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Seattle Genetics In-licenses Anti-CD33 Antibody Program from Protein Design Labs BOTHELL, Wash.--(BUSINESS WIRE)--April 13, 2005--Seattle Genetics, Inc. (Nasdaq:SGEN) announced today that it has entered into a license agreement with Protein Design Labs, Inc. (PDL) (Nasdaq:PDLI) for exclusive rights to PDL's anti-CD33 program for both unconjugated antibody and antibody-drug conjugate (ADC) applications. "This program provides an immediate addition to our preclinical product pipeline and a near-term clinical development opportunity," stated Clay B. Siegall, Ph.D., President and Chief Executive Officer of Seattle Genetics. "CD33 is a validated target for cancer therapy, and we intend to explore the therapeutic potential of both naked antibodies and antibody-drug conjugates utilizing our second generation ADC technology. We believe that the stable linkers and potent, cytotoxic drugs utilized in our ADC technology may be able to overcome two of the major obstacles to anti-CD33 ADC development: non-targeted toxicity and multidrug resistance (MDR)." Under the license agreement, Seattle Genetics receives exclusive rights to PDL's anti-CD33 program and associated U.S. patents and patent applications, as well as supplies of clinical grade material and a non-exclusive CD33 license under PDL's antibody humanization patents. PDL will receive an upfront fee, progress-dependent milestone payments and royalties on net sales of any resulting commercial products. In addition, Seattle Genetics has agreed to reduce the royalties payable by PDL with respect to a limited number of products that PDL may develop under the existing ADC collaboration between the two companies. The companies have also granted each other a co-development option for second generation anti-CD33 antibodies with improved therapeutic characteristics developed by either party. Further financial terms were not disclosed. The CD33 antigen is expressed on a number of hematologic malignancies, including acute myeloid leukemia (AML), chronic myeloid leukemia (CML), myelodysplastic syndrome and several myeloproliferative disorders. Because of its limited expression on normal cells, both unconjugated antibodies with effector function and ADCs have therapeutic potential in these diseases. About Seattle Genetics Seattle Genetics discovers and develops monoclonal antibody-based therapeutics to treat cancer and other human diseases. The company has built a diverse portfolio of product candidates targeted to many types of cancer, including three being tested in multiple ongoing clinical trials, SGN-30, SGN-15 and SGN-40, and four in preclinical development, SGN-35, SGN-70, SGN-75 and SGN-17/19. The product candidates encompass three platform technologies: genetically engineered monoclonal antibodies, antibody-drug conjugates (ADCs) and antibody-directed enzyme prodrug therapy (ADEPT). Seattle Genetics has developed leading ADC technology comprised of highly potent synthetic drugs and stable linkers for attaching the drugs to monoclonal antibodies. The company currently has license agreements for its ADC technology with Genentech, UCB Celltech, Protein Design Labs, CuraGen and Bayer and for its ADEPT technology with Genencor International. More information about Seattle Genetics can be found at www.seattlegenetics.com. Certain of the statements made in this press release are forward-looking, such as those, among others, relating to the therapeutic potential of anti-CD33 products and Seattle Genetics' ADC technology. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks related to adverse clinical results as our product candidates move into and advance in clinical trials, risks inherent in early stage development and failure by Seattle Genetics to secure or maintain relationships with collaborators. More information about the risks and uncertainties faced by Seattle Genetics is contained in the Company's filings with the Securities and Exchange Commission. Seattle Genetics disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. ------------------------ Yahoo! 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