Medarex and Amrad Agreement
(May 15, 2003) NEWS RELEASE MEDAREX AND AMRAD ANNOUNCE AGREEMENT TO DEVELOP THERAPEUTIC ANTIBODIES
Princeton, N.J. and Victoria, Australia; May 15, 2003 – Medarex, Inc. (Nasdaq:MEDX) and Amrad Corporation Limited (ASX:AML) today announced a licensing partnership for the research and development of fully human therapeutic antibodies against interleukin-13 receptor alpha, a target in which Amrad has a proprietary interest. Amrad is using Medarex’s UltiMAb Human Antibody Development SystemSM to generate antibodies to this target. Medarex expects to receive license fees and milestone payments, as well as royalties on commercial sales of any products that may result from this agreement.
“The development of antagonists to the interleukin-13 receptor for the treatment of asthma is one of our priority projects,” said Dr. Sandra Webb, Managing Director and CEO of Amrad. “The receptor was discovered through our collaboration with the Cooperative Research Centre for Cellular Growth Factors (CRC-CGF), and Amrad continues to work with Medarex to generate antibodies to the receptor. We are pleased to secure our ongoing access to Medarex’s human antibody technology for use in this exciting project.”
“We believe that Amrad is a leader in the Australian biotech community with a multi-product pipeline and links to many of Australia’s biomedical institutes,” said Donald L. Drakeman, President and CEO of Medarex. “We hope to see UltiMAb antibodies moving forward soon in Amrad’s programs.”
About Amrad Amrad Corporation Limited is an Australian drug discovery and development based biotechnology company. Amrad's in-house R&D expertise is focused on five flagship status projects in the areas of allergy and inflammation, anti-infectives and neurological indications. Further information about projects in drug discovery and development can be found at www.amrad.com.au. |
