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Medarex Announces 2008 Fourth Quarter and Year End Financial Results
Date:2/25/2009

burn rate for the full year of 2009 to remain largely consistent with full-year 2008 net cash burn.

"Important progress was made in 2008 to advance product assets into later stages of development and to expand our portfolio," said Howard H. Pien, Chairman and CEO of Medarex. "These research and clinical development accomplishments, along with our strategy execution and financial discipline, leave Medarex well-positioned for the future. Our focus and efforts in 2009 will progress our business plans and pipeline opportunities towards commercial success. We are also pleased with the regulatory progress being made by our licensing partners, including the Canadian and European approvals of Centocor's STELARA(TM) psoriasis antibody, the first approved antibody generated from our UltiMAb(R) technology available for commercial sale. We also eagerly anticipate the regulatory outcomes for Centocor's golimumab and Novartis' canakinumab antibody programs, which were also generated from our technology in exchange for milestone and royalty payments."

Company and Pipeline Highlights in 2008

  • Announcing the receipt of a milestone payment from our licensing partner, Centocor, Inc., in connection with the December 2008 approval of STELARA(TM) (ustekinumab) for the treatment of chronic moderate to severe plaque psoriasis in Canada. STELARA represents to the first human antibody generated using Medarex's UltiMAb(R) technology to receive market approval. Subsequent developments include the approval and launch of STELARA in Europe and the product's pending regulatory outcome in the U.S.
  • Announcing the receipt of a milestone payment from our licensing partner, Centocor, Inc., in connection with the March 2008 regulatory filing for market approval in Europe for golimumab (CNTO 148), a human anti-TNF-alpha antibody for the treatment of rheumatoid arthritis, psoriatic arthritis and ankylosing spondylitis.
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SOURCE Medarex, Inc.
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