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

), and (iii) approximately $2.7 million of increased costs associated with the development of ipilimumab (MDX-010). General and administrative expenses decreased by $5.0 million for the year ended December 31, 2007, from $51.9 million in 2006 to $46.9 million in 2007. The 2007 decrease is primarily attributable to lower legal and other professional fees.

Medarex ended 2007 with approximately $348.8 million in cash, cash equivalents and marketable securities. Approximately $4.9 million of this balance relates to Celldex. In addition, the fair market value of Medarex's equity interest in Genmab was approximately $291.2 million as of December 31, 2007.

For the three-month period ended December 31, 2007, Medarex reported a net loss of $44.8 million, or ($0.35) per share. This compares to a net loss of $57.7 million, or ($0.46) per share for the three-month period ended December 31, 2006. Included in the consolidated net loss for the three-month period ended December 31, 2007 is a net loss of $3.7 million, or ($0.03) per share representing Medarex's share of the net loss of Celldex for the period and a non-cash charge of $4.8 million, or ($0.04) per share for stock based compensation expense recorded in accordance with FAS 123(R). Excluding the impact of these items, Medarex's net loss on a non-GAAP basis for the three- month period ended December 31, 2007 was $36.3 million, or ($0.29) per share.

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 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.

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SOURCE Medarex, Inc.
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