Rockville, Md-based MacroGenics, Inc. (Nasdaq:MGNX) announced that it has advanced in the development of its’ monoclonal antibody-based therapeutics drug to treat various types of leukemia. MGD011 (also known as JNJ-64052781) dosing has commenced in a Phase 1 trial in partnership with Janssen Biotech, Inc.
Jansen is using MacroGenics' proprietary platform called Dual-Affinity Re-Targeting or DART to develop the drug and will make a $10 million payment to MacroGenics for reaching the milestone. "Janssen's use of the DART platform for targeting CD19 provides important validation of our technology," said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics.
MacroGenics shares are over 3 percent higher in early morning trading to $36.72, the company's 52 week range is between $17.31 and $39.90. It has a market cap of approximately $1.24 billion.