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Medarex Announces 2007 Fourth Quarter and Year End Financial Results
Date:2/26/2008

PRINCETON, N.J., Feb. 26 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX) announced today its financial results for the quarter and year ended December 31, 2007.

Including a gain of $152.1 million, or $1.20 per share, from Medarex's sale of approximately 2.6 million shares of Genmab A/S stock in February 2007, Medarex's net loss for the year ended December 31, 2007 was $27.1 million, or ($0.21) per share as compared to a net loss of $181.7 million, or ($1.50) per share for 2006. Medarex's net loss for 2007 also includes $10.5 million, or ($0.08) per share representing Medarex's share of the 2007 net loss of Celldex Therapeutics, Inc. (a 60% owned subsidiary of Medarex), a non-cash charge of $18.6 million, or ($0.15) per share for stock based compensation recorded in accordance with FAS 123(R), an acquisition of in-process technology charge of $6.9 million, or ($0.05) per share related to the acquisition of Ability Biomedical Corporation and a non-cash impairment charge of $2.1 million, or ($0.02) per share related to a write-down of Medarex's investment in two of its corporate partners. Excluding the impact of these items, Medarex's net loss on a non-GAAP basis for 2007 was $141.1 million, or ($1.11) per share.

Total revenues for the year ended December 31, 2007 were $56.3 million as compared to $48.6 million for 2006.

Research and development (R&D) expenses for the year ended December 31, 2007 increased by $3.8 million, from $194.5 million in 2006 to $198.3 million in 2007. The increase relates primarily to the following: (i) approximately $1.3 million attributable to Celldex's 2007 R&D activities, (ii) approximately $0.5 million of non-cash stock based compensation expense recorded in accordance with FAS 123(R
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SOURCE Medarex, Inc.
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