Shares of biotech company Micromet (MITI) more than doubled on Monday after the biotech got a $10 million milestone payment from Serono on the company's adecatumumab treatment in metastatic breast cancer and prostate cancer.
The Carlsbad, Calif., company said it got the milestone payment on the completion of two Phase 2 clinical trials using the drug.
Adecatumumab is a human monoclonal antibody targeting tumor cells overexpressing the epithelial cell adhesion molecule. Micromet and Serono reported final data for the two Phase 2 studies on Oct. 2. The compound originated at Micromet and is being developed in collaboration between the companies.
Shares rose $2.94 to $4.96.
The Carlsbad, Calif., company said it got the milestone payment on the completion of two Phase 2 clinical trials using the drug.
Adecatumumab is a human monoclonal antibody targeting tumor cells overexpressing the epithelial cell adhesion molecule. Micromet and Serono reported final data for the two Phase 2 studies on Oct. 2. The compound originated at Micromet and is being developed in collaboration between the companies.
Shares rose $2.94 to $4.96.
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