Elotuzumab is a humanized monoclonal antibody that binds to CS1, a cell surface glycoprotein that is highly expressed on myeloma cells but minimally expressed on normal human cells.  Elotuzumab may also induce anti-tumor effects through antibody-dependent cellular cytotoxicity activity on myeloma cells. We believe elotuzumab has significant potential as a targeted therapy for multiple myeloma.

In collaboration with Bristol-Myers Squibb, elotuzumab is currently in three phase 1 clinical studies - one as a monotherapy in relapsed refractory patients and two in combination therapy as a second line treatment in patients with multiple myeloma.  We have previously published early results from the ongoing monotherapy study reflecting early pharmacokinetic (PK) and tolerance data. Strong preclinical data also support the use of elotuzumab in combination with other agents.  In 2008, we initiated phase 1 trials of elotuzumab in combination with Velcade® (bortezomib) and in combination with Revlimid® (lenalidomide).Promising preliminary data were presented for these trials in early 2009 and additional data are anticipated for presentation by the end of 2009. In addition, we expect to initiate a phase 2 trial by the first half of 2010.