Medarex reports 1Q net loss shrinks to $36 million, revenues increase

By Lisa Kerner

Erie, Pa., May 5 - Medarex, Inc. reported a net loss for the three-month period ended March 31 of $36.0 million, or $0.32 per share, compared with a net loss of $46.9 million, or $0.44 per share, in the year-ago period.

The 2006 loss includes $2.4 million - Medarex's 60% share of the 2006 net loss of Celldex Therapeutics, Inc.

Total revenues for the quarter were $13.1 million, up from $8.5 million for the same period in 2005.

Medarex attributes the increase to reimbursement of product development costs from its collaborations and payments from the company's contract and licensing business.

As of March 31, Medarex had $330.3 million in cash, cash equivalents, marketable securities and segregated cash.

"For the first quarter, we and our partners accomplished much - from filing INDs [Investigational New Drug applications] for novel products to initiating a new registrational study for ipilimumab - to broaden the pipeline and to move products toward commercialization," president and chief executive officer Donald L. Drakeman said in a company news release

Medarex is a Princeton, N.J., biopharmaceutical company focused on fully human antibody-based therapeutics to treat cancer, inflammation, autoimmune disorders and infectious diseases.

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