Medarex puts out a PR to announce their burn rate is being cut ***$200,000*** per month?
Press Release Source: Medarex, Inc.
Medarex Reviews Recent Highlights and Outlook for 2009
Tuesday January 13, 12:09 pm ET
PRINCETON, N.J., Jan. 13 /PRNewswire-FirstCall/ -- Medarex, Inc. (Nasdaq: MEDX - News) 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.
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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. |
