Friday, June 20, 2008 12:07:08 PM
Friday June 20, 11:04 am ET
Trubion says Wyeth extends research deal on drug candidate for arthritis, cancer
SEATTLE (AP) -- Biopharmaceutical company Trubion Pharmaceuticals Inc. said Thursday Wyeth the companies' research partnership for an additional year, resulting in $3.2 million of additional funding from Wyeth.
Trubion shares rose 41 cents, or nearly 8 percent, to $5.69, while Wyeth shares shed 8 cents to $47.74 in morning trading.
The extension continues through Dec. 29, 2009 a collaboration on TRU-015, currently in mid-stage development for rheumatoid arthritis, and other candidates that target the protein CD20 found in B cells in the immune system.
TRU-015 is also in early-stage development for B-cell cancers such as non-Hodgkin's lymphoma and leukemia and is in pre-clinical development as a treatment for lupus.
Under an agreement signed in December 2005, Trubion received a $40 million upfront payment, and is eligible for development milestones and royalties up to $800 million.
surf's up......crikey
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