Summary: Positive efficacy results with ofatumumab in rheumatoid arthritis
enable Genmab to achieve first development milestone.
Copenhagen, Denmark; June 26, 2007 - Genmab A/S (CSE: GEN) announced today it
has reached the first development milestone for ofatumumab (HuMax-CD20®) under
the terms of its collaboration with GlaxoSmithKline (GSK). Achievement of this
milestone has resulted in a payment of DKK 116.3 million (approximately USD 20.8
million), triggered by positive efficacy results in the Phase II rheumatoid
arthritis study, announced June 15, 2007. The payment will not influence
Genmab's financial guidance for 2007.
Genmab licensed exclusive worldwide rights to co-develop and commercialize
ofatumumab to GSK in December 2006. Genmab received a license fee of DKK 582
million, and GSK invested DKK 2,033 million in Genmab shares. In addition,
Genmab will be entitled to receive tiered double digit royalties on global sales
of ofatumumab and may also receive further milestone payments. As part of the
agreement, Genmab will have an option to co-promote, in a targeted oncology
setting, ofatumumab, Bexxar™, and Arranon™ in the US and ofatumumab and
Atriance™ in the Nordic region. GSK will also have an option for a CD20
UniBody™.
“Genmab's clinical development team has worked very hard to progress the various
ongoing clinical trial programs with ofatumumab, and these results in the RA
indication are very encouraging,” said Lisa N. Drakeman, Ph.D., Chief Executive
Officer of Genmab. “We are also very pleased that these results have helped us
reach our first milestone in our collaboration with GSK so soon after entering
into our agreement.”
About Genmab A/S
Genmab A/S is a biotechnology company that creates and develops human antibodies
for the treatment of life-threatening and debilitating diseases. Genmab has
numerous products in development to treat cancer, infectious disease, rheumatoid
arthritis and other inflammatory conditions, and intends to continue assembling
a broad portfolio of new therapeutic products. In addition, Genmab has developed
UniBody(TM), a new proprietary technology that creates a stable, smaller
antibody format. Genmab has operations in Europe and the US. For more
information about Genmab, visit www.genmab.com.
This press release contains forward looking statements. The words “believe”,
“expect”, “anticipate”, “intend” and “plan” and similar expressions identify
forward looking statements. Actual results or performance may differ materially
from any future results or performance expressed or implied by such statements.
The important factors that could cause our actual results or performance to
differ materially include, among others, risks associated with product discovery
and development, uncertainties related to the outcome and conduct of clinical
trials including unforeseen safety issues, uncertainties related to product
manufacturing, the lack of market acceptance of our products, our inability to
manage growth, the competitive environment in relation to our business area and
markets, our inability to attract and retain suitably qualified personnel, the
unenforceability or lack of protection of our patents and proprietary rights,
our relationships with affiliated entities, changes and developments in
technology which may render our products obsolete, and other factors. Genmab is
not under an obligation to up-date statements regarding the future following the
publication of this release; nor to confirm such statements in relation to
actual results, unless this is required by law.
Genmab(R); the Y-shaped Genmab logo(R); HuMax(R); HuMax-CD4(R); HuMax-CD20(R);
HuMax-EGFr(TM); HuMax-Inflam(TM); HuMax-TAC(TM); HuMax-HepC(TM), HuMax-CD38(TM);
HuMax-ZP3(TM); and UniBody(TM) are all trademarks of Genmab A/S.
Contact: Helle Husted, Sr. Director, Investor Relations, T: +45 33 44 77 30, M:
+45 25 27 47 13, E: hth@genmab.com
Stock Exchange Release no. 29/2007
