Medarex Announces 2008 First Quarter Financi...(6 million as of March 31 2008. Non-GA...),Health

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 Income 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.

Medarex's product development and business activities during the first quarter of 2008 include the following:

-- Announcing the receipt of a milestone payment from our licensing

partner, Centocor, Inc., in connection with Centocor's submission of a

regulatory application to the European Medicines Agency requesting

marketing approval of golimumab (CNTO 148), a human anti-TNF antibody

for the treatment of rheumatoid arthritis, psoriatic arthritis and

ankylosing spondylitis, that was generated using Medarex's UltiMAb(R)

technology;

-- Announcing the receipt of a milestone payment from our licensing

partner, Novo Nordisk A/S, for the filing of an Investigational New

Drug application for an antibody generated by Medarex's UltiMAb(R)

technology; and

-- Adding approximately $152 million to our cash resources through the

sale of Genmab A/S common stock, reducing our ownership in Genmab to

approximately 5.1% of the total outstanding shares.

"This is an exciting time for Medarex, and we begin the year with continued focus on laying the groundwork for sustained growth and value by investing in and making positive advances with products in our pipeline," said Howard H. Pien, President and CEO of Medarex.

As previously announced, 17 presentations for ipilimumab an
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