Medarex Announces 2008 First Quarter Financi... ( PRINCETON N.J. May 12 /- Medarex ...)

Medarex Announces 2008 First Quarter Financial Results

Date:5/12/2008

PRINCETON, N.J., May 12 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX) announced today its financial results for the quarter ended March 31, 2008.

Including a gain of $151.8 million, or $1.19 per share, from Medarex's sale of 2.5 million shares of Genmab A/S stock in February 2008, Medarex's net income for the quarter ended March 31, 2008, was $103.3 million, or $0.81 per share, as compared to a net income of $110.3 million, or $0.88 per share for the same period in 2007. In addition to the gain on the sale of Genmab A/S stock, Medarex's net income for the quarter ended March 31, 2008 included a loss of $2.9 million, or ($0.02) per share, representing Medarex's share of the 2008 net loss of Celldex Therapeutics, Inc. (a subsidiary of Medarex) prior to its merger with AVANT Immunotherapeutics, Inc., and a non-cash charge of $5.3 million, or ($0.04) per share, for stock-based compensation recorded in accordance with FAS 123(R). Excluding the impact of these items, Medarex's net loss on a non-GAAP basis for the first quarter of 2008 was $38.5 million, or ($0.30) per share.

Total revenues for the quarter ended March 31, 2008, were $12.0 million as compared to $11.5 million in 2007.

Research and development (R&D) expenses for the quarter ended March 31, 2008, increased by $2.3 million, from $47.0 million in 2007 to $49.3 million in 2008. General and administrative expenses increased by $1.1 million for the quarter ended March 31, 2008, from $11.3 million in 2007 to $12.4 million in 2008.

Medarex ended the first quarter of 2008 with approximately $464.5 million in cash, cash equivalents and marketable securities. In addition, the fair market value of Medarex's equity interest in Genmab was approximately $115.
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