Medarex/SARS: Stk Up 7.2% Thu On Heavy Volume
10-09-03 12:19 PM EST
PRINCETON, N.J. (Dow Jones)--Medarex Inc. (MEDX) researchers, working with scientists from the Massachusetts Biologic Laboratories of the University of Massachusetts Medical School, say they have neutralized the SARS coronavirus in non-human tissue cultures.
In a press release Thursday, the biophamaceutical company said there is a chance the researchers could have something ready for testing in humans over the next two years.
The researchers are set to present details of their research at the annual meeting of the Infectious Disease Society of America in San Diego Saturday. The next step in the research is to isolate the individual cell from the mice that produces the neutralizing antibody to the SARS virus. This advance may lead to treatments to prevent infection with SARS after exposure and to treat those already infected.
Medarex and the Massachusetts Biologic Labs agreed in April to codevelop fully human SARS antibodies using Medarex's UltiMAb technology. Under the agreement, Medarex and UMass expect to equally share the development costs of any antibody products as well as any future revenue.
Medarex had revenue of $39.5 million in 2002.
SARS, which stands for severe acute respiratory syndrome, emerged in China last November. Through July, when the virus' activity subsided, the flu-like illness had affected nearly 8,100 people and killed 774 worldwide. In the U.S., there were 74 probable cases and no deaths.
At about noon Thursday, Medarex shares traded on Nasdaq at $7.04, up 47 cents, or 7.2%, on composite volume of 1.5 million shares. The stock's average daily trading volume is 1.4 million shares.
Company Web sites: http://www.medarex.com
http://www.umassmed.edu
- Nora Devine; Dow Jones Newswires; 201-938-5400
Dow Jones Newswires
10-09-03 1220ET
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