PRINCETON, N.J., March 31 /PRNewswire-FirstCall/ -- Medarex, Inc.
(Nasdaq: MEDX) today announced that it will receive a milestone payment for
an undisclosed amount from its licensing partner, Novo Nordisk A/S. This
payment is a result of the submission of an Investigational New Drug
application by Novo Nordisk for the clinical development of an antibody
generated by Medarex's UltiMAb(R) technology. Medarex may receive future
milestone payments and royalties should this product candidate progress
through clinical development and to the market.
"We are pleased with the milestone achieved by Novo Nordisk and look
forward to continued development progress with this antibody," said Howard
H. Pien, President and CEO of Medarex. "Product development advances of
this type by Novo Nordisk and our other partners underpin the important
role of our antibody technology in the development of new therapeutics."
Medarex is a biopharmaceutical company focused on the discovery,
development and potential commercialization of fully human antibody-based
therapeutics to treat life-threatening and debilitating diseases, including
cancer, inflammation, autoimmune disorders and infectious diseases. Medarex
applies its UltiMAb(R) technology and product development and clinical
manufacturing experience to generate, support and potentially commercialize
a broad range of fully human antibody product candidates for itself and its
partners. More than 40 of these therapeutic product candidates derived from
Medarex technology are in human clinical testing or have had INDs submitted
for such trials, with seven of the most advanced product candidates
currently in Phase 3 clinical trials or the subject of regulatory
applications for marketing authorization. Medarex is committed to building
value by developing a diverse pipeline of antibody products to address the
world's unmet healthcare needs. For more information about Medarex, visit
its website at http://www.medarex.com.
Medarex Statement on Cautionary Factors
Except for the historical information presented herein, matters
discussed herein may constitute forward-looking statements that are subject
to certain risks and uncertainties that could cause actual results to
differ materially from any future results, performance or achievements
expressed or implied by such statements. Statements that are not historical
facts, including statements preceded by, followed by, or that include the
words "potential"; "may"; or similar statements are forward-looking
statements. Medarex disclaims, however, any intent or obligation to update
these forward-looking statements. Risks and uncertainties include risks
associated with product development, unforeseen safety issues resulting
from the administration of antibody products in humans, as well as risks
detailed from time to time in Medarex's public disclosure filings with the
U.S. Securities and Exchange Commission (SEC), including its Annual Report
on Form 10-K for the fiscal year ended December 31, 2007 and its quarterly
reports on Form 10-Q. There can be no assurance that future milestone
payments will be paid, whether the product development efforts will
succeed, or whether other developed products will receive required
regulatory clearance or that, even if such regulatory clearance were
received, such products would ultimately achieve commercial success. Copies
of Medarex's public disclosure filings are available from its investor
relations department.
Medarex(R), the Medarex logo and UltiMAb(R) are registered trademarks
of Medarex, Inc. All rights are reserved.
SOURCE Medarex, Inc.
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Related links:
http://www.medarex.com
http://www.prnewswire.com/comp/108265.html /
CONTACT:
Laura S. Choi, Investor Relations,
+1-609-430-2880, x2216, or Jean Mantuano, Corporate
Communications (media), +1-609-430-2880, x2221, both of Medarex,
Inc.
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