MacroGenics, Inc., a privately held biotechnology company that develops next generation antibody therapeutics, announced today that it will receive a milestone payment from Boehringer Ingelheim. The milestone payment was triggered as part of an agreement executed in October 2010 to discover, develop and commercialize antibody-based therapeutics based on MacroGenics' Dual-Affinity Re-Targeting (DART) platform. The amount of the milestone payment remained undisclosed. Therapeutics in the global alliance will be directed against up to ten combinations of molecular targets and may span multiple therapeutic areas, including immunology, oncology, respiratory, cardiometabolic and infectious diseases. To date, MacroGenics has achieved five pre-clinical milestones across both of its DART collaborations with Boehringer Ingelheim and Pfizer, Inc.
Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics, commented: "We are very encouraged by the progress we've made with this DART candidate in collaboration with Boehringer Ingelheim." Dr. Koenig continued, "MacroGenics expects to advance multiple product candidates from this alliance in 2012 and beyond."
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