PRINCETON, N.J., July 18 /PRNewswire-FirstCall/ -- Medarex, Inc.
(Nasdaq: MEDX) today announced the advancement by Novartis Pharma AG
(Novartis) of ACZ885, a fully human anti-IL1 beta antibody, into a Phase
III clinical trial for Muckle Wells Syndrome. As a result of such
advancement, Medarex expects to receive an undisclosed milestone payment
from its licensing partner, Novartis. The antibody was generated using
Medarex's UltiMAb(R) technology as part of the collaboration with Novartis.
Medarex may receive future milestone payments and royalties should this
product candidate progress through clinical development and achieve
commercial sales.
"This milestone represents the seventh UltiMAb antibody to move into
Phase III clinical development. We are pleased with this advancement and
hope to see the continued progress of this antibody," said Howard H. Pien,
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 seven 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, uncertainties
concerning Novartis' activities under its agreement with Medarex, 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, x2216; or
Jean Mantuano, Corporate Communications, media, x2221, both of
Medarex, Inc., +1-609-430- 2880
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