Medarex, Inc. Receives Milestone Payment for Acceptance of Investigational New Drug Application

PRINCETON, N.J., July 23 /PRNewswire-FirstCall/ -- Medarex, Inc. today announced that it has received a milestone payment of an undisclosed amount from its licensing partner, Centocor R&D Inc., for the acceptance of an Investigational New Drug Application (IND) to the U.S. Food and Drug Administration (FDA) for an undisclosed antibody. The antibody was generated by Medarex's UltiMAb Human Antibody Development System(R). Medarex may receive future milestone payments and royalties should this product candidate progress to commercialization and achieve commercial sales.

"We are excited about the development of new antibodies generated by Medarex's UltiMAb(R) technology platform," said Howard H. Pien, President and CEO of Medarex. "The advancement of this antibody into the clinical trial process further enhances our financial assets that consist of the antibodies being developed through our collaborations."

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(R) 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. More than 40 of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with seven of the most advanced product candidates currently in Phase 3 clinical trials or the subject of regulatory applications for marketing authorization. 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, as defined in the Private Securities Litigation Reform Act of 1995, 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 "may" or "potential" 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 the development of the undisclosed antibody, unforeseen safety issues resulting from the administration of antibody products in humans, uncertainties concerning Centocor's activities under its agreement with Medarex, 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, 2007 and its quarterly reports on Form 10-Q. There can be no assurance that future milestone payments will be paid, whether the product development efforts will succeed, or whether 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(R), the Medarex logo and UltiMAb(R) are registered trademarks of Medarex, Inc. All rights are reserved.

CONTACT: Investor Relations, Laura S. Choi, +1-609-430-2880, ext. 2216, or
Corporate Communications, Nichol Harber, +1-609-430-2880, ext. 2214, both
of Medarex, Inc.

Web site: http://www.medarex.com/

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