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Under the terms of the new agreement, Centocor will license Medarex'sUltiMAb(R) technology to discover and potentially develop and commercializefully human antibody therapeutics. Medarex expects to receive license fees andmilestone payments as well as royalties on commercial sales of any productsthat may result from this agreement. No further financial terms of theagreement were disclosed.
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Centocor first licensed the UltiMAb technology in 1997, and an expandedagreement was announced in 2000.
"We are delighted with the opportunity to continue our relationship withCentocor," said Howard H. Pien, President and CEO of Medarex. "We have beenpleased to be a partner to Centocor in its development of UltiMAb antibodiesinto potentially very important products, and we look forward to the extensionof this partnership into the future."
Medarex is a biopharmaceutical company focused on the discovery,development and potential commercialization of fully human antibody-basedtherapeutics to treat life-threatening and debilitating diseases, includingcancer, inflammation, autoimmune disorders and infectious diseases. Medarexapplies its UltiMAb(R) technology and product development and clinicalmanufacturing experience to generate, support and potentially commercialize abroad range of fully human antibody product candidates for itself and itspartners. More than 30 of these therapeutic product candidates derived fromMedarex technology are in human clinical testing or have had INDs submittedfor such trials, with seven of the most advanced product candidates currentlyin Phase III clinical trials. Medarex is committed to building value bydeveloping a diverse pipeline of antibody products to address the world'sunmet healthcare needs. For more information about Medarex, visit its websiteat www.medarex.com.
Medarex Statement on Cautionary Factors
Except for the historical information presented herein, matters discussedherein may constitute forward-looking statements that are subject to certainrisks and uncertainties that could cause actual results to differ materiallyfrom any future results, performance or achievements expressed or implied bysuch statements. Statements that are not historical facts, includingstatements 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. Medarexdisclaims, however, any intent or obligation to update these forward-lookingstatements. Risks and uncertainties include risks associated with productdevelopment, unforeseen safety issues resulting from the administration ofantibody products in humans, uncertainties concerning Centocor's activitiesunder its agreement with Medarex, as well as risks detailed from time to timein Medarex's public disclosure filings with the U.S. Securities and ExchangeCommission (SEC), including its Annual Report on Form 10-K for the fiscal yearended December 31, 2006 and its quarterly reports on Form 10-Q. There can beno assurance that future milestone payments will be paid, whether the productdevelopment efforts will succeed, or whether other developed products willreceive required regulatory clearance or that, even if such regulatoryclearance were received, such products would ultimately achieve commercialsuccess. Copies of Medarex's public disclosure filings are available from itsinvestor relations department.
Medarex(R), the Medarex logo and UltiMAb(R) are registe
