Genmab A/S
24.06.2011 08:05
Dissemination of a Adhoc News, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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- Genmab will wind down the zalutumumab program
- No impact on 2011 financial guidance
- Zalutumumab will be made available for future partnering
Copenhagen, Denmark; June 24, 2011 - Genmab A/S (OMX: GEN) announced today it
will wind down the zalutumumab clinical program.
After an extensive search during the first half of the year, the company has
not found a satisfactory partnership to take zalutumumab forward in the current
climate. As part of the company's disciplined approach and commitment to
controlling costs, Genmab will wind down the zalutumumab program. Genmab will
continue to pursue partnership leads, but will not invest further in the
development of zalutumumab. Cost savings from the wind down will mostly be
realized from 2012 and therefore the 2011 financial guidance will not be
impacted.
'We have always been focused to ending investment in zalutumumab so that we can
concentrate our resources to progress other higher value programs in our
pipeline. The product has shown good results in our clinical studies without
any serious adverse effects and I believe it has a therapeutic potential;
however, we were committed to taking a decision on the future of the product by
the end of June and therefore we will now shelve zalutumumab but make it
available for partnership should the opportunity arise at some point in the
future.' said Dr. Jan van de Winkel, CEO of Genmab.
About Genmab A/S
Genmab is a publicly traded, international biotechnology company specializing
in the creation and development of differentiated human antibody therapeutics
for the treatment of cancer. Founded in 1999, the company's first marketed
antibody, Arzerra(r) (ofatumumab), was approved to treat refractory chronic
lymphocytic leukemia after less than eight years in development. Genmab's
validated and next generation antibody technologies are expected to provide a
steady stream of future product candidates. Partnering of innovative product
candidates and technologies is a key focus of Genmab's strategy and the company
has alliances with top tier pharmaceutical and biotechnology companies. For
more information visit www.genmab.com.
Contact:
Rachel Curtis Gravesen, Senior Vice President, Investor Relations &
Communication
T: +45 33 44 77 20; M: +45 25 12 62 60; E: r.gravesen@genmab.com
This Stock Exchange 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. For a further discussion of these risks, please refer to the
section 'Risk Management' in Genmab's Annual Report, which is available on
www.genmab.com. Genmab does not undertake any obligation to update or revise
forward looking statements in this Stock Exchange Release nor to confirm such
statements in relation to actual results, unless required by law.
Genmab(r); the Y-shaped Genmab logo(r); HuMax(r); HuMax-CD20(r); HuMax-EGFr(tm);
HuMax-IL8(tm); HuMax-TAC(tm); HuMax-CD38(tm); HuMax-TF(tm); HuMax-Her2(tm);
HuMax-cMet(tm),
HuMax-CD74(tm), DuoBody(tm) and UniBody(r)are all trademarks of Genmab A/S.
Arzerra(r) is
a trademark of GlaxoSmithKline.
Stock Exchange Release no. 22
CVR no. 2102 3884
Genmab A/S
Bredgade 34
1260 Copenhagen K
Denmark
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News Source: NASDAQ OMX
24.06.2011 DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: Genmab A/S
Denmark
Phone:
Fax:
E-mail:
Internet:
ISIN: DK0010272202
WKN:
End of Announcement DGAP News-Service
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DGAP-Adhoc: Genmab Announces Zalutumumab Update
| Source: EQS Group AG