PRINCETON, N.J., Sept. 8 /PRNewswire-FirstCall/ -- Medarex, Inc.
(Nasdaq: MEDX) today announced that it received a milestone payment for an
undisclosed amount from its licensing partner, Pfizer Inc. (NYSE: PFE).
This payment is a result of the submission of an Investigational New Drug
(IND) application by Pfizer 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 progress that Pfizer has made in advancing
this antibody, generated using our UltiMAb(R) technology, towards the
clinic," said Howard H. Pien, President and CEO of Medarex. "The continued
development progress by Pfizer and our other partners reinforces the
potential of products generated using our UltiMAb(R) antibody technology to
treat life-threatening diseases."
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 Web site 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
"potential" or "may" or similar statements are forward-looking statements.
Medarex disclaims, however, any intent or obligation to update these
forward-looking statements. These risks and uncertainties include those
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 such development
efforts will succeed or that 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 Nichol Harber, Corporate
Communications, +1-609-430-2880, x2214, both of Medarex, Inc.
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