Medarex' loss deepens on charges in 2nd qtr
USA-based Medarex fell over $10.0 million deeper into loss for the three months ending June 30, 2008, compared to the year-earlier quarter, partly due to charges from its share of the net loss for Avant Immunotherapeutics.
The firm posted 15% lower revenue than the same period of 2008, at $10.0 million. As well as a non-cash charge of $6.0 million for stock-based compensation and a $3.5 million loss from Avant, the company's R&D expenses increased 16% to $52.6 million. This resulted in a greater net loss of $53.1 million, or $0.42 per share, versus a loss of $41.0 million, or $0.32 per share.
Medarex reported that, at the end of the quarter, it had $426.7 million in cash and assets remaining, along with an $87.1 million and $72.2 million fair market value interest in Genmab and Avant respectively.
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