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Biotech / Medical : HuMAB companies -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (263)	11/19/2001 7:13:07 AM
From: Icebrg	Read Replies (1) \| Respond to of 1022

Another week - another partnership for MEDX. Medarex and Ambit Biosciences Establish Alliance to Develop Human Antibody Therapeutics. PRINCETON, N.J., and SAN DIEGO, Nov. 19 /PRNewswire/ -- Medarex, Inc. (Nasdaq: MEDX - news) and Ambit Biosciences Corporation, a privately held San Diego-based company, announced today the formation of a multi-year strategic collaboration. The two companies expect to utilize Medarex's UltiMAb Human Antibody Development System(SM) and Ambit's proprietary ProteomeScan(TM) screening technology to jointly develop and commercialize monoclonal antibody therapeutic products to treat human disease. Under the terms of the agreement, both companies expect to share equally the costs and revenues associated with the preclinical and clinical development and subsequent commercialization of any resulting products. Additionally, Medarex has made a $1 million equity investment in Ambit. "By combining our respective technologies, Ambit and Medarex expect to accelerate our common goal of developing and commercializing novel therapeutics. We look forward to working with Ambit to achieve this goal," said Donald L. Drakeman, President and CEO of Medarex. "Our technology gives us the power to scan the proteome to identify the protein targets of drugs whose mechanisms have not been elucidated. We expect this collaboration to further validate the unique ability of our screening technology to expedite the drug discovery and development process," said M. Scott Salka, Chief Executive of Ambit Biosciences. "It's exciting for a year- old company to be able to forge such a direct path to the commercialization of our discoveries with a proven performer like Medarex." About Ambit Biosciences Corporation Ambit Biosciences Corporation is a private, San Diego-based corporation whose mission is to discover the molecular identities of therapeutically relevant drug targets and identify compounds that modulate the activity of these targets for the treatment of human disease. Using its proprietary ProteomeScan(TM) technologies, Ambit circumvents many of the difficult and time-consuming steps in the conventional drug discovery and development process by identifying and patenting the protein targets of small molecules and peptides with therapeutically and commercially important pharmacological or biological activities, but unknown mechanisms of action.