Agreement to License UltiMAb Human Antibody Development System®

Medarex, Inc. has announced an agreement to license the use of Medarex's UltiMAb Human Antibody Development System® to ImClone Systems Incorporated.

ImClone Systems has informed Medarex that ImClone Systems intends to use the UltiMAb® 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.

"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.