Micromet and Bayer Schering Pharma AG have announced the achievement of a pre-clinical proof of concept for a BiTE antibody for the treatment of solid tumours, the first milestone under their collaboration agreement.
Under the agreement, Micromet is primarily responsible for the pre-clinical development of the BiTE antibody, and will collaborate with Bayer through phase I clinical trials.
Bayer is responsible for product development beginning in phase II, and for all manufacturing and commercialisation activities.
In return, Micromet is entitled to receive progress-dependent milestone payments of up to €285m alongside double-digit royalties on net sales and potential reimbursement for R&D expenses.
BiTE antibodies represent a new approach to cancer therapy by directing the body's cytotoxic or cell-destroying T cells against tumour cells.