Medarex, Inc. (MEDX)

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Medarex Receives Milestone Payment from Pfizer for Investigational New Drug Application Filing
Monday September 8, 8:00 am ET

PRINCETON, N.J., Sept. 8 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) today announced that it received a milestone payment for an undisclosed amount from its licensing partner, Pfizer Inc. (NYSE: PFE - News). This payment is a result of the submission of an Investigational New Drug (IND) application by Pfizer for the clinical development of an antibody generated by Medarex's UltiMAb® 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 progress that Pfizer has made in advancing this antibody, generated using our UltiMAb® technology, towards the clinic," said Howard H. Pien, President and CEO of Medarex. "The continued development progress by Pfizer and our other partners reinforces the potential of products generated using our UltiMAb® antibody technology to treat life-threatening diseases."