Medarex, Inc. Announces Clinical Development Milestone Achieved By Bristol-Myers Squibb Company For Therapeutic Antibody Targeting Cancer

PRINCETON, N.J., Nov. 15 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) today announced that it expects to receive an undisclosed milestone payment from its licensing partner, Bristol-Myers Squibb Company, for the advancement into clinical trials of BMS-66513, a fully human antibody that targets CD137, for the treatment of cancer. The antibody product was developed using Medarex's UltiMAb® technology and is the first UltiMAb- derived antibody in clinical development by Bristol-Myers Squibb under the December 2003 agreement with Medarex. Medarex also expects to receive additional milestone payments as well as royalties on any commercial sales resulting from the development of this product.

"We are pleased that partners like Bristol-Myers Squibb continue to leverage our technology to develop potential treatments for unmet medical needs," said Donald L. Drakeman, President and CEO of Medarex, Inc. "We believe that the fully human antibodies derived from our technology will continue to have an important role in expanding the already growing therapeutic class of antibodies for the treatment of many diseases."

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® 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. Twenty-six of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with two 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.

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, risks associated with the use of hazardous substances 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, 2004 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.