Ulcerative Colitis

Ltd.

for the development of a fully human anti-PD-1 antibody for the potential treatment of cancer; - Enhancing our oncology pipeline and creating partnership opportunities with the unveiling of our proprietary Ultra-Potent Toxin(TM) technology for creating antibody-toxin conjugates; and - Completing the redemption and related conversion of approximately $147.0 million of 4.25% Convertible Senior Notes due August 15, 2010 into Medarex common stock.

"2005 was an exciting year for Medarex as we and our partners continued to broaden the pipeline by advancing products into Phase III clinical trials and moving new products into clinical development," said Donald L.

Drakeman, President and CEO of Medarex.

"Additionally, we continued to execute on our business strategy by collaborating with new partners, announcing positive clinical data at key scientific and medical conferences and expanding our antibody technology to include toxin conjugates.

We were honored to have be...

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