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Medarex Highlights Strength in Antibody Development and Underlying Pipeline Strategy at R&D Day Event in New York City
Date:7/10/2008

orts and increase the probability of success for product candidates.

"We have a world-class antibody drug development platform which allows us to enrich our pipeline with best-in-class antibody candidates," said Nils Lonberg, Senior Vice President and Scientific Director at Medarex. "We are uniquely structured to identify, optimize and channel our most promising lead candidates into clinical development on a continual basis to ensure the future growth and value of our pipeline."

Throughout this year and next, Medarex anticipates a strong flow of research and development milestones, including the goal of moving two or more antibodies into clinical development.

Financial Guidance Update

Medarex also updated its previously issued guidance for 2008. For the full year of 2008, Medarex currently expects a cash burn rate per month of approximately $12.4 million, a decrease from previous guidance for monthly cash burn rate of approximately $14.5 million. This guidance includes Medarex's continual investment in its pipeline and the net contributions to the ipilimumab program.

Also for the full year of 2008, Medarex expects projected revenues to be in the range of $48 to $52 million; R&D expense in the range of $175 to $185 million; G&A expense in the range of $31 to $35 million; net interest income to be approximately $12 million; and capital expenditures to be approximately $10 million. Estimates for the full year depreciation and amortization of approximately $13 million, and FAS 123(R) non-cash stock-based compensation expense in the range of $19 to $23 million remain unchanged.

"We have consistently managed our resources to invest into the growth of our pipeline," said Christian S. Schade, Senior Vice President and CFO of Medarex. "Our commitment to steadily support our research and development efforts to proof of concept and enhance value under increased efficiencies remains unchanged."

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SOURCE Medarex, Inc.
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