received $500,000 from Pfizer
with the latter’s initiation of Phase III trials with tanezumab
, a drug to treat chronic pain due to osteoarthritis
. The payment is pursuant to a licensing agreement between the two firms inked in August 2007.
The terms of the agreement called for an up-front payment of $30 million in return for nonexclusive, worldwide rights to Xoma’s patented bacterial cell expression (BCE) technology. The platform can be used for phage display and other research, development, and manufacturing of antibodies. Xoma stands to earn additional milestones, royalties, and other fees on future sales of all products subject to this license.
“With over 50 license agreements in place, BCE continues to be an important enabling technology in antibody discovery and production,” points out Steven Engle, chairman and CEO of Xoma.