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Medarex to Receive Milestone Payment from MedImmune for Allowance of an Investigational New Drug Application for MEDI-546

PRINCETON, N.J., Feb. 2 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX) today announced that it will receive a milestone payment of $1 million from its partner, MedImmune, LLC for the allowance of an Investigational New Drug (IND) application for MEDI-546, a fully human antibody that targets a component of the type 1 interferon pathway. MEDI-546 will be studied in patients with scleroderma, a chronic autoimmune disease characterized by hardening and thickening of the skin and other organs.

"This IND application marks the second antibody targeting the interferon inflammatory pathway that MedImmune has supported for advancement into the clinic using our UltiMAb(R) technology," said Howard H. Pien, Chairman and CEO of Medarex.

In November 2004, MedImmune entered into collaboration with Medarex to focus on two specific antibodies, MDX-1103 (now known as MEDI-545) and MDX-1333 (now known as MEDI-546). Under the terms of the agreement, MedImmune is responsible for all ongoing clinical development activities. Prior to the beginning of pivotal studies, Medarex may elect to co-develop the products in return for the opportunity to co-promote and to receive a share of the commercial profits in the United States. In all other cases, Medarex will be entitled to receive milestone payments and royalties.

About Medarex

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. Over forty of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with the most advanced product candidates currently in Phase 3 clinical trials, the subject of regulatory applications for marketing authorization or approved in Canada and Europe. Medarex is committed to building value by developing a diverse pipeline of antibody products to address the world's unmet healthcare needs. For more information about Medarex, visit its website at

Statement on Cautionary Factors

Except for the historical information presented herein, matters discussed herein may constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "potential" or "may" or similar statements are forward-looking statements. Medarex disclaims, however, any intent or obligation to update these forward-looking statements. These risks and uncertainties include those detailed from time to time in Medarex's public disclosure filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and its quarterly reports on Form 10-Q. There can be no assurance that such development efforts will succeed or that other developed products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success. Copies of Medarex's public disclosure filings are available from its investor relations department.

Medarex(R), the Medarex logo and UltiMAb(R) are registered trademarks of Medarex, Inc. All rights are reserved.

SOURCE Medarex, Inc.
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