Medarex Receives Milestone Payment From ImClone
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Medarex, Inc. has announced that it received a milestone payment from its licensing partner, ImClone Systems Incorporated, following the acceptance of an Investigational New Drug (IND) application for a fully human IgG1 antibody for the treatment of cancer.
The antibody was developed using 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 believe that the advancement of the ImClone Systems' antibody into clinical trials further demonstrates the strength of Medarex's UltiMAb technology," said Donald L. Drakeman, President and CEO of Medarex.
"With the broadening use of our UltiMAb platform, we expect to see a continual movement of new product candidates into clinical trials that goes beyond the thirty candidates currently in clinical development by us and our partners."
