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Biotech / Medical : MEDX ... anybody following? -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (626)	12/3/2002 6:59:32 AM
From: Icebrg	Read Replies (1) \| Respond to of 2240

Medarex Announces Commencement of Phase 1 Clinical Trials by Novartis; Seventh UltiMAb(TM) Antibody Product Enters Clinical Trials Tuesday December 3, 6:00 am ET PRINCETON, N.J., Dec. 3 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) today announced that its licensee, Novartis Pharma AG, has commenced Phase 1 clinical trials with a fully human antibody product candidate for the treatment of autoimmune disease. The antibody product was developed using Medarex's UltiMAb Human Antibody Development System(SM). Medarex expects to receive milestone payments and royalties on any commercial sales resulting from the development of this product. "We are excited about the advancement of another fully human antibody product into clinical trials. Novartis' product is the seventh UltiMAb antibody to enter clinical testing," said Donald L. Drakeman, President and CEO of Medarex. "It is clear that the UltiMAb technology is leading to an array of therapeutic product candidates being developed both by Medarex and our partners."