Bridge Technology Group LLC Announces Investment Opinion On Medarex, Inc.

NEW YORK--(BUSINESS WIRE)--May 18, 1999--

Bridge Technology Group LLC Initiates Coverage of Medarex, Inc.

With a Buy Recommendation

Visit Bridge's Web Site at www.BridgeNYC.com for Detailed Report

Bridge Technology Group LLC announced today that it has initiated coverage of Medarex, Inc. (Nasdaq: MEDX) with a BUY recommendation. The full text of this report can be accessed at Bridge Technology's web site, at www.BridgeNYC.com.

Jeffrey B. Davis, President of Bridge Technology stated, "We believe Medarex represents a unique, risk-reduced biotechnology investment opportunity at this time. The company has a proprietary human antibody services business based on its HuMAb-Mouse system, seven antibody-based products currently in clinical trials, a long list of major corporate partners (with the potential for many additional collaborations), and a strong financial position."

Excerpts from the report follow:

Broad Technology Base - Short-Term Licensing Revenue/Long-Term Product Royalty Stream

- HuMAb-Mouse Services Business: MEDX has 11 ongoing partnerships

including Bristol-Myers Squibb, Novartis, Schering AG, Centocor

and Immunex. We expect MEDX to expand these relationships (as

recently announced with Schering AG) and add new partners. Each

partnership should yield roughly $500,000 in upfront license

fees, and an additional $1-2 million in milestone payments per

antibody developed, upon commencement of Phase I trials.

- Seven Products in Human Clinical Trials: MEDX currently has four

products in Phase II trials, two for cancer, one for AML and one

for ITP--we expect one cancer product, MDX 210 to enter Phase III 

by the end of 1999; two products are now in Phase I trials, one

for rheumatoid arthritis and autoimmune diseases and one for

cancer; one product in Phase III to treat secondary cataracts is

currently stalled, pending analysis of adverse events.

Strong Corporate Partnerships - Additional Collaborations Expected in Near Future

- Throughout 1999, we expect a steady flow of announcements from

MEDX surrounding the partnering of its HuMAb-Mouse technology.

- MEDX is currently in discussions to partner MDX 210, expected to

enter Phase III trials this year. We believe that MEDX will be

able to partner this product and others in early-stage and

preclinical development in the near future.

Compelling Valuation at Current Levels - BUY Re commendation

- With more than $30 million in cash and equivalents, a relatively

low cash burn rate and an expected flow of positive news events

related to clinical trials and additional partnerships, we

believe MEDX stock to be undervalued and recommend purchase for

those investors tolerant of the risks associated with small-cap

equity investments.

Bridge Technology Group LLC is a registered investment advisor focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services, including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies.

The information in this press release has been obtained from sources that Bridge Technology Group LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation by Bridge Technology Group LLC for the purchase or sale of any securities. Bridge Technology Group LLC has performed investment banking, consulting or other services for CTIC and may solicit investment banking, consulting or other business from, any company mentioned in this release. Bridge Technology Group LLC or persons associated with Bridge Technology Group LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the Bridge Technology Group LLC web site at www.BridgeNYC.com. This material, or any portion thereof, may not be reproduced without prior permission from Bridge Technology Group LLC. Bridge Technology Group LLC is not responsible for the contents of this document that is intended for electronic transmission and could be thus subjected to tampering or alteration. Copyright (C) 1999 by Bridge Technology Group LLC. All rights reserved.