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Biotech / Medical : MEDX ... anybody following?

MEDX 31.58

+1.4%

Nov 5 12:44 PM EST

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From: Icebrg	12/7/2007 6:03:39 AM
	of 2240

Medarex to Receive Milestone Payment for Submission of Regulatory Applications Requesting Approval of Ustekinumab (CNTO 1275) for Treatment of Psoriasis Friday December 7, 6:00 am ET PRINCETON, N.J., Dec. 7 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) today announced that it will receive an undisclosed milestone payment from its licensing partner, Centocor, Inc., for the submission of regulatory applications requesting approval of ustekinumab (CNTO 1275) in the United States and in Europe for the treatment of chronic moderate to severe plaque psoriasis by Centocor. Ustekinumab is a human monoclonal antibody that binds to the cytokines IL-12 and IL-23 and 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. "News of a first regulatory filing for approval for an antibody developed from Medarex technology is an important milestone for Medarex and marks a major achievement in translating the technology developed by our head of research, Dr. Nils Lonberg, into innovative and potentially significant treatments for many unmet medical needs," said Howard H. Pien, President and CEO of Medarex. "We believe that the ongoing development progress of ustekinumab and other antibody programs generated from Medarex's UltiMAb platform will continue to highlight the therapeutic importance and value creation opportunities of antibodies and our technology."

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