PRINCETON, N.J. and BRUSSELS, Belgium, June 26 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX) and Euroscreen s.a. announced today the completion of a license and research agreement for the exclusive worldwide development and commercialization of antibody-based products against certain targets for various diseases, including inflammatory and autoimmune conditions. Medarex intends to use its UltiMAb(R) technology to create antibodies to targets provided by Euroscreen.
Under the terms of the agreement, Euroscreen has granted Medarex exclusive rights to develop and commercialize antibody products against two undisclosed targets. Euroscreen will receive an upfront payment and may receive milestone payments and royalties on any future sales of products developed and commercialized by Medarex. Medarex and Euroscreen reserve the right to collaborate on certain preclinical activities in support of the development of such products. Financial details of the agreement were not disclosed.
Euroscreen's CEO, Dr. Jean Combalbert, commented, "We are very pleased to have Medarex moving forward with the development and commercialization of antibodies to these targets. Euroscreen will continue its ongoing preclinical development program focused upon small molecule drug development for the same targets. We look forward to antibody-based therapeutic collaborations with Medarex for additional targets in the future."
"We look forward to working with the targets provided by Euroscreen and combining them with our UltiMAb technology for the potential development of novel antibody products," said Donald L. Drakeman, President and CEO of Medarex.
About Euroscreen
Euroscreen is a preclinical-stage biopharmaceutical company focusing on the discovery, development and partnering of small molecule drugs for unmet medical needs, including inflammation. Euroscreen is developing a pipeline of compounds targeting G protein-coupled receptors (GPCRs) using over 11 years of experience in research and commercial applications of this critical class of drug targets. Euroscreen's AequoScreen(TM) cellular assay platform is used extensively in its identification of GPCRs drug candidates which are partnered during preclinical development. Euroscreen pursues internal targets as well as several partnered preclinical-stage collaborations with Cephalon, ChemDiv and MNLpharma.
Euroscreen has developed a broad patent portfolio of GPCRs for licensing to biopharmaceutical companies. Such patents address targets such as CCR5, Chemerin receptor, GPR43, GPR7/8, purinergic receptors (P2Y4, P2Y11 and P2Y13) and SHIP2 for type II diabetes.
Euroscreen pursues a dual platform strategy of combining its drug discovery business with its products and services business unit which serves biopharmaceutical companies around the world. The company has research, product distribution and licensing partnerships with Amersham/GE Healthcare, Cephalon, ChemDiv, Evotec, ICOS, Merck & Co, MNLpharma, Pfizer Inc, Solvay, Syngenta and UCB. Euroscreen is a privately held company based in Brussels, Belgium with 75 employees of which 50 are in R&D.
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-two of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with five 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.
Medarex Statement on Cautionary Factors
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 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, 2005 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.
SOURCE Medarex, Inc.