Medarex Announces 2009 First Quarter Financi... ( PRINCETON N.J. April 30 /- Medarex In...)

Medarex Announces 2009 First Quarter Financial Results

Date:4/30/2009

PRINCETON, N.J., April 30 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX) announced today its financial results for the quarter ended March 31, 2009.

Medarex's net loss for the quarter ended March 31, 2009 was $48.6 million, or ($0.38) per share. For the same period in 2008, Medarex's net income of $103.3 million, or $0.81 per share, included a gain of $151.8 million, or $1.19 per share, from the sale of 2.5 million shares of Genmab A/S stock in February 2008. Medarex's net loss for the quarter ended March 31, 2009 included a non-cash charge of $4.9 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 $2.4 million, or ($0.02) per share, related to its share of the net loss of Celldex Therapeutics, Inc. Excluding the impact of these items, Medarex's net loss on a non-GAAP basis for the first quarter of 2009 was $41.3 million, or ($0.32) per share.

Total revenues for the quarter ended March 31, 2009 were $10.8 million as compared to $12.0 million for the same period in 2008.

Research and development expenses for the quarter ended March 31, 2009 decreased by $2.2 million, from $49.3 million in 2008 to $47.1 million in 2009. General and administrative expenses decreased by $1.9 million for the quarter ended March 31, 2009, from $12.4 million in 2008 to $10.5 million in 2009.

Medarex ended the first quarter of 2009 with approximately $322.8 million in cash, cash equivalents and marketable securities. In addition, as of March 31, 2009, the fair market value of Medarex's equity interests in Genmab and Celldex Therapeutics were approximately $85.3 million and approximately $32.3 million, respectively.

"Our first quarter accomplishments and steady progress of key development progra
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Medarex Announces 2009 First Quarter Financi...( PRINCETON N.J. April 30 /- Medarex In...)