Medarex swings to $48.6M loss in 1st qtr

US drugmaker Medarex swung to a net loss in the first quarter of 2009 posting a deficit of $48.6 million, or a loss per share of $0.38, versus  a profit of $103.3 million, or $0.81 per share in the comparable period  the year before, which was boosted by a gain of $151.8 million from the  sale of 2.5 million shares in Genmab.

Medarex said that its first-quarter results were also impacted by a  non-cash charge of $4.9 million for stock-based compensation and a  non-cash equity in net loss of affiliate charge of $2.4 million for its  share of the net loss of Celldex Therapeutics. Excluding these items,  the company said its loss would have been $41.3 million, or $0.32 per  share. During the period, the New Jersey-based firm saw revenues  decline to $10.8 million from $12.0 million.

Medarex develops antibody drugs using its UltiMAb platform, over 40 of  which are in clinical trials. R&D costs fell from $49.3 million to $47.1  million, as general and administrative expenses decreased down to $10.5  million from $12.4 million.