Medarex reports narrowed loss, nearly doubled revenue for Q2

PRINCETON, N.J. Biotech drug maker Medarex reported a less severe drop in second-quarter loss, while its revenue almost doubled from last year.

The Princeton, N.J.-based Medarex reported losses of $29.2 million compared with a loss of $53.1 million in the same quarter last year.

This year's revenue was up 96% from last year's $10 million to $19.5 million.

New York-based Bristol-Myers Squibb, the maker of blood thinner Plavix, put forth $2.1 billion to acquire Medarex.