Wednesday February 7, 5:04 pm Eastern Time
Press Release
SOURCE: Medarex, Inc.
Medarex and Seattle Genetics Establish Alliance to Develop Human Antibody Therapeutics; Medarex to Invest $2 Million in Seattle Genetics
PRINCETON, N.J. and BOTHELL, Wash., Feb. 7 /PRNewswire/ -- Medarex, Inc. (Nasdaq: MEDX - news) and Seattle Genetics, Inc. today announced the formation of a strategic alliance through which the two companies expect to utilize Medarex's UltiMAb(TM)Human Antibody Development System(SM) to jointly develop and commercialize monoclonal antibody-based therapeutic products against specific cancer targets.
Under this alliance, Seattle Genetics will provide the collaboration with novel cancer targets. Medarex plans to generate fully human antibodies to these targets using its UltiMAb Human Antibody Development System. The two companies will share preclinical and clinical development costs and have the right to jointly commercialize any resulting products. In addition, Medarex will purchase $2 million of common stock directly from Seattle Genetics in a private placement concurrent with Seattle Genetics' proposed initial public offering.
``We are very pleased to add Seattle Genetics as a partner,'' said Donald L. Drakeman, President and Chief Executive Officer of Medarex. ``We are impressed by Seattle Genetics' proven ability to discover and move products into the clinic. By combining their efforts with Medarex's UltiMab technology, we believe this partnership positions both companies to rapidly develop and commercialize fully human antibody therapeutics.''
Medarex is a biopharmaceutical company developing monoclonal antibody- based therapeutics to fight cancer and other life-threatening and debilitating diseases. Medarex has assembled a broad platform of patented technologies for antibody discovery and development, including the UltiMAb(TM)Human Antibody Development System(SM) for the creation of high-affinity, fully human antibodies; T-12 Development(SM) offering the potential to move from target to trial in approximately 12 months; and Trans-Phage Technology(SM) combining high throughput screening with fully human antibody development. Medarex creates and develops fully human antibodies for itself and others, offering a full range of antibody development capabilities, including pre-clinical and clinical manufacturing services. For more information about Medarex, visit its web site at www.medarex.com.
Seattle Genetics discovers and develops monoclonal antibody, or mAb, - based therapeutics to treat cancer and related diseases. Seattle Genetics utilizes its mAb-based technologies to increase the potency and efficacy of antibodies with specificity for cancer. Seattle Genetics has four mAb-based technologies: engineered mAbs, mAb-drug conjugates, single-chain immunotoxins, and antibody-directed enzyme prodrug therapy. Using these technologies and its expertise in cancer, Seattle Genetics has built a diverse portfolio of drug candidates targeted to many types of human cancers, including two currently being tested in clinical trials. For more information about Seattle Genetics, visit its web site at www.seattlegenetics.com.
For Medarex: Except for the historical information presented herein, matters discussed in this press release are 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 which are preceded by, followed by, or that include the words ``believes''; ``anticipates''; ``plans''; ``expects''; ``estimates''; or similar statements are forward-looking statements. Risks and uncertainties include risks associated with product discovery and development 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 Medarex's Annual Report on Form 10-K for the fiscal year ended December 31, 1999 and subsequent Quarterly Reports on Form 10-Q. Copies of Medarex's respective public disclosure filings are available from its investor relations department. There can be no assurance that such discovery or development efforts will succeed, that such products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success. |
