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

ximately $10.6 million of non-cash stock-based compensation expense recorded in accordance with FAS 123(R) and approximately $1.5 million related to Celldex.

General and administrative (G&A) expenses for the year ended December 31, 2008, decreased by $2.5 million from $46.9 million in 2007 to $44.4 million in 2008. Included in G&A expense for the year ended December 31, 2008, is approximately $11.5 million of non-cash stock-based compensation expense recorded in accordance with FAS 123(R) and approximately $1.7 million related to Celldex .

Medarex ended 2008 with approximately $353.7 million in cash, cash equivalents and marketable securities. In addition, as of December 31, 2008, the fair market value of Medarex's equity interests in Genmab and Celldex were approximately $87.4 million and approximately $39.3 million, respectively.

For the three-month period ended December 31, 2008, Medarex reported a net loss of $43.0 million, or ($0.33) per share. This compares to a net loss of $44.8 million, or ($0.35) per share, for the three-month period ended December 31, 2007. Included in the consolidated net loss for the three-month period ended December 31, 2008, is a non-cash equity loss of $1.9 million, or ($0.01) per share, representing Medarex's share of the net loss of Celldex for the period; a non-cash charge of $5.4 million, or ($0.04) per share, for stock-based compensation expense recorded in accordance with FAS 123(R); and a non-cash impairment charge of $5.3 million, or ($0.04) per share, related to a write-down of Medarex's investment in three of its corporate partners. Excluding the impact of these items, Medarex's net loss on a non-GAAP basis for the three-month period ended December 31, 2008, was $30.4 million, or ($0.24) per share.

During 2008, Medarex's cash burn rate was $12.2 million per month, or approximately $146 million for the full year. Medarex currently expects its cash
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SOURCE Medarex, Inc.
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