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Medarex Announces Collaborative Research Agreement with Mitsubishi Pharma

PRINCETON, N.J., May 31, 2007 /PRNewswire-FirstCall/ -- Medarex, Inc. today announced a collaborative research agreement with Mitsubishi Pharma Corporation, a subsidiary of Mitsubishi Chemical Holdings Corporation. The two companies expect to generate and evaluate fully human monoclonal antibodies against a Mitsubishi target for the potential treatment of autoimmune diseases. The companies plan to use Medarex's UltiMAb Human Antibody Development System(R) to generate antibodies for research and possible development.

Under the terms of the agreement, Medarex and Mitsubishi Pharma will share research responsibilities for any antibodies generated through the collaboration. Other terms of the agreement were not disclosed.

"We are very much pleased to work with Medarex," said Dr. Tohru Nakajima, Executive Officer/Division Manager of the Pharmaceutical Research Division for Mitsubishi Pharma. "We will gain access to excellent expertise that provides us with the potential advancement of novel therapeutics for autoimmune diseases."

"We are pleased to have this opportunity to partner with Mitsubishi Pharma Corporation and its research team and to work together to potentially discover new antibody therapeutics," said Irwin Lerner, Interim President and CEO of Medarex.

About Medarex, Inc.

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 six 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 www.medarex.com.

Statement on Cautionary Factors

For Medarex: 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 discovery and development and uncertainties related to the implementation of the collaborative research agreement with Mitsubishi Pharma Corporation 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 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.

CONTACT: investor relations, Laura S. Choi, +1-609-430-2880, x2216, orcorporate communications, media, Jean Mantuano, +1-609-430-2880, x2221

Web site: http://www.medarex.com//

Company News On-Call: http://www.prnewswire.com/comp/108265.html/

Ticker Symbol: (NASDAQ-NMS:MEDX)

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Posted: May 2007


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