Medarex, Inc has received a milestone payment for an undisclosed amount from its licensing partner, Pfizer Inc. This payment is a result of the submission of an Investigational New Drug (IND) application by Pfizer for the clinical development of an antibody generated by Medarex's UltiMAb technology.

Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development and to the market.

"We are pleased with the progress that Pfizer has made in advancing this antibody, generated using our UltiMAb technology, towards the clinic," said Howard H Pien, president and CEO of Medarex. "The continued development progress by Pfizer and our other partners reinforces the potential of products generated using our UltiMAb antibody technology to treat life-threatening diseases."

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.