Medarex Announces Agreement to License UltiMAb Human Antibody Development System(R) to ImClone Systems
Posted on: Monday, 12 September 2005, 06:00 CDT
PRINCETON, N.J., Sept. 12 /PRNewswire-FirstCall/ -- Medarex, Inc. today announced an agreement to license the use of Medarex's UltiMAb Human Antibody Development System(R) to ImClone Systems Incorporated.
ImClone Systems has informed Medarex that ImClone Systems intends to use the UltiMAb(R) system to develop human antibody product candidates against its disease targets, which are primarily in the area of oncology. Under the terms of the agreement, Medarex will receive license fees as well as milestone payments relating to the development of any products that result from ImClone Systems' use of the UltiMAb system and royalties on commercial sales of products resulting from this agreement. Financial terms of the agreement were not disclosed.
"We are pleased that ImClone Systems plans to combine our UltiMAb technology with their experience in the development of antibody therapeutics," said Donald L. Drakeman, President and CEO of Medarex, Inc.
About Medarex, Inc.
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. Twenty-four of these therapeutic product candidates derived from Medarex technology are in human clinical testing, with two of the most advanced product candidates currently in Phase III clinical trials. 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 http://www.medarex.com/.
Except for the historical information presented herein, matters discussed herein may constitute forward-looking statements 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"; "believe"; "anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may"; or similar statements are forward-looking statements. Medarex disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include risks associated with product discovery and development, uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety issues resulting from the administration of antibody products in patients, uncertainties related to product manufacturing, risks associated with the use of hazardous substances as well as risks 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, 2004 and subsequent 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.
Medarex, Inc.
CONTACT: Laura S. Choi, Investor Relations, +1-609-430-2880, x2216, orJean Mantuano, Corporate Communications (media), +1-609-430-2880, x2221, bothof Medarex
Web site: http://www.medarex.com/
Company News On-Call: http://www.prnewswire.com/comp/108265.html
Source: PRNewswire-FirstCall
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