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

To: Icebrg who wrote (633)	12/11/2002 6:08:01 AM
From: nigel bates	Read Replies (1) \| Respond to of 2240

PRINCETON, N.J., Dec. 11 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) today announced it has acquired from Northwest Biotherapeutics, Inc. (Nasdaq: NWBT - News) full therapeutic development and commercialization rights to MDX-070, a fully human antibody to PSMA (prostate specific membrane antigen), together with an assignment of certain patents relating to anti-PSMA antibodies and rights to two additional cancer-related disease targets. In addition, Medarex will receive common stock and warrants to acquire common stock from Northwest Biotherapeutics (NWBio). In return, NWBio will receive certain up-front payments as well as certain additional intellectual property rights. NWBio may also receive royalties on products developed by Medarex based on these disease targets. In a prior agreement, Medarex and NWBio had agreed to share the therapeutic development and commercialization rights and obligations with respect to MDX-070 and the additional targets. Medarex has also entered into a royalty-free, worldwide, non-exclusive cross-license agreement with Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM - News) for certain patents relating to antibodies against PSMA. "We are enthusiastic about the potential for MDX-070, and we look forward to initiating clinical trials with the product," said Donald L. Drakeman, Ph.D., President and Chief Executive Officer of Medarex. About MDX-070 MDX-070 is a fully human antibody that targets prostate specific membrane antigen, or PSMA, a cell surface marker that is preferentially expressed on malignant prostate tissues. Preclinical studies using human prostatic cancer cells suggest that MDX-070 may effectively target prostate tumor cells in patients. According to the American Cancer Society, other than skin cancer, prostate cancer is the most common type of cancer found in American men and is the second leading cause of cancer deaths in men, exceeded only by lung cancer. The American Cancer Society estimates that in 2002 there will be about 189,000 new cases of prostate cancer in the United States, and about 30,200 men will die of the disease. Medarex is a biopharmaceutical company focused on the discovery and development of therapeutics to treat life-threatening and debilitating diseases. Medarex's UltiMAb Human Antibody Development System(SM) is a unique combination of human antibody technologies that Medarex believes enables the rapid creation and development of fully human antibodies for a wide range of potential disease targets for therapeutic antibody products, including products for the treatment of cancer, inflammation, autoimmune and infectious diseases. Medarex's product pipeline is based on a variety of therapeutic antibody products developed through the use of its UltiMAb(TM) technology. Medarex creates and develops fully human antibodies for itself and others, offering a full range of antibody related capabilities, including pre-clinical and clinical development supported by cGMP manufacturing services. For more information about Medarex, visit its Web site at medarex.com.