Medarex' full-year 2005 loss narrows 28%
US drugmaker Medarex says that its net loss for the year ended December 31, 2005, was $146.0 million, or $1.32 per share, versus $186.5 million, or $2.29 per share, for the previous year. However, the firm pointed out that this includes a loss of $12.6 million, or $0.11 per share, which it took from the USA's Celldex Therapeutics, which was a 100%-owned subsidiary through October 11, 2005, and a 60%-owned unit afterwards as a result of equity issuance.
Excluding the impact of Celldex, the New Jersey-headquartered firm says that its net loss for the year would have been $133.4 million, a 28.5% improvement on the prior year's performance.
Total revenues for the period were $51.5 million vs $12.5 million, primarily due to the reimbursement of product development costs from certain accords and payments received through its contract and licensing business.
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