Medarex loss tightens to $146 million, revenue quadruples to $51.5 million in 2005

By Angela McDaniels

Seattle, March 6 - Medarex Inc. said its net loss for the year ended Dec. 31 decreased to $146.0 million, or $1.32 per share, from a loss of $186.5 million, or $2.29 per share, for 2004.

Included in the 2005 consolidated net loss was $12.6 million, or $0.11 per share, representing Medarex's share of the 2005 net loss of Celldex Therapeutics Inc., according to a company release.

Celldex was a 100% owned subsidiary of Medarex through Oct. 11 and a 60% owned subsidiary thereafter as a result of Celldex's issuances of equity in connection with the acquisition of Lorantis Ltd.'s outstanding capital stock and Alteris Therapeutics Inc.'s assets.

For the three-month period ended Dec. 31, net loss decreased to $45.2 million, or $0.40 per share, from a net loss of $57.0 million, or $0.66 per share, in the year-ago period.

Included in the consolidated net loss for the fourth quarter of 2005 is a loss of $6.7 million, or $0.06 per share, representing Medarex's share of the net loss of Celldex for the period.

Total revenue for 2005 increased to $51.5 million from $12.5 million for 2004. The company attributed the increase to the reimbursement of product development costs from some of Medarex's collaborations and payments received from Medarex's contract and licensing business.

Total revenue for the quarter increased to $8.4 million from $5.0 million a year earlier.

Medarex ended 2005 with about $353.3 million in cash, cash equivalents, marketable securities and segregated cash, a decrease from $374.5 million a year earlier.

Medarex is a biopharmaceutical company based in Princeton, N.J., that discovers and develops human antibody-based therapeutics to treat life-threatening and debilitating diseases such as cancer, inflammation, autoimmune disorders and infectious diseases.

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