Concortis Biosystems, Inc. (Concortis), a subsidiary of Sorrento Therapeutics, a late-stage clinical oncology company developing new treatments for cancer and associated pain, announced a collaboration to generate novel antibody drug conjugates (ADCs) based on a Morphotek antibody linked to chemotherapeutic agents using Concortis' proprietary ADC Technology. Under the terms of the agreement, Sorrento will receive research fees, up-front payment, milestone payments and royalties on future net sales. Sorrento has the potential to receive up to $50 million upon successful attainment of key milestones.
"Working with Sorrento's team and its next generation ADC technology platform, we hope to utilize the full potential of our Morphotek antibody by developing agents that may have an enhanced efficacy and safety profile," said Nicholas Nicolaides, president and chief executive officer, at Morphotek.
"We are extremely pleased to have entered into this collaboration with Morphotek, which has successfully pioneered the development of antibodies using their gene evolution technology. This further increases the number of our existing corporate arrangements where Sorrento's proprietary ADC technology is being used to generate novel ADCs," said Henry Ji, president & chief executive officer, of Sorrento Therapeutics.