Genmab revises strategy, partners with Seattle Genetics

Genmab A/S (CSE:GEN) announced on Tuesday that it revised its corporate strategy and partnered with Seattle Genetics Inc. (NASDAQ:SGEN) in an antibody deal. As part of its new strategy, Genmab plans to reduce operating expenses by 20% in 2011 by cutting R&D spending, in part by finding a partner for zalutumumab, a human mAb targeting EGFR. Genmab, which is considering further expense reductions, also will seek partnerships for its preclinical compounds. In March, Genmab reported that zalutumumab plus best supportive care missed the primary endpoint of significantly increasing median overall survival vs. best supportive care alone in a Phase III trial to treat squamous cell carcinoma of the head and neck (SSCHN). At June 30, Genmab had DKK931 million ($152.7 million) in cash and a six-month operating loss of DKK240.3 million ($39.4 million). Revenues for 1H10 were DKK276.3 million ($45.3 million). ...