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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	11/5/2008 6:21:01 AM
	of 2240

Medarex Receives Milestone Payment for Investigational Antibody Targeting Integrin Receptors Wednesday November 5, 6:00 am ET PRINCETON, N.J., Nov. 5 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) today announced that it has received a milestone payment of an undisclosed amount from its licensing partner, Centocor R&D Inc., for the completion of a Phase 2 trial of CNTO 95, a fully human antibody targeting the integrin receptors that are implicated in tumor-induced angiogenesis. The CNTO 95 human antibody was generated using Medarex's UltiMAb® technology. Medarex may receive future milestone payments and royalties should this product candidate progress to commercialization and achieve commercial sales. "We are pleased with the progress of this program and the potential of technology licensing programs under our partnership with Centocor to contribute to future revenues," said Howard H. Pien, President and CEO of Medarex.

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