Medarex Announces 2008 Third Quarter Financi...(process technology ...)

technology - 6,900 - 6,900

Impairment loss on investments - - - 2,141

Equity in net loss of affiliate 2,813 - 8,144 -

Gain on sale of Genmab stock - - (151,834) (152,143)

Non-GAAP Net loss $(37,430) $(36,295) $(119,537) $(104,757)

GAAP Net income (loss) per

share,

basic $(0.36) $(0.41) $0.04 $0.14

diluted $(0.36) $(0.41) $0.04 $0.14

Non-GAAP Net loss per share,

basic and diluted $(0.29) $(0.29) $(0.93) $(0.83)

Shares used in computing

basic and diluted GAAP net

income (loss) per share and

Non-GAAP net loss per share 128,335 127,125 128,064 126,200

(1) In management's view, the operations of Celldex prior to its merger

with AVANT Immunotherapeutics, Inc. (now Celldex Therapeutics, Inc.),

effective March 7, 2008, are not necessarily indicative of, or

directly attributable to, Medarex's continuing operations. Celldex's

operations relate primarily to the research, development and

commercialization of therapeutic vaccines, which is outside the scope

of Medarex's core business operations.

(2) For the three and nine months ended September 30, 2008, Medarex

incurred $5.4 million and $16.7 million in non-cash stock compensation

expense, of which $2.6 million and $7.4 million are included in

research and development expenses and $2.8 million and $9.3 million,

respectively, are included in general and administrative expenses.

Stock compensation expense includes costs associated with stock

awards, including stock options which were recorded in accordance with

the provisions of FAS 1
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