Medarex to Receive Milestone Payment from Amgen
PRINCETON, N.J., May 03, 2007 /PRNewswire-FirstCall/ -- Medarex, Inc. today announced that it expects to receive an undisclosed milestone payment from its licensing partner, Amgen, for the advancement of an antibody into a Phase II clinical trial. The antibody was generated using Medarex's UltiMAb(R) technology and is the second UltiMAb-derived antibody to be advanced into Phase II clinical development by Amgen. Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and achieve commercial sales. Two additional UltiMAb antibodies are in Phase I development by Amgen.
"We are extremely pleased by this next step in clinical development, and we look forward to continued progress by Amgen as they advance the development of fully human antibody therapeutics generated by our UltiMAb technology," said Irwin Lerner, Chairman of the Board of Directors and Interim President and CEO of 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 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.
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, 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 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.
CONTACT: Laura S. Choi, Investor Relations, +1-609-430-2880, ext. 2216;Jean Mantuano, Media, Corporate Communications, +1-609-430-2880, ext. 2221
Web site: http://www.medarex.com/
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Ticker Symbol: (NASDAQ-NMS:MEDX)
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Posted: May 2007