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

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Non-GAAP Financial Measurements

This press release and the accompanying tables include non-GAAP financial measures. Please see the section of the accompanying tables titled "Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Loss" for a description of these non-GAAP financial measures, including reasons for Medarex management's decision to use each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles.

"As seen in previous quarters, this third quarter also exemplifies our consistent management of our cash resources with the exciting research and clinical development activities that support our advancing portfolio of potentially important assets," said Howard H. Pien, President and CEO of Medarex. "Our efforts will continue to be focused on managing the business to reflect a strong balance sheet and a strong pipeline, fundamental drivers that will keep our company healthy and growing for the long-term."

Medarex's 2008 Third Quarter Highlights:

-- Providing at Medarex's R&D Day a comprehensive review of the business strategy, product opportunities, and highlights of Medarex's technology and financial assets that position it for value creation and future growth.

-- Demonstrating consistency of updated survival data for ipilimumab, where approximately half of patients with advanced melanoma treated with ipilimumab were still alive beyond one year. These updated survival data from three Phase 2 trials were presented at the 33rd Congress of the European Society for Medical Oncology (ESMO).

-- Filing an Investigational New Drug (IND) application for MDX-1105, an anti-PD-L1 HuMAb(TM) for the treatment of patients with advanced or recurrent solid tumors.

-- Announcing the receipt of milestone payments from our licensing partners Centocor R&D Inc. and Pfizer Inc. for the filing of IND ap
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SOURCE Medarex, Inc.
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