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Medarex Announces 2008 Fourth Quarter and Year End Financial Results
Date:2/25/2009

Equity in net loss of affiliate 10,092 - 1,948 - Gain on sale of Genmab stock (151,834) (152,143) - - ------- ------- ------- ------ Non-GAAP Net loss $(149,891) $(141,086) $(30,354) (36,329) ======= ======= ======= ====== GAAP Net loss per share, basic and diluted $(0.30) $(0.21) $(0.33) $(0.35) ======= ======= ======= ====== Non-GAAP Net loss per share, basic and diluted $(1.17) $(1.11) $(0.24) $(0.29) ======= ======= ======= ====== Shares used in computing basic and diluted Non-GAAP net loss per share 128,152 126,665 128,444 127,409 ======= ======= ======= ======

(1) In management's view, the operations of Celldex prior to its merger with AVANT Immunotherapeutics Inc.(effective March 7, 2008) are not necessarily indicative of or directly attributable to, Medarex's continuing operations. Celldex's operations relate primarily to the research, development and commercialization of therapeutic vaccines,

which is outside the scope of Medarex's ongoing core business operations.

(2) For the twelve and three months ended December 31, 2008, the Company incurred $22.9 million and $6.2 million in non-cash stock compensation expense of which $10.6 million and $3.2 million is included in research and development expenses and $12.3 million and $3.0 million is included in general and administrative expenses. Stock compensation expense includes costs associated with stock awards including stock options which were recorded in accordance with the provisions of FAS 123(R). FAS 123(R) requires companies to record stock-based payments in the
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SOURCE Medarex, Inc.
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