Medarex to Receive Milestone Payment from Amgen
Thursday May 3, 6:00 am ET
PRINCETON, N.J., May 3 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) today announced that it expects to receive an undisclosed milestone payment from its licensing partner, Amgen, for the advancement of an antibody into a Phase II clinical trial. The antibody was generated using Medarex's UltiMAb® technology and is the second UltiMAb-derived antibody to be advanced into Phase II clinical development by Amgen. Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and achieve commercial sales. Two additional UltiMAb antibodies are in Phase I development by Amgen.
"We are extremely pleased by this next step in clinical development, and we look forward to continued progress by Amgen as they advance the development of fully human antibody therapeutics generated by our UltiMAb technology," said Irwin Lerner, Chairman of the Board of Directors and Interim President and CEO of Medarex.
Medarex is a biopharmaceutical company focused on the discovery, development and potential commercialization of fully human antibody-based therapeutics to treat life-threatening and debilitating diseases, including cancer, inflammation, autoimmune disorders and infectious diseases. Medarex applies its UltiMAb® technology and product development and clinical manufacturing experience to generate, support and potentially commercialize a broad range of fully human antibody product candidates for itself and its partners. More than 30 of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with six of the most advanced product candidates currently in Phase III clinical trials. Medarex is committed to building value by developing a diverse pipeline of antibody products to address the world's unmet healthcare needs. For more information about Medarex, visit its website at www.medarex.com. |
