LONDON (ShareCast) - Oxford BioMedica, a gene-based biopharmaceutical company, has received a one million dollar milestone payment from Pfizer.

The payment was triggered by the entry of PF-06263507, a 5T4-targeted investigational antibody therapy, into human clinical trials.

John Dawson, Chief Executive Officer of Oxford BioMedica, said: "The 5T4 tumour antigen is an important target for novel anti-cancer therapeutics and the cancer targeted therapies market represents a significant opportunity. We look forward to the future progress of PF-06263507."

In 2001, Oxford BioMedica previously licensed global rights to develop antibodies targeting the 5T4 tumour antigen for the treatment of cancer to Wyeth, a company acquired by Pfizer in 2009.

Pfizer also has non-exclusive rights for the diagnostic use of 5T4 antibodies, including an option for commercialisation of a 5T4-based diagnostic.

The potential value of Oxford BioMedica's collaboration with Pfizer is worth up to an additional $27m, the group said.

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