Carlsbad-based biotech Micromet Inc. picked up a $10 million milestone payment from a collaborator on Dec. 4 for the completion of two phase 2 clinical trials for a new cancer treatment.
The treatment, adecatumumab, targets tumor cells and is specifically being evaluated for the treatment of metastatic breast and prostate cancer.
Micromet originated the compound and is working on its development in collaboration with Rockland, Mass.-based Serono Inc., which provided the milestone payment.
Formerly known as CancerVax Corp., Micromet is traded on the Nasdaq as MITI and traded more than 4.7 million shares on Dec. 4, closing at $3 , up 49 percent from the previous session.
, Andy Killion