Seattle Genetics, the developer of targeted cancer drugs, said today it has received a milestone payment from Progenics Pharmaceuticals. Bothell, WA-based Seattle Genetics (NASDAQ: [[ticker:SGEN]]) got the payment because Progenics bought a license to the Seattle Genetics antibody-drug linking technology, and has used it to develop a drug candidate that has entered the first stage of clinical trials for hormone-resistant prostate cancer. Financial terms weren’t disclosed.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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