PRINCETON, N.J. and SYDNEY, Australia, Nov. 7 /PRNewswire-FirstCall/ -- Medarex, Inc. and PacMab Limited, a private biopharmaceutical company, have entered into a collaborative agreement to develop novel monoclonal antibody-based therapies for blood cancers.
Beginning in 2007, the companies plan to undertake clinical trials for an existing antibody therapeutic for cancer developed by PacMab. Through a collaborative development program, the companies intend to use Medarex’s UltiMAb Human Antibody Development System(R) to generate fully human antibodies for novel disease targets.
Under the terms of the agreement, Medarex and PacMab plan to share product development and commercialization responsibilities on any antibody products resulting from this collaboration. Financial terms of the agreement were not disclosed.
PacMab Chief Executive Officer, Alan Liddle said, “We are very pleased to have formed a strategic commercial and clinical relationship with Medarex to exploit our antibody intellectual property in the oncology area.
“Initially we will focus on the most prevalent form of multiple myeloma, a serious blood cancer. At the same time, we will be developing our pipeline of additional drug therapies using our monoclonal antibody technology aimed at other blood disorders with unmet clinical needs,” Mr. Liddle said.
“This new partnership with PacMab provides us with an opportunity to further expand our portfolio of oncology-based antibody product candidates,” said Irwin Lerner, Chairman of the Board of Directors and Interim President and CEO of Medarex. “We look forward to combining our antibody development experience with that of PacMab’s scientists.”
About PacMab
PacMab is a drug discovery company focused on developing and commercialising monoclonal antibody (Mab) technology for the treatment of blood cancers like multiple myeloma and other blood disorders. The company was founded in 2001 to commercialize technology developed at the University of Technology, Sydney. The company is based in Sydney, Australia.
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. Thirty-three of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with six 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 www.medarex.com.
Medarex Statement on Cautionary Factors
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 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, 2005 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,both of Medarex, Inc.; or Dr. Rosanne Dunn, Research Director, +61 295144060, or Professor Robert Raison, Director, +61 2 95144096, both ofPacMab Limited
Web site: http://www.medarex.com/
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