PRINCETON, N.J., and OSS, The Netherlands, Feb. 1 /PRNewswire-FirstCall/ -- Medarex, Inc. and Organon, the human health care business unit of Akzo Nobel, today announced an agreement for the development of therapeutic antibodies. Organon intends to use Medarex's UltiMAb Human Antibody Development System(R), which allows for the discovery of fully human antibodies in mice, to generate therapeutic antibodies against a variety of disease targets discovered by Organon and/or its alliance partners in discovery research. Financial terms were not disclosed.
Under the terms of the agreement, Organon plans to develop and commercialize fully human antibody therapeutics. Medarex expects to receive license fees and milestone payments as well as royalties on commercial sales of any products that may result from this agreement.
"We are pleased that Organon plans to combine their product development experience with our UltiMAb technology to develop novel therapeutics," said Donald L. Drakeman, President and CEO of Medarex.
Dr. David Nicholson, Executive Vice President Global Research and Development of Organon International Inc., stated that, "We believe that Medarex's UltiMAb system is a valuable addition to the proprietary technology of Organon for the generation of therapeutic monoclonal antibodies. These technologies complement each other and are instrumental in supporting the Organon strategy to build a portfolio of commercially attractive biotech products."
About Organon
Organon - with shared head offices in Roseland, NJ, USA and Oss, The Netherlands - creates, manufactures and markets prescription medicines that improve the health and quality of human life. Through a combination of independent growth and business partnerships, Organon strives to remain or become one of the leading pharmaceutical companies in each of its core therapeutic fields: gynecology, fertility, neuroscience and anesthesia. Organon products are sold in over 100 countries, of which more than 60 have an Organon subsidiary. Organon is the human health care business unit of Akzo Nobel.
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. Thirty of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with four 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
For Medarex: 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(R), the Medarex logo and UltiMAb(R) are registered trademarks of Medarex, Inc. All rights are reserved.
Medarex, Inc.CONTACT: Organon: Monique Mols, Director Media Relations, +31 412 66 5440, E-mail: monique.mols@organon.com; or Medarex, Inc.: Laura S. Choi,Investor Relations, +1-609-430-2880, x2216, or Jean Mantuano, CorporateCommunications (media), +1-609-430-2880, x2221
Web site: http://www.medarex.com/
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