Why it is profiled? The company is scheduled to file Biologics License Application for its lymphoma drug in Q1.
Seattle Genetics is a clinical-stage biotechnology company whose product pipeline includes a number of antibody-based therapies. The company's proprietary ADC (antibody-drug conjugate) technology selectively delivers potent anti-cancer agents to the targeted tumor cells, thus sparing non-targeted cells and reducing many of the toxic effects of traditional chemotherapy while enhancing the antitumor activity.
Seattle Genetics has licensed its ADC technology to a number of biotechnology and pharmaceutical companies in exchange for upfront payments, fees, milestones and royalties on net sales of products incorporating its technology. According to the company, it has generated more than $145 million from ADC licensing, and has the potential to receive significant future milestones and royalties for ADCs developed by its collaborators.
The company already has ten ongoing ADC collaborations - six collaborator ADCs using its technology are in clinical development, and several additional programs are advancing towards the clinic. The collaborators of Seattle Genetics' ADC technology include Bayer Pharmaceuticals Corp.; Celldex Therapeutics; Daiichi Sankyo Co., Ltd.; Genentech, Inc., a member of the Roche Group; GlaxoSmithKline LLC; Millennium, a subsidiary of Takeda Pharmaceutical Company Ltd. and PSMA Development Company LLC, a subsidiary of Progenics Pharmaceuticals Inc. The company also has ADC co-development agreements with Agensys Inc., an affiliate of Astellas Pharma Inc. and Genmab A/S.
Earlier this month, Seattle Genetics announced the ADC collaboration with Pfizer Inc. (PFE).
The most-advanced ADC product candidate is Brentuximab vedotin for lymphoma. The company plans to submit a Biologics License Application in the first quarter of 2011, seeking approval for both relapsed or refractory Hodgkin lymphoma and relapsed or refractory systemic anaplastic large cell lymphoma.
Brentuximab vedotin is developed by Seattle Genetics in collaboration with Millennium. Seattle Genetics has commercial rights for Brentuximab vedotin in the United States and its territories and Canada, and Millennium has commercial rights in the rest of the world.
Millennium has initiated discussions with European regulators to support the submission of a MAA (Marketing Authorization Application) for Brentuximab vedotin to the European Medicines Agency in the first half of 2011.
In addition, the company has four other drug candidates - SGN-75, which is under a phase I clinical trial for non-Hodgkin lymphoma and renal cell carcinoma; ASG-5ME, which is under phase I trials for pancreatic cancer and prostate cancer; Dacetuzumab (SGN-40), which is under phase Ib-IIb combination trials for non-Hodgkin lymphoma and multiple myeloma, and SGN-70, which is under a phase I trial in autoimmune disease patients. Last September, the company discontinued development of its myeloid leukemia drug candidate - Lintuzumab (SGN-33), following negative results of the drug candidate in a phase IIb trial.
The company currently does not have any marketed drugs and derives almost all of its revenue from payments made under agreements with its corporate collaborators. In the nine months ended September 30, 2010, Seattle Genetics narrowed its loss to $31.7 million or $0.31 per share from $69.5 million or $0.79 per share in the comparable year-ago period. Revenue from collaboration and licensing agreements totaled $99 million in the first nine months of 2010, up from $30 million in the year-ago period. For full year of 2010, revenues are expected to exceed the top end of previous guidance of $105 million.
At the 29th Annual J.P. Morgan Healthcare Conference on Tuesday, January 11, Clay Siegall, President and CEO of Seattle Genetics, will present the company overview. Stay tuned...
SGEN has thus far hit a 52-week low of $9.24 and a 52-week high of $18.05. The stock is currently trading around $15 on a volume of 95 thousand shares.
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