Medarex Inc. completed a public offering of 1 million shares ofcommon stock on Thursday at $3.75 per share. Proceeds to thePrinceton, N.J., company were about $3.4 million.Medarex now has about 7.37 million shares outstanding. JosephthalLyon & Ross Inc,. of New York, underwrote the offering. As of March31, the company had about $7.9 million in cash (not including thisoffering), and spent about $5.5 million last year, Medarex's president,Donald Drakeman, told BioWorld.A private placement in December 1992 raised $9.5 million forMedarex, which raised about $14 million in its initial public offering inJune 1991.Medarex has two products in Phase II trials for leukemia: MDX-11, anin vivo treatment that activates the immune system, and MDX-22, anex vivo treatment used during bone marrow transplants.MDX-210, a bispecific antibody, is just entering Phase II trials forbreast and ovarian cancers, and Medarex is getting set to begin Phase Itrials of MDX-240, a bispecific antibody for AIDS patients.In April, Medarex and E. Merck of Germany agreed to collaborate inthe development of bispecific antibodies for the treatment of certaincancers in a deal that could be worth as much as $29 million toMedarex. The collaboration initially will focus on development of abispecific antibody for the treatment of tumors overexpressing theepidermal growth factor receptor. _ Jim Shrine

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