Medarex and Ability Biomedical Announce Alliance to Develop Fully Human Antibody Therapeutics
Tuesday January 7, 6:01 am ET
VANCOUVER, British Columbia and PRINCETON, N.J., Jan. 7 /PRNewswire- FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) and Ability Biomedical Corporation, a privately-held Canadian biotechnology company, today announced a collaboration for the development of fully human antibody therapeutics to inflammation and autoimmune diseases.
Under the agreement, the two companies expect to share equally the cost and responsibility of the development of antibody products. In addition, the two companies plan to jointly commercialize any antibody products resulting from this collaboration.
"We believe that joining with Medarex, a leader in fully human antibody therapeutic development, represents a significant commercial validation of our strong science and intellectual property and is in line with our corporate strategy," said Hans S. Keirstead, Ph.D., President and Chief Executive Officer of Ability Biomedical.
"This collaboration gives us the opportunity to work with Ability Biomedical's talented scientific team to potentially develop fully human antibody therapeutics," said Donald L. Drakeman, Ph.D., President and Chief Executive Officer of Medarex.
About Ability Biomedical
Ability Biomedical Corporation is a private, venture-sponsored firm focusing on chemokine-based therapeutics. In the first instance, Ability is developing potential treatments for individuals with inflammatory and autoimmune diseases. Located in Vancouver, BC (Ability Biomedical Corporation) and Irvine, CA (Ability Biomedical (USA) Corporation), the firm intends on leveraging significant discoveries made at the University of California, Irvine by Drs. Thomas E. Lane and Hans S. Keirstead. |
