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Medarex Announces 2008 Third Quarter Financial Results
Date:10/30/2008

PRINCETON, N.J., Oct. 30 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX) announced today its financial results for the quarter ended September 30, 2008.

Medarex's net loss for the quarter ended September 30, 2008 was $45.7 million, or ($0.36) per share, as compared to a net loss of $51.6 million, or ($0.41) per share, for the third quarter of 2007. Included in the 2008 results was a non-cash charge of $5.4 million, or ($0.04) per share, for stock based compensation recorded in accordance with FAS 123(R) and a non-cash equity in net loss of affiliate charge of $2.8 million, or ($0.02) per share, related to our share of the net loss of Celldex Therapeutics, Inc. (formerly AVANT Immunotherapeutics, Inc.). Excluding the impact of these items, Medarex's net loss on a non-GAAP basis for the quarter ended September 30, 2008 was $37.4 million, or ($0.29) per share.

Total revenues for the quarter ended September 30, 2008 were $10.2 million, as compared to $12.4 million for the third quarter of 2007. Research and development (R&D) expenses for the quarter ended September 30, 2008 decreased by $5.0 million, from $49.2 million in the third quarter of 2007 to $44.2 million in the third quarter of 2008. General and administrative expenses decreased by $2.0 million for the quarter ended September 30, 2008, from $13.1 million in the third quarter of 2007 to $11.1 million in the third quarter of 2008.

Medarex ended the third quarter of 2008 with approximately $388.4 million in cash, cash equivalents and marketable securities. In addition, as of September 30, 2008, the fair market value of Medarex's equity interests in Genmab A/S and Celldex Therapeutics, Inc. were approximately $131.7 million and $57.7 million, respectively. '/>"/>

SOURCE Medarex, Inc.
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