Medarex to receive milestone payment from Bristol-Myers Squibb for anti-cancer antibody

By Angela McDaniels

Seattle, Nov. 15 - Medarex Inc. said it expects to receive an undisclosed milestone payment from its licensing partner Bristol-Myers Squibb Co. for the advancement into clinical trials of BMS-66513, a human antibody that targets CD137, for the treatment of cancer.

The antibody product was developed using Medarex's UltiMAb technology and is the first UltiMAb-derived antibody in clinical development by Bristol-Myers Squibb under the December 2003 agreement with Medarex, the company said.

Medarex expects to receive additional milestone payments as well as royalties on any commercial sales resulting from the development of this product.

"We are pleased that partners like Bristol-Myers Squibb continue to leverage our technology to develop potential treatments for unmet medical needs," Medarex president and chief executive officer Donald L. Drakeman said in a company news release.

Medarex is a Princeton, N.J.-based biopharmaceutical company that develops human antibody-based therapeutics to treat life-threatening and debilitating diseases including cancer, inflammation, autoimmune disorders and infectious diseases.

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