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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	12/18/2007 6:13:26 AM
	of 2240

Medarex to Receive Milestone Payment from Amgen Tuesday December 18, 6:00 am ET [Medarex is in the somewhat unusual situation of having a number of its antibodies under clinical development with the company, that bought its competitor Abgenix] PRINCETON, N.J., Dec. 18 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) today announced that it will receive a milestone payment for an undisclosed amount from its licensing partner, Amgen, for advancing an antibody into human clinical trials. The antibody was developed using Medarex's UltiMAb® technology and is the fifth UltiMAb-derived antibody in clinical development by Amgen, including two UltiMAb antibodies in Phase II clinical studies. Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and to the market. "As a leading biotechnology company, Amgen continues to use its product development expertise to move UltiMAb-derived antibodies into clinical development and potentially toward commercialization," said Howard H. Pien, President and CEO of Medarex. "We are pleased by the advancements made by Amgen with UltiMAb antibodies and look forward to their continued progress."

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