Medarex to Receive Milestone Payment from FibroGen for the Initiation of a Phase 2 Study of FG-3019 in Patients with Diabetic...

Medarex, Inc. (NASDAQ:MEDX) today announced it will receive a milestone payment of an undisclosed amount from its licensing partner, FibroGen, Inc., in connection with a recently initiated Phase 2 clinical trial of FG-3019 in patients with type 2 diabetes and advanced kidney disease as announced by FibroGen on June 15, 2009.

FG-3019 is a fully human monoclonal antibody generated using Medarex's UltiMAb� technology against connective tissue growth factor (CTGF). Under the agreement with FibroGen, Medarex could receive future milestone payments and sales-based royalty payments.

�We are pleased with the progress our licensing partners continue to make in the development of antibodies generated from our UltiMAb� technology,� said Howard H. Pien, Chairman and CEO of Medarex. �We believe the advancements of other antibody programs generated from Medarex�s UltiMAb� platform will continue to emphasize the therapeutic importance of our technology to address underserved medical needs.�

About Medarex

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. Medarex applies its UltiMAb� technology, product development and clinical manufacturing experience to generate, support and potentially commercialize a broad range of fully human antibody product candidates for itself and its partners. Over forty of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with the most advanced product candidates currently approved for commercial sale, the subject of regulatory applications for marketing authorization or in Phase 3 clinical trials. Medarex is committed to building value by developing a diverse pipeline of antibody products to address the world�s unmet healthcare needs. For more information about Medarex, visit its website at www.medarex.com.

Medarex Statement on Cautionary Factors

Except for the historical information presented herein, matters discussed herein may constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words �will�; �believe�; �future�; �potential� or similar statements are forward-looking statements. Medarex disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include risks associated with the development and commercialization of FG-3019, as well as risks detailed from time to time in Medarex�s public disclosure filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and its quarterly reports on Form 10-Q. There can be no assurance that future milestone payments will be paid or that Ilaris� will be commercially successful. Copies of Medarex�s public disclosure filings are available from its investor relations department.

Medarex�, the Medarex logo and UltiMAb� are registered trademarks of Medarex, Inc. All rights are reserved.

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