Medarex gets milestone from ImClone

New Jersey, USA-based Medarex says that it has received a milestone payment from its licensing partner, ImClone Systems, following the acceptance of an Investigational New Drug application for a fully-human IgG1 antibody for the treatment of cancer. The antibody was developed using Medarex' UltiMAb technology. Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and to the market.

"We believe that the advancement of the ImClone Systems' antibody into clinical trials further demonstrates the strength of Medarex' UltiMAb technology," said Donald Drakeman, the firm's chief executive. "With the broadening use of our UltiMAb platform, we expect to see a continual movement of new product candidates into clinical trials that goes beyond the thirty candidates currently in clinical development by us and our partners," the Medarex CEO added.