PRINCETON, N.J., March 31 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX) 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."
Medarex is a biopharmaceutical company focused on the discovery,
development and potential commercialization of fully human antibody-based
therapeutics to treat life-threatening and debilitating diseases, including
cancer, inflammation, autoimmune disorders and infectious diseases. Medarex
applies its UltiMAb(R) technology and product development and clinical
manufacturing experience to generate, support and potentially commercialize
a broad range of fully human antibody product candidates for itself and its
partners. More than 40 of these therapeutic product candidates derived from
Medarex technology are in human clinical testing or have had INDs submitted
for such trials, with seven of the most advanced product candidates
currently in Phase 3 clinical trials or the subject of regulatory
applications for marketing authorization. Me
|SOURCE Medarex, Inc.|
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