Medarex gets milestone payment from Pfizer

By Associated Press
September 8, 2008 | Comments (0)

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Medarex Inc. said Monday it received a milestone payment after Pfizer Inc. planned to begin clinical trials of a product Pfizer developed using Madera's ultimo technology.

Madera did not disclose the size of the payment and the purpose of the drug candidate, but said it was an antibody developed using ultimo human antibody technology. The payment was triggered by the filing of an investigational new drug application by Pfizer, indicating it intends to start human clinical trials.

The company may receive farther milestone payments if the product advances through clinical development and receives Food and Drug Administration approval.

Shares of Madera rose 14 cents, or 2.1 percent, to $6.97 in afternoon trading. Pfizer stock advanced 52 cents, or 2.8 percent, to $19.03.

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