received €1.5 million, or $2 million, as a milestone payment from Nycomed
, which filed the first clinical trial application (CTA) in European for the antibody MT203. This antigranulocyte monocyte colony stimulating factor antibody has shown promise in various inflammatory and autoimmune diseases, according to the firms.
"Since the start of our collaboration with Nycomed in 2007, we have made excellent progress on the preclinical development of MT203," says Jens Hennecke, Micromet svp of business development. The deal coves a family of antigranulocyte monocyte colony stimulating factor antibodies of which MT203 is the lead candidate.
Micromet could earn developmental milestone payments of more than €120 million, or $160.5 million. Micromet received an up-front license fee of €5 million, $6.7 million, and is eligible to royalties on worldwide sales of MT203 and other products that may be developed under the agreement.
Micromet is responsible for preclinical development and manufacturing, while Nycomed will be responsible for clinical development and commercialization on a worldwide basis.
Preclinical studies with MT203 have shown promise in the treatment of rheumatoid arthritis, multiple sclerosis, psoriasis, asthma, and COPD.