PRINCETON, N.J., July 23 /PRNewswire-FirstCall/ -- Medarex, Inc.
(Nasdaq: MEDX) today announced that it has received a milestone payment of
an undisclosed amount from its licensing partner, Centocor R&D Inc., for
the acceptance of an Investigational New Drug Application (IND) to the U.S.
Food and Drug Administration (FDA) for an undisclosed antibody. The
antibody was generated by Medarex's UltiMAb Human Antibody Development
System(R). Medarex may receive future milestone payments and royalties
should this product candidate progress to commercialization and achieve
commercial sales.
"We are excited about the development of new antibodies generated by
Medarex's UltiMAb(R) technology platform," said Howard H. Pien, President
and CEO of Medarex. "The advancement of this antibody into the clinical
trial process further enhances our financial assets that consist of the
antibodies being developed through our collaborations."
About 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 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, as defined in
the Private Securities Litigation Reform Act of 1995, 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
"may" or "potential" 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 the development of the undisclosed antibody, unforeseen
safety issues resulting from the administration of antibody products in
humans, uncertainties concerning Centocor's 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, 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:
Investor Relations, Laura S. Choi,
+1-609-430-2880, ext. 2216, or Corporate Communications, Nichol
Harber, +1-609-430-2880, ext. 2214, both of Medarex, Inc.
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