PRINCETON, N.J., Dec. 18 /PRNewswire-FirstCall/ -- Medarex, Inc.
(Nasdaq: MEDX) today announced that it will receive a milestone payment for
an undisclosed amount from its licensing partner, Amgen, for advancing an
antibody into human clinical trials. The antibody was developed using
Medarex's UltiMAb(R) technology and is the fifth UltiMAb-derived antibody
in clinical development by Amgen, including two UltiMAb antibodies in Phase
II clinical studies. Medarex may receive future milestone payments and
royalties should this product candidate progress through clinical
development and to the market.
"As a leading biotechnology company, Amgen continues to use its product
development expertise to move UltiMAb-derived antibodies into clinical
development and potentially toward commercialization," said Howard H. Pien,
President and CEO of Medarex. "We are pleased by the advancements made by
Amgen with UltiMAb antibodies and look forward to their continued
progress."
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 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 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"; "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 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.
 back to top
Related links:
http://www.medarex.com
CONTACT:
Laura S. Choi, Investor Relations,
+1-609-430-2880, x2216; Jean Mantuano, Corporate Communications
(media), +1-609-430-2880, x2221, both of Medarex, Inc.
|
