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Biotech / Medical : MEDX ... anybody following?

MEDX 31.24

+0.2%

Oct 31 9:30 AM EDT

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From: Icebrg	7/13/2009 9:59:02 AM
	of 2240

Medarex to Receive Milestone Payment from FibroGen for the Initiation of a Phase 2 Study of FG-3019 in Patients with Diabetic Kidney Disease PRINCETON, N.J.--(BUSINESS WIRE)--Medarex, Inc. (NASDAQ:MEDX - News) today announced it will receive a milestone payment of an undisclosed amount from its licensing partner, FibroGen, Inc., in connection with a recently initiated Phase 2 clinical trial of FG-3019 in patients with type 2 diabetes and advanced kidney disease as announced by FibroGen on June 15, 2009. FG-3019 is a fully human monoclonal antibody generated using Medarex's UltiMAb® technology against connective tissue growth factor (CTGF). Under the agreement with FibroGen, Medarex could receive future milestone payments and sales-based royalty payments. “We are pleased with the progress our licensing partners continue to make in the development of antibodies generated from our UltiMAb® technology,” said Howard H. Pien, Chairman and CEO of Medarex. “We believe the advancements of other antibody programs generated from Medarex’s UltiMAb® platform will continue to emphasize the therapeutic importance of our technology to address underserved medical needs.”

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