PRINCETON, N.J., May 3 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq:
MEDX) today announced that it expects to receive an undisclosed milestone
payment from its licensing partner, Amgen, for the advancement of an
antibody into a Phase II clinical trial. The antibody was generated using
Medarex's UltiMAb(R) technology and is the second UltiMAb-derived antibody
to be advanced into Phase II clinical development by Amgen. Medarex may
receive future milestone payments and royalties should this product
candidate progress through clinical development and achieve commercial
sales. Two additional UltiMAb antibodies are in Phase I development by
Amgen.
"We are extremely pleased by this next step in clinical development,
and we look forward to continued progress by Amgen as they advance the
development of fully human antibody therapeutics generated by our UltiMAb
technology," said Irwin Lerner, Chairman of the Board of Directors and
Interim President and CEO of Medarex.
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 30 of these therapeutic product candidates derived from
Medarex technology are in human clinical testing or have had INDs submitted
for such trials, with six of the most advanced product candidates currently
in Phase III clinical trials. 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"; "believe"; "anticipate"; "intend"; "plan"; "expect";
"estimate"; "could"; "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, 2006. 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, ext. 2216; Jean Mantuano, Media, Corporate
Communications, +1-609-430-2880, ext. 2221
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