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Biotech / Medical : MEDX ... anybody following?

MEDX 31.58

+1.4%

12:44 PM EST

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From: LJM	4/1/2008 1:35:28 PM
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Medarex to Receive Milestone Payment from Novo Nordisk Mar 31, 2008 06:00:00 (ET) PRINCETON, N.J., March 31, 2008 /PRNewswire-FirstCall via COMTEX/ -- Medarex, Inc. (MEDX, Trade ) today announced that it will receive a milestone payment for an undisclosed amount from its licensing partner, Novo Nordisk A/S. This payment is a result of the submission of an Investigational New Drug application by Novo Nordisk for the clinical development of an antibody generated by Medarex's UltiMAb(R) technology. Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and to the market. "We are pleased with the milestone achieved by Novo Nordisk and look forward to continued development progress with this antibody," said Howard H. Pien, President and CEO of Medarex. "Product development advances of this type by Novo Nordisk and our other partners underpin the important role of our antibody technology in the development of new therapeutics." <snip>

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