PRINCETON, N.J., Dec. 7 /PRNewswire-FirstCall/ -- Medarex, Inc.
(Nasdaq: MEDX) today announced that it will receive an undisclosed
milestone payment from its licensing partner, Centocor, Inc., for the
submission of regulatory applications requesting approval of ustekinumab
(CNTO 1275) in the United States and in Europe for the treatment of chronic
moderate to severe plaque psoriasis by Centocor.
Ustekinumab is a human monoclonal antibody that binds to the cytokines
IL-12 and IL-23 and was generated using Medarex's UltiMAb(R) technology.
Medarex may receive future milestone payments and royalties should this
product candidate progress to commercialization and achieve commercial
sales.
"News of a first regulatory filing for approval for an antibody
developed from Medarex technology is an important milestone for Medarex and
marks a major achievement in translating the technology developed by our
head of research, Dr. Nils Lonberg, into innovative and potentially
significant treatments for many unmet medical needs," said Howard H. Pien,
President and CEO of Medarex. "We believe that the ongoing development
progress of ustekinumab and other antibody programs generated from
Medarex's UltiMAb platform will continue to highlight the therapeutic
importance and value creation opportunities of antibodies and our
technology."
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 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, 2006 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
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CONTACT:
Investor Relations, Laura S. Choi,
+1-609-430-2880, x2216, or Corporate Communications (media), Jean
Mantuano, +1-609-430-2880, x2221, both of Medarex, Inc.
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