Medarex Initiates Phase 2 Diabetes Trial

Medarex has intitiated phase 2 clinical trial of FG-3019 in patients with type 2 diabetes and advanced kidney disease. In this regard, Medarex will receive a milestone payment of an undisclosed amount from its licensing partner, FibroGen.

FG-3019 is a fully human monoclonal antibody generated using Medarex’s UltiMAb technology against connective tissue growth factor (CTGF).

Medarex would receive future milestone payments and sales-based royalty payments, under the agreement.

Howard Pien, Chairman and CEO of Medarex, said: “We are pleased with the progress our licensing partners continue to make in the development of antibodies generated from our UltiMAb technology.”

“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,” he added.