PRINCETON, N.J., Jan. 13 /PRNewswire-FirstCall/ -- Medarex, Inc. today provided an overview of the company’s strong science-base and strategy for maximizing the value of its product portfolio. Also provided were recent highlights of Medarex’s record of achievements in 2008, as well as its expected outlook for product pipeline milestones in 2009, underscoring Medarex’s dedication to creating multiple opportunities for long-term value through the development of commercially attractive product candidates for cancer, inflammation and infectious diseases. In addition, updated full-year 2008 financial guidance was presented by Medarex’s Chairman and CEO, Howard H. Pien.
Financial Guidance Update
Medarex is committed to the consistent management of resources and increased efficiencies that steadily support its research and development efforts across the organization. For the full year of 2008, Medarex currently expects a cash burn rate per month of approximately $12.2 million, a decrease from previous guidance for a monthly 2008 cash burn rate of approximately $12.4 million. This guidance includes Medarex’s continual investment in its pipeline and the net contributions to the ipilimumab program. Medarex expects its monthly cash burn rate per month for the full year of 2009 to remain largely consistent with full-year 2008 net cash burn.
Medarex plans to disclose its 2008 full-year financial results and financial guidance for 2009 the week of February 23, 2009. Factors that may cause variations in Medarex’s projected earnings and financial performance and other risks and uncertainties are discussed in the section below entitled “Statement on Cautionary Factors” and in our filings with the U.S. Securities and Exchange Commission.
Webcast
The webcast of Medarex’s presentation from the 27th Annual J.P. Morgan Healthcare Conference, scheduled for Tuesday, January 13 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time), can be accessed through the Investor Relations section on Medarex’s website at www.medarex.com. The webcast will be archived and available for replay for at least 14 days following the event.
About Medarex
Medarex is a biopharmaceutical company focused on the discovery, development and potential commercialization of fully human antibody-based therapeutics to treat life-threatening and debilitating diseases, including cancer, inflammation, autoimmune disorders and infectious diseases. Medarex applies its UltiMAb(R) technology and product development and clinical manufacturing experience to generate, support and potentially commercialize a broad range of fully human antibody product candidates for itself and its partners. Over forty of these therapeutic product candidates derived from Medarex technology are in human clinical testing or have had INDs submitted for such trials, with the most advanced product candidates currently in Phase 3 clinical trials, the subject of regulatory applications for marketing authorization or approved in Canada. Medarex is committed to building value by developing a diverse pipeline of antibody products to address the world’s unmet healthcare needs. For more information about Medarex, visit its website at www.medarex.com.
Statement on Cautionary Factors
Except for the historical information presented herein, matters discussed herein may constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, such as statements preceded by, followed by or including the words “believe"; “expect"; “may"; “anticipate"; “projected"; “estimated"; “preliminary"; “suggest"; or “potential"; or similar statements are forward-looking statements. Medarex disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include risks associated with the development of ipilimumab and other product candidates, uncertainties related to the outcome of clinical trials, slower than expected rates of patient recruitment, unforeseen safety issues resulting from the administration of antibody products in patients, uncertainties related to product manufacturing, risks associated with the enforceability of our patents, as well as risks detailed from time to time in Medarex’s public disclosure filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and its quarterly reports on Form 10-Q. There can be no assurance that such development efforts will succeed or that developed products will receive required regulatory clearance or that, even if such regulatory clearance were received, such products would ultimately achieve commercial success. Copies of Medarex’s public disclosure filings are available from its investor relations department.
Medarex(R), the Medarex logo and UltiMAb(R) are registered trademarks of Medarex, Inc. All rights are reserved.
CONTACT: Laura S. Choi, Investor Relations, +1-609-430-2880, Ext. 2216 or
Nichol Harber, Corporate Communications (media), +1-609-430-2880, ext.
2214, both of Medarex
Web site: http://www.medarex.com/
