Medarex Inc. has filed for a secondary offering of 2.3 millionshares of common stock, the company said.
The Princeton, N.J., company is developing monoclonalantibodies to treat cancer, AIDS and other infectious diseases,autoimmune diseases and cardiovascular disease.
Medarex (NASDAQ:MEDX) went public last July, raising $14million in an offering of 2.3 million shares and an equalnumber of warrants priced at $6 and 10 cents, respectively.The stock rose 38 cents to $12.75 on Thursday.
The company in February began a multicenter Phase I/II trialof its MDX-11 MAb-based therapeutic as an adjunct treatmentfor acute myeloid leukemia. MDX-11 binds to leukemia cells,activating natural serum proteins called complement that act ina cascade to attack cells marked by antibodies.
Medarex is also conducting Phase II trials of an ex vivo bonemarrow purge for patients with AML. The marrow purge usestwo MAbs, including the one in MDX-11.
The company hopes to begin Phase I trials late this year orearly in 1993 of its Bispecific antibody therapeutics for ovariancancer and HIV. The technology links two MAbs, a target and atrigger. The target antibody binds to the tumor cell or pathogento be eliminated. The trigger antibody recruits and binds to akiller cell, directing it to destroy the target.
If the offering is completed, Medarex will have 7.2 millionshares outstanding. Underwriters The First Boston Corp.,Josephthal Lyon & Ross Inc. and Nomura SecuritiesInternational Inc. have a 345,000-share overallotment option. -- KB
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