Seattle Genetics Collects Payment From Progenics

Xconomy Seattle — 

Seattle Genetics, the developer of targeted cancer drugs, said today it has received a milestone payment from Progenics Pharmaceuticals. Bothell, WA-based Seattle Genetics (NASDAQ: SGEN) got the payment because Progenics bought a license to the Seattle Genetics antibody-drug linking technology, and has used it to develop a drug candidate that has entered the first stage of clinical trials for hormone-resistant prostate cancer. Financial terms weren’t disclosed.