Medarex posts wider 2Q loss on lower revenue

Biotechnology company Medarex Inc. said late Tuesday its second-quarter loss widened on a mix of lower revenue and a charge related to its affiliate Avant Immunotherapeutics.

The results fell short of Wall Street expectations, sending shares lower Wednesday. The stock lost 77 cents, or 7.8 percent, to $9.17 in afternoon trading. Shares have traded between $6.41 and $18.23 over the last 52 weeks.

For the three months ended June 30, the company lost $53.1 million, or 42 cents per share, compared with a loss of $41 million, or 32 cents per share, during the same period a year prior. Revenue fell 16 percent to just under $10 million from $11.8 million.

The company's results include a 3 cents per share charge related to the loss of its affiliate Avant Immunotherapeutics Inc.

Analysts polled by Thomson Financial expected a loss of 35 cents per share on revenue of $12.5 million.

Medarex, which develops treatments for cancer, inflammatory and other conditions, had $426.7 million in cash, cash equivalents and marketable securities as of June 30.