood so as to minimize
toxicity to normal cells and tissues that do not express PSMA.
Prostate Cancer
Prostate cancer is the most common form of cancer affecting men in
the United States and is the second leading cause of cancer deaths
among men each year. The American Cancer Society estimated that
232,090 new cases of prostate cancer were diagnosed and that 30,350
men died from the disease during 2005 in the United States.
(PGNX-G)
Company Profile
Progenics Pharmaceuticals, Inc., of Tarrytown, NY is a
biopharmaceutical company focusing on the development and
commercialization of innovative therapeutic products to treat the
unmet medical needs of patients with debilitating conditions and
life-threatening diseases. Principal programs are directed toward
symptom management and supportive care and the treatment of HIV
infection and cancer. The Company has four product candidates in
clinical development and several others in preclinical development.
The Company, in collaboration with Wyeth, is developing
methylnaltrexone (MNTX) for the treatment of opioid-induced side
effects, including constipation and post-operative bowel dysfunction.
In the area of HIV infection, the Company is developing the
viral-entry inhibitor PRO 140, a humanized monoclonal antibody
targeting the HIV coreceptor CCR5 (in phase 1b studies). In addition,
the Company is conducting research on ProVax, a novel prophylactic HIV
vaccine. The Company is developing in vivo immunotherapies for
prostate cancer, including a human monoclonal antibody directed
against prostate-specific membrane antigen (PSMA), a protein found on
the surface of prostate cancer cells. Progenics is also developing
vaccines designed to stimulate an immune response to PSMA. A
recombinant PSMA vaccine is in phase 1 clinical testing. The Company
is also developing a cancer vaccine, GMK, in phase 3 clinical trials
for the treatment of malignant melanoma.
PROGENICS DISCLOSURE NOTICE: The information contained in this
document is current as of May 25, 2006. This press release contains
forward-looking statements. Any statements contained herein that are
not statements of historical fact may be forward-looking statements.
When the Company uses the words 'anticipates,' 'plans,' 'expects' and
similar expressions, it is identifying forward-looking statements.
Such forward-looking statements involve risks and uncertainties which
may cause the Company's actual results, performance or achievements to
be materially different from those expressed or implied by
forward-looking statements. Such factors include, among others, the
uncertainties associated with product development, the risk that
clinical trials will not commence or proceed as planned, the risks and
uncertainties associated with dependence upon the actions of our
corporate, academic and other collaborators and of government
regulatory agencies, the risk that our licenses to intellectual
property may be terminated because of our failure to have satisfied
performance milestones, the risk that products that appear promising
in early clinical trials do not demonstrate efficacy in larger-scale
clinical trials, the risk that we may not be able to manufacture
commercial quantities of our products, the uncertainty of future
profitability and other factors set forth more fully in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2005
and other reports filed with the Securities and Exchange Commission,
to which investors are referred for further information. In
particular, the Company cannot assure you that any of its programs
will result in a commercial product.
Progenics does not have a policy of updating or revising
forward-looking statements and assumes no obligation to update any
forward-looking statements contained in this document as a result of
new information or future events or developments. Thus, it should not
be assumed that the Company's silence over time means that actual
events are bearing out as expressed or implied in such forward-looking
statements.
Editor's Note:
Additional information regarding Progenics is available at
www.progenics.com.
CONTACT: Progenics Pharmaceuticals, Inc.
Richard W. Krawiec, Ph.D., 914-789-2800
rkrawiec@progenics.com