Medarex, Inc. announced that it would receive an undisclosed milestone payment from its licensing partner, Amgen Inc., for the advancement of an antibody into clinical trials.

The antibody product was developed using Medarex's UltiMAb technology and is the second UltiMAb-derived antibody in clinical development by Amgen. Medarex may receive future milestone payments and royalties should this product candidate progress through clinical development.

"We are pleased that our partnership with Amgen, a leading biotechnology company, continues to advance. We look forward to the continued progress that these efforts make toward the development of fully human antibodies as an innovative therapeutic class and addressing important medical needs," said Donald L. Drakeman, President and CEO of Medarex.