More MS news articles for May 2001

Medarex and NovImmune Announce Collaboration to Develop Therapeutic Antibodies

http://finance.individual.com/display_news.asp?doc_id=PR20010517PHTH002&page=news

Thursday May 17  4:00am
Source: PR Newswire

PRINCETON, N.J. and GENEVA, Switzerland, May 17 /PRNewswire/ -- Medarex, Inc. (Nasdaq: MEDX) and NovImmune SA today announced a collaboration for the development of fully human therapeutic antibodies. Medarex expects to use its UltiMAb(TM) Human Antibody Development System(SM) to generate antibodies to disease targets discovered by NovImmune.

Under the terms of the agreement, NovImmune plans to develop and commercialize human antibody products resulting from the collaboration. Medarex expects to receive license fees and milestone payments as well as royalties on commercial sales of products resulting from this agreement. In addition, if NovImmune and Medarex both agree, products can be jointly developed and commercialized under the agreement.

"We are pleased with the opportunity to utilize our UltiMAb system to develop antibodies to disease targets identified by NovImmune," said Donald L. Drakeman, President and CEO of Medarex.

"We are delighted to be working with Medarex and expect that this collaboration will accelerate our drug development process from novel targets to clinical trials. In addition, we believe that this collaboration allows flexibility in the choice of business models, with the possibility of different degrees of involvement by Medarex in the development of our new therapeutic monoclonal antibodies," said Jack Barbut, CEO of NovImmune.

NovImmune SA is a privately held Swiss company actively involved in the development of therapeutic agents for inflammation, the treatment of autoimmune diseases, immunosuppression and immunomodulation. Founded in Switzerland in 1998, NovImmune uses its novel proprietary technologies to develop therapeutic solutions based on recently identified novel targets in the human immune system. NovImmune's mission is to develop novel drug treatments for type I diabetes, multiple sclerosis, inflammation, septic shock, tissue rejection after transplantation, and other debilitating immune conditions. The company successfully completed a first round of financing of 15 million CHF in May 2000.

Medarex, Inc. is a biopharmaceutical company developing monoclonal antibody-based therapeutics to fight cancer and other life-threatening and debilitating diseases. Medarex has assembled a broad platform of patented technologies for antibody discovery and development, including the UltiMAb(TM) Human Antibody Development System(SM) for the creation of high-affinity, fully human antibodies; T-12 Development(SM) offering the potential to move from target to trial in approximately 12 months; and, Trans-Phage Technology(SM) combining high throughput screening with fully human antibody development. Medarex creates and develops fully human antibodies for itself and others, offering a full range of antibody related capabilities, including pre-clinical and clinical development supported by cGMP manufacturing services. For more information about Medarex, visit its website at www.medarex.com.

For Medarex: Except for the historical information presented herein, matters discussed in this press release are 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. Medarex disclaims, however, any intent or obligations to update these forward-looking statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "believes;" "anticipates;" "intends;" "plans;" "expects;" "estimates;" or similar statements are forward-looking statements. Risks and uncertainties include risks associated with product discovery and development 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, 2000 and subsequent Quarterly Reports on Form 10-Q. Copies of Medarex's public disclosure filings are available from its investor relations department. There can be no assurance that such development efforts will succeed, that such products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success.

UltiMAb(TM) is a trademark of Medarex, Inc. Human Antibody Development System(SM), T-12 Development(SM) and Trans-Phage Technology(SM) are service marks of Medarex, Inc.

Source: Medarex, Inc.

Contact: Donald L. Drakeman, Ph.D., President and CEO of Medarex, 609-430-2880; Kelly O'Brien of Middleberg Euro for Medarex, 212-699-2541 or kelly@middleberg.com; or Jack Barbut, ScD., CEO of NovImmune SA, +41 22 383 38 49