Antigenics Reports First Quarter 2003 Financial Results and Recent Highlights.Business Editors/Health/Medical Writers BIOWIRE2K NEW YORK--(BUSINESS WIRE)--April 16, 2003 Antigenics Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AGEN) reported results today for the quarter ended March 31, 2003. The company incurred a net loss of $13.5 million, or $0.36 per share, basic and diluted. This is compared with a net loss in the first quarter of 2002 of $11.9 million, or $0.37 per share, basic and diluted. Research and development costs were $10.3 million in the first quarter of 2003, compared with $8.2 million for the same period in 2002. The increased losses reflect the advancement of Oncophage(R) (HSPPC-96), the company's lead product candidate in late-stage Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA development, and further progress in the clinical development of Aroplatin(TM) and AG-858, along with the evolution of other development projects. Cash, cash equivalents and short-term investments equaled $103 million on March 31, 2003. "This is an important year for us, as we expect to produce clinical data from three separate product programs," said Garo H. Armen Garo H. Armen is chairman and chief executive officer of Antigenics Inc., the biotechnology company he cofounded with Pramod Srivastava in 1994. From mid-2002 through 2004, he was chairman of the board of directors for the biopharmaceutical company Elan Corporation plc. Dr. , PhD, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Antigenics. "This level of breadth and depth in a development pipeline is rare for a company of our size and means." Recent Highlights - Antigenics began a 120-patient Phase II trial of AG-858 cancer vaccine in chronic myelogenous leukemia Chronic myelogenous leukemia (CML) Also called chronic myelocytic leukemia, malignant disorder that involves abnormal accumulation of white cells in the marrow and bloodstream. Mentioned in: Bone Marrow Transplantation , to be conducted at leading medical centers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the United Kingdom. - Five abstracts have been accepted for presentation - one in an oral session and four in poster sessions - at the upcoming American Society of Clinical Oncology American Society of Clinical Oncology, or ASCO, is an organization that represents all clinical oncologists. Every year, ASCO holds a large symposium where physicians and researchers meet to convey and discuss research and ideas. annual meeting. - Antigenics completed a follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. of common stock in January 2003, raising net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $59.6 million. - Antigenics' board of directors appointed Margaret Eisen, Wadih (Bill) Jordan and Mark Kessel as its newest members. - Jeff D. Clark was promoted to the newly created position of chief financial officer and John Cerio was appointed as the company's vice president of human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . Conference Call Information Antigenics executives, including Chairman and CEO Garo Armen, PhD, and Chief Medical Officer Jonathan Lewis For the England international cricketer who plays for Gloucestershire, please see Jon Lewis and for the American football player, see Jonathan Lewis (football player). Jonathan James Benjamin Lewis (born 21 May 1970, Isleworth, Middlesex, England) is a former English cricketer. , MD, PhD, will host a conference call at 11:00 AM ET today. To access the live call, dial 877.416.2362 (domestic) or 706.679.3850 (international). The call will also be webcast and will be accessible from the company's website at www.antigenics.com/investors/. A replay will be available approximately two hours after the call through midnight ET on April 30, 2003. The replay number is 800.642.1687 (domestic) or 706.645.9291 (international), and the access code is 9263005. The replay will also be available at www.antigenics.com. About Antigenics Antigenics is developing personalized immunotherapeutics and revolutionary treatments for cancers, infectious diseases and autoimmune disorders Autoimmune Disorders Definition Autoimmune disorders are conditions in which a person's immune system attacks the body's own cells, causing tissue destruction. . The company's lead product candidate is Oncophage, a late-stage, personalized cancer vaccine being evaluated in several indications, including kidney cancer Kidney Cancer Definition Kidney cancer is a disease in which the cells in certain tissues of the kidney start to grow uncontrollably and form tumors. and metastatic Metastatic The term used to describe a secondary cancer, or one that has spread from one area of the body to another. Mentioned in: Coagulation Disorders metastatic pertaining to or of the nature of a metastasis. melanoma. Antigenics' portfolio also includes AG-858, a personalized cancer vaccine in Phase II development; Aroplatin and ATRA-IV, two Phase II liposomal chemotherapeutics; and AG-702/AG-70X, a Phase I genital herpes Genital Herpes Definition Genital herpes is a sexually transmitted disease caused by a herpes virus. The disease is characterized by the formation of fluid-filled, painful blisters in the genital area. immunotherapeutic. For more information about Antigenics, please visit www.antigenics.com. This press release contains forward-looking statements, including the statements regarding producing clinical data from three separate product programs and developing treatments for cancers, infectious diseases and autoimmune disorders. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. These risks and uncertainties include, among others, that we may not be able to enroll sufficient numbers of patients in our clinical trials; that enrollment rates may be slower than we expect; that our clinical trials may not demonstrate that our products are both safe and more effective than current standards of care Standards of care are medical or psychological treatment guidelines, and can be general or specific. They specify appropriate treatment protocols based on scientific evidence, and collaboration between medical and/or psychological professionals involved in the treatment of a given ; that we may be unable to obtain the regulatory approvals necessary to conduct additional clinical trials or to market products; that we may fail to adequately protect our intellectual property or are determined to infringe on the intellectual property of others; and the factors described in the company's periodic filings with the Securities and Exchange Commission. Please see Exhibit 99.1 of the Antigenics Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002, for a full discussion of these risk factors. We caution investors not to place undue reliance on the forward-looking statements contained in this document. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Summary Consolidated Financial Information
Consolidated Statements of Operations Data
(in thousands, except per share data)
(unaudited)
Three months
ended March 31,
2003 2002
---------- ----------
Revenue 1,780 858
Operating expenses:
Cost of sales 620 291
Research and development 10,316 8,171
General and administrative 4,887 4,552
---------- ----------
Operating loss (14,043) (12,156)
Other income, net 551 267
---------- ----------
Net loss $ (13,492) $ (11,889)
========== ==========
Net loss per share, basic and diluted $ (0.36) $ (0.37)
Weighted average number of shares outstanding,
basic and diluted 37,575 32,380
Consolidated Balance Sheet Data
(in thousands)
(unaudited)
March December
31, 31,
2003 2002
---------- ----------
Cash, cash equivalents and short-term
investments $ 103,065 $ 58,725
Total assets 135,751 89,063
Total stockholders' equity 123,871 77,757
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