Medarex' 3rd-qtr loss grows 12% on charges
USA-based biopharmaceutical firm Medarex says that its net loss for the three months ended September 30, 2007, was $51.6 million, or $0.41 per share, up 12.4% on the year-earlier comparable quarter. The firm said that the shortfall was due to the inclusion of a $2.4 million loss from its Celidex Therapeutics subsidiary, a $6.5 million charge relating to the acquisition of Abilify Biomedical and a non-cash amount of $6.0 million for stock based compensation.
Revenues for the period were flat at $12.4 million, while R&D expenditure increased 1.7% to $49.2 million. Selling, general and administrative expenses fell $2.4 million to $13.1 million.
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