Medarex to get Amgen milestone payment |
|
|
|
Published
:
Thu, 03 May 2007 13:11
|
PRINCETON, N.J. (AP) - Biotech drug developer Medarex Inc. said Thursday it expects a milestone payment from biotech drug maker Amgen Inc. now that a drug candidate using Medarex technology has advanced to a mid-stage clinical trial.Medarex did not disclose the amount of the payment. Under a licensing agreement, Amgen uses Medarex's Ultimab antibody technology for certain drug candidates in development. Antibodies are proteins produced by the body's immune system that help fight infections and other foreign substances.The current milestone payment marks the second Amgen Ultimab candidate to advance to mid-stage clinical trials. Two other candidates are in early stage clinical testing.Using industry averages, drug candidates entering mid-stage clinical trials are about seven years away from possible Food and Drug Administration approval.Medarex announced in November that Amgen had advanced another Ultimab-based product into clinical trials, triggering an undisclosed milestone payment.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2374.41 |
-16.87 (
-0.71 %)
|
| SYMBOL (
2010-03-19 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
12:35pm )
|
|
2650.00 |
+52.00 (
2.00 %)
|
|
WHITBREAD
(
12:35pm )
|
|
1540.00 |
+21.00 (
1.37 %)
|
| SYMBOL (
2010-03-19 )
|
| LAST |
CHANGE
|
| SYMBOL (
2010-03-19 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Pharmacopeia to get Schering payment 