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Celera Genomics and Seattle Genetics Announce Target Selection from Research Collaboration in Cancer
ROCKVILLE, MD AND BOTHELL, WA - August 18, 2005
Celera Genomics Group (NYSE:CRA), an Applera Corporation business, and Seattle Genetics, Inc. (NASDAQ:SGEN) today announced that a Celera tumor surface antigen target has been selected for further investigation by Seattle Genetics for therapeutic development. This is the first target to be selected for advancement in the collaboration established last year between Celera Genomics and Seattle Genetics to jointly discover and develop antibody-based therapies for cancer. Products developed under the collaboration may include either monoclonal antibodies or antibodies linked to potent cell-killing payloads utilizing Seattle Genetics’ antibody-drug-conjugate (ADC) technology.
“We’re pleased that Seattle Genetics has elected to move forward with this antigen,” said Kathy Ordoñez, President of Celera Genomics. “With a strong combination of proprietary technology and practical experience, Seattle Genetics provides a promising opportunity for development of antibodies or ADCs based on our cancer targets.”
“This is an important step in the discovery process for antibody-based therapeutics,” said Clay B. Siegall, Ph.D., President and Chief Executive Officer at Seattle Genetics. “We look forward to continuing our evaluation of the target to assess its suitability for further development.”
Under the terms of the previously signed multi-year agreement, Celera Genomics and Seattle Genetics are jointly designating a number of cell-surface proteins discovered and validated through Celera Genomics’ proprietary proteomic platform as antigen targets. Seattle Genetics is carrying out initial screening to generate and select the appropriate corresponding antibodies or ADCs for joint development and commercialization. Celera Genomics and Seattle Genetics will co-fund preclinical and clinical product development and will share any profits resulting from collaboration products. Either party may opt out of co-development of a particular product and receive royalties on net sales. Celera Genomics will also pay progress-dependent commercialization milestones to Seattle Genetics for any co-developed ADCs. Other terms of the agreement were not disclosed.
About Applera Corporation and Celera Genomics
Applera Corporation consists of two operating groups. The Celera Genomics Group is engaged principally in the discovery and development of targeted therapeutics for cancer, autoimmune and inflammatory diseases. Celera Genomics is leveraging its proteomic, bioinformatic, and genomic capabilities to identify and validate drug targets, and to discover and develop small molecule therapeutics. It is also seeking to advance therapeutic antibody and selected small molecule drug programs in collaboration with global technology and market leaders. The Applied Biosystems Group (NYSE:ABI) serves the life science industry and research community by developing and marketing instrument-based systems, consumables, software, and services. Customers use these tools to analyze nucleic acids (DNA and RNA), small molecules, and proteins to make scientific discoveries, develop new pharmaceuticals, and conduct standardized testing. Applied Biosystems is headquartered in Foster City, CA, and reported sales of $1.7 billion during fiscal 2004. Celera Diagnostics, a 50/50 joint venture between Applied Biosystems and Celera Genomics, is focused on discovery, development, and commercialization of diagnostic products. Information about Applera Corporation, including reports and other information filed by the company with the Securities and Exchange Commission, is available at www.applera.com, or by telephoning 800.762.6923. Information about Celera Genomics is available at www.celera.com.
About Seattle Genetics
Seattle Genetics is a biotechnology company focused on the development of monoclonal antibody-based therapies for the treatment of cancer and immunologic diseases. The company is conducting clinical and preclinical development of a diverse portfolio of product candidates in a variety of oncology and immunology settings. In addition, Seattle Genetics has developed proprietary antibody-drug conjugate (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 a number of leading biotechnology and pharmaceutical companies, including Genentech, Bayer, CuraGen and MedImmune. More information about Seattle Genetics’ pipeline and technologies can be found at www.sealttlegenetics.com.
For Celera Genomics
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," "should," and "planned," among others. These forward-looking statements are based on Applera Corporation's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Applera Corporation notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These risks and uncertainties include but are not limited to: (1) Celera Genomics' unproven ability to discover, develop, or commercialize proprietary therapeutic products; (2) uncertain suitability of cell surface proteins discovered by Celera Genomics as targets for therapeutic antibodies; (3) the risk that products developed under this collaboration if any, will not advance as anticipated, or may not receive required regulatory clearances or approvals; (4) the uncertainty that collaboration products will be accepted and adopted by the market, including the risk that these products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for these products from third party payors such as private insurance companies and government insurance plans; and (5) other factors that might be described from time to time in Applera Corporation's filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Applera does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
For Seattle Genetics
Certain of the statements made in this press release are forward-looking. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Specifically, the statements regarding the potential benefits of the combination of Seattle Genetics' and Celera Genomics’ technologies are forward-looking and actual results may differ materially from these statements for various reasons. Factors that may cause such a difference include difficulties in implementing the combined technologies of Seattle Genetics and its partners, 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 collaborators or failure of those collaborators to perform their contractual obligations. 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.
Copyright © 2005. Applera Corporation. All Rights Reserved. Applied Biosystems, Celera, Celera Diagnostics and Celera Genomics are registered trademarks of Applera Corporation or its subsidiaries in the U.S. and certain other countries.
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