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November 28, 2005 – Bridgewater, NJ and Munich, Germany – Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) and Micromet AG (private) today announced an agreement to end the companies' collaboration to identify and develop antibody-based therapeutics for the treatment of inflammatory and autoimmune diseases. The termination was jointly agreed in consequence to Enzon's efforts to redirect its investments to projects strategically aligned with its near- and long-term business objectives, including an increased focus on cancer.
Since April 2002, the two companies combined their complementary expertise in single-chain antibody (SCA) technology and shared equally in the costs related to the identification of several antibody-based compounds. Under the termination agreement, Enzon will make a final payment to Micromet in satisfaction of its obligations under the collaboration. In addition, Micromet receives rights to the lead compound (MT203) generated within the scope of the collaboration and Enzon will receive royalties on any future product sales.
The termination of the research and development collaboration does not affect the companies' other agreements, including a cross-license agreement between the parties and a marketing agreement under which Micromet is the exclusive marketer of the two companies' combined intellectual property estate in the field of single-chain antibody technology (SCA). Under the marketing agreement, the two companies share equally in any revenues resulting from Micromet's licensing activities.
Contact for Micromet
Media: Evelyn Wolf
Phone: +49 89 895277-220
Email: evelyn.wolf@micromet.de
Investors: Ines-Regina Buth
Phone: +49 89 895277-221
Email: ines-regina.buth@micromet.de
Contact for Enzon
Susan Mesco
Director, Investor Relations
Phone: + 1 908-541-8777
About Single-Chain Antibodies
Antibodies are proteins produced by the body's immune system in response to the presence of antigens, such as bacteria, viruses or other disease causing agents. Antibodies of identical molecular structure that bind to a specific target are called monoclonal antibodies. Single-chain antibodies are genetically engineered antibodies that incorporate only the antigen binding domains of an antibody. Thus, SCAs have the binding specificity and affinity of monoclonal antibodies; however, in their native form they are only one-fifth to one-sixth the size of a monoclonal. The small size of SCAs typically gives them shorter half-lives than monoclonal antibodies, making them better suited for use in acute indications or in other indications where the large size of a monoclonal antibody would inhibit the compound from reaching the area of potential therapeutic activity.
In addition, SCAs are a well-established discovery format-of-choice in generating antibodies from phage or yeast display libraries.
About Micromet
Micromet AG, a private Munich-based biotechnology company, puts novel concepts in immunotherapy to work. Using proprietary technologies, the Company is building a strong pipeline of innovative drug candidates for the treatment of cancer, inflammation and autoimmune disease. Two candidates are currently in clinical trials. The Company has established a powerful drug development platform based on its BiTE™ technology, a unique drug format that leverages the cytotoxic potential of T cells, the most powerful 'killer cells' of the human immune system. Micromet has integrated infrastructure and expertise in all disciplines of drug design and development.
The Company has attracted both top-tier life science investors and corporate partners, such as MedImmune, Inc., Enzon Pharmaceuticals Inc, and Serono. For further information, please visit the Company's website at www.micromet.de.
About Enzon
Enzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the development and commercialization of therapeutics to treat patients with cancer and other life-threatening diseases. Enzon's specialized sales force markets ABELCET®, ONCASPAR®, ADAGEN®, and DEPOCYT® in North America. In addition, Enzon also receives royalties on sales of PEG-INTRON®, marketed by Schering-Plough Corporation, and MACUGEN®, marketed by OSI Pharmaceuticals, Inc. and Pfizer Inc. Enzon's product-driven strategy includes an extensive drug development program that leverages its proprietary technologies, including a next-generation PEGylation platform that utilizes linkers designed to release compounds at a controlled rate. Enzon complements its internal research and development efforts with strategic initiatives, such as partnerships designed to broaden its revenue base or provide access to promising new technologies or product development opportunities.
Further information about Enzon and this press release can be found on the Company's web site at www.enzon.com.
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