On November 8 2010 Micromet Inc announced plans to advance its BiTE antibody MT112/BAY 2010112 into formal preclinical development in collaboration with Bayer Schering Pharma AG, Germany. Taking this next step toward an IND-filing triggers a 2.5 million Euro (approximately US$3.5 million) milestone payment to Micromet. The product candidate, which is being developed for the treatment of patients with solid tumors, was generated by Micromet using its proprietary BiTE technology.
Micromet and Bayer Schering Pharma are developing MT112/BAY 2010112 under a collaboration and license agreement signed in January 2009. Micromet is primarily responsible for the preclinical development of the BiTE antibody, and will collaborate with Bayer Schering Pharma through the completion of Phase 1 clinical trials. After completion of Phase 1 trials, Bayer Schering Pharma will assume full control of clinical development and commercialization of the BiTE antibody. Micromet is eligible to receive progress-dependent milestone payments and up to double-digit royalties on future potential tiered net sales of this product candidate.
