Josephthal Lyon & Ross Inc. and Nomura SecuritiesInternational said Monday that an independent investigation ofanonymous charges sent to Dartmouth College against MedarexInc. in August found the allegations to be without merit.

Josephthal Lyon and Nomura were primary underwriters for apublic stock offering that Medarex of Princeton, N.J., terminatedin late August. Dartmouth owns a 9 percent interest in thecompany. Medarex would not disclose specifics about thecharges, saying only that they involved business and scientificissues.

"The unsupported allegations by these anonymous critics in noway detract from the substantial promise of bispecificmonoclonal antibodies targeting tumor and Fc-gamma-RI, andfrom the leadership position of Medarex and its principalscientists," said principal reviewer Louis M. Weiner, medicaloncologist at the Fox Chase Cancer Center.

Medarex's bispecific technology combines two MAbs, atargeting antibody that mimics natural antibodies in seekingforeign organisms or cancers and Medarex's patented Triggerantibody, which binds key receptors of the immune system,such as macrophages.

Medarex's own investigation, conducted by research scientists,independent auditors and legal counsel, also found the charges"to be totally without merit."

Dartmouth is also conducting an investigation.

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