PRINCETON, N.J., and BERLIN, Aug. 22 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) and GenPat77 Pharmacogenetics AG, a privately held biopharmaceutical company focused on the development of immune modulatory products, have entered into a collaborative agreement to develop fully human therapeutic antibody products. The companies plan to use Medarex's UltiMAb Human Antibody Development System® to generate antibodies to novel disease targets provided by GenPat77.
Under the terms of the agreement, Medarex and GenPat77 plan to share product development and commercialization responsibilities on any antibody products resulting from this collaboration. Other financial terms of the agreement were not disclosed.
"We are pleased to have the opportunity to combine our fully human antibody technology with GenPat77's novel targets and to work together toward the development of potential new therapeutics for autoimmune diseases," said Donald L. Drakeman, President and CEO of Medarex.
Nalan Utku, CEO and President of GenPat77, adds, "We believe that Medarex's UltiMAb Human Antibody Development technology is an excellent solution for the generation of fully human antibodies against our therapeutic targets. We believe that we will have a successful collaboration with the Medarex team."
GenPat77 is focused on the development of innovative immune modulatory products for rheumatoid arthritis, multiple sclerosis, inflammatory bowel disease, prevention of transplant rejection and cancer. Based on a fundamental understanding of the human immune system, GenPat77 endeavors to target key proteins in the immune cascade and appropriately modulate the immune response according to each specific indication. For more information about GenPat77, visit its website at www.genpat77.com.
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® 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 five 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®, the Medarex logo and UltiMAb® are registered trademarks of Medarex, Inc. All rights are reserved.
Source: Medarex, Inc.
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