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OncoMed Pharmaceuticals Extends License Agreement for Use of MorphoSys's Core Technology
MARTINSRIED, Germany, June 16, 2008 (PRIME NEWSWIRE) -- MorphoSys AG (FSE:MOR) (Prime Standard Segment:TecDAX) announced today that U.S. based biopharmaceutical company OncoMed Pharmaceuticals, Inc. has triggered its pre-existing option to extend the current license agreement between the two companies and has initiated two therapeutic antibody development programs targeting cancer stem cells. Under the extended agreement, which now runs until June 2010, MorphoSys continues to grant OncoMed access to its proprietary antibody library HuCAL GOLD for the use in the research and development of human therapeutic antibodies for the treatment of various cancers by targeting cancer stem cells. The extended agreement includes annual user fees to MorphoSys for OncoMed's access to the HuCAL platform. The two-year extension includes an option for OncoMed to develop and commercialize up to 3 additional HuCAL-derived therapeutic antibodies. In all cases MorphoSys stands to receive exclusive license fees, milestone payments, as well as royalties on end products. Further financial details were not disclosed.