Medarex Spreads Its Wings (MEDX, BMY)

Medarex, Inc. (Nasdaq: MEDX) this morning has announced the allowance of two separate investigational new drug applications filed with the FDA for MDX-1342:
one for the treatment of chronic lymphocytic leukemia (CLL);
and the other for rheumatoid arthritis.

MDX-1342 is a fully human antibody that targets CD19, a molecule specifically expressed on normal B-cells and malignant B-cells in diseases such as CLL, acute lymphoblastic leukemia, follicular non-Hodgkins lymphoma, diffuse large B-cell lymphoma and mantle cell lymphoma.

The IND for the treatment of CLL is for a Phase I clinical trial for cancer that is expected to enroll up to 52 patients with relapsed or refractory CLL.

The IND for the treatment of rheumatoid arthritis is for a Phase I clinical trial that is
expected to enroll up to 90 patients with rheumatoid arthritis.

As a reminder, the clock is ticking on the review of Medarex and Bristol-Myers Squibb (NYSE: BMY).  There are nearly 1 million option contracts listed in the open interest for the various put and call strike prices in the JANUARY 2008 expiration due to its expected and soon to be released data for its melanoma treatment safety and efficacy.

• Medarex Stock Options Activity Resembles Dendreon’s Trading;
• Evaluating Medarex & Bristol-Myers Huge Options Open Interest;
• Medarex and partner Ono announced allowance of Investigational New Drug Application for fully human anti-PD1 antibody.

We have reviewed and screened Medarex options pricing for our Special Situation Investing Newsletter and you can also get similar options screening from time to time via our open email distribution list.

Jon C. Ogg
December 4, 2007