Medarex, Inc. (Nasdaq: MEDX) has received a milestone payment from its licensing partner, ImClone Systems Incorporated (Nasdaq: IMCL), after an Investigational New Drug (IND) application to the USFDA for IMC-3G3 has been accepted.
IMC-3G3, a fully human antibody that targets platelet-derived growth factor receptor alpha (PDGFRa) for the treatment of cancer, was developed using Medarex's UltiMAb® technology and is the second UltiMAb-derived antibody in clinical development by ImClone Systems.
According to Irwin Lerner, Chairman of the Board of Directors and Interim President and CEO of Medarex:
"We are pleased with the steady progress our partner, ImClone Systems, continues to make with Medarex's UltiMAb technology.
We believe that this clinical development milestone is another demonstration of the broad applicability and appeal of our antibody technology for generating and developing potentially important new therapeutics."
Should IMC-3G3 progress through clinical development and to the market, Medarex may still receive milestone payments and royalties.
Find more details from the press release.
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