Medarex to Receive Milestone Payment from MedImmune for Allowance of an Investigational New Drug Application for MEDI-546
PRINCETON, N.J., Feb. 2 /PRNewswire-FirstCall/ -- Medarex, Inc. (NASDAQ: MEDX) today announced that it will receive a milestone payment of $1 million from its partner, MedImmune, LLC for the allowance of an Investigational New Drug (IND) application for MEDI-546, a fully human antibody that targets a component of the type 1 interferon pathway. MEDI-546 will be studied in patients with scleroderma, a chronic autoimmune disease characterized by hardening and thickening of the skin and other organs.
"This IND application marks the second antibody targeting the interferon inflammatory pathway that MedImmune has supported for advancement into the clinic using our UltiMAb(R) technology," said Howard H. Pien, Chairman and CEO of Medarex.
In November 2004, MedImmune entered into collaboration with Medarex to focus on two specific antibodies, MDX-1103 (now known as MEDI-545) and MDX-1333 (now known as MEDI-546). Under the terms of the agreement, MedImmune is responsible for all ongoing clinical development activities. Prior to the beginning of pivotal studies, Medarex may elect to co-develop the products in return for the opportunity to co-promote and to receive a share of the commercial profits in the United States. In all other cases, Medarex will be entitled to receive milestone payments and royalties. |
