Agenus to host conference call beginning at 11
a.m. ET today
Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with a
development pipeline of checkpoint modulators (CPMs), heat shock
protein peptide-based vaccines, and adjuvants, today announced its
financial results and business highlights for the third quarter
ended September 30, 2014.
The company’s net loss attributable to common stockholders for
the third quarter of 2014 was $8.2 million, or $0.13 per share,
basic and diluted, compared to a net loss attributable to common
stockholders of $7.4 million, or $0.24 per share, basic and
diluted, for the third quarter of 2013.
For the nine months ended September 30, 2014, the company
reported a net loss attributable to common stockholders of $16.7
million, or $0.28 per share, basic and diluted, compared with a net
loss attributable to common stockholders of $27.4 million, or $0.99
per share, basic and diluted, for the nine months ended September
30, 2013. Cash, cash equivalents and short-term investments were
$52.9 million as of September 30, 2014.
During the nine months ended September 30, 2014, the company
recorded other non-cash income of $10.8 million primarily related
to the impact of the termination of GlaxoSmithKline’s Phase 3
MAGE-A3 trial in non-small cell lung cancer, which occurred during
the first quarter of 2014. During the same period of 2013, the
company’s preferred stock restructuring resulted in a non-cash
deemed dividend of $2.9 million, and the retirement of its then
outstanding $39 million 8.0% senior secured convertible notes due
August 2014 resulted in a non-cash expense of $3.3 million.
“In the third quarter, we advanced our checkpoint antibodies
closer to clinical development and achieved important milestones in
our clinical programs,” said Garo H. Armen, Ph.D., chairman and CEO
of Agenus. “Among these were efficacy data from a Prophage
open-label Phase 2 trial of patients with newly-diagnosed
glioblastoma multiforme (GBM). We continue to explore strategic and
financing options for further advancement of Prophage as a
treatment of this important unmet medical need. Additionally, our
broad portfolio of check point antibodies and our Prophage vaccines
give us a unique advantage of exploring a variety of combinatorial
approaches in immune-oncology. Lastly, we are extremely pleased
that our QS-21 Stimulon® adjuvant is a key component of
GlaxoSmithKline’s RTS,S, the world’s first malaria vaccine to be
accepted for regulatory review by the EMA.”
Third Quarter and Recent 2014 Highlights
- Agenus continues to advance its
checkpoint modulator antibody programs, which target GITR, OX40,
CTLA-4, PD-1, TIM-3 and LAG-3.
- The world’s first malaria vaccine
candidate, GlaxoSmithKline’s RTS,S, which contains Agenus’s QS-21
Stimulon adjuvant, was accepted for regulatory review by the
European Medicines Agency (EMA).
- Agenus received a milestone payment for
GSK’s regulatory submission of RTS,S to the EMA, and Agenus is
entitled to receive an additional payment upon approval as well as
royalties on sales. QS-21 is a component of two other GSK vaccines
that are expected to report pivotal Phase 3 trial results in
2015.
- In July, Agenus reported final results
from a single-arm, multi-institutional, open-label Phase 2 study
showing that patients with newly-diagnosed glioblastoma multiforme
(GBM) who received Agenus’ Prophage autologous vaccine in addition
to standard of care had a survival benefit nearly twice as long as
expected. Study results showed that 50% of the patients lived for
two years, for a cancer that often kills patients within one
year.
Conference Call and Web Cast Information
Agenus executives will host a conference call at 11:00 a.m.
Eastern Time today. To access the live call, dial 416-640-5946. The
call will also be webcast and will be accessible from the company’s
website at www.agenusbio.com/webcast/. A replay will be available
on the company’s website approximately two hours after the call and
will remain available for 60 days. The replay number is
416-915-1035, and the access code is 543876.
About Agenus
Agenus is an immuno-oncology company developing a portfolio of
checkpoint modulators (CPMs), heat shock protein peptide-based
vaccines and adjuvants. Agenus’ checkpoint modulator programs
target GITR, OX40, CTLA-4, LAG-3, TIM-3 and PD-1. The company’s
proprietary discovery engine Retrocyte Display® is used to generate
fully human and humanized therapeutic antibody drug candidates. The
Retrocyte Display platform uses a high-throughput approach
incorporating IgG format human antibody libraries expressed in
mammalian B-lineage cells. Agenus’ heat shock protein vaccines for
cancer and infectious disease are in Phase 2 studies. The company’s
QS-21 Stimulon® adjuvant platform is extensively partnered with
GlaxoSmithKline and Janssen and includes several vaccine candidates
in Phase 2 and Phase 3 clinical trials. For more information,
please visit www.agenusbio.com, or connect with the company on
Facebook, LinkedIn, Twitter and Google+.
Forward-Looking Statement
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the federal
securities laws, including statements regarding our research and
development and clinical trial activities, potential revenue
streams, potential regulatory approvals, the potential application
of the Company’s technologies and product candidates in the
prevention and treatment of diseases, and the expected timing for
GlaxoSmithKline to report the results of its Phase 3 trials
incorporating the Company’s QS-21 Stimulon adjuvant. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected. These risks and uncertainties include, among others, the
factors described under the Risk Factors section of our most
recently filed Quarterly Report on Form 10-Q with the Securities
and Exchange Commission. Agenus cautions investors not to place
considerable reliance on the forward-looking statements contained
in this release. These statements speak only as of the date of this
document, and Agenus undertakes no obligation to update or revise
the statements, other than to the extent required by law. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. Agenus’ business is subject
to substantial risks and uncertainties, including those identified
above. When evaluating Agenus’ business and securities, investors
should give careful consideration to these risks and
uncertainties.
Agenus includes its affiliates for purposes of this press
release. Retrocyte Display and Stimulon are registered trademarks
of Agenus Inc. and its subsidiaries.
Summary Consolidated Financial
Information
Condensed Consolidated Statements of Operations Data
(in thousands, except per share data)
(unaudited)
Three months ended September 30,
Nine months ended September 30, 2014 2013
2014 2013 Revenue
$ 1,563 $ 736 $ 5,358 $ 2,653 Operating expenses: Cost of
sales - 80 - 529 Research and development 5,284 3,893 14,980 9,764
General and administrative 4,920 3,578 16,209 11,112 Non-cash
contingent consideration fair value adjustment (969 )
- 164 - Operating loss
income (7,672 ) (6,815 ) (25,995 ) (18,752 ) Other income
(expense), net (437 ) (504 ) 9,487
(5,543 ) Net loss (8,109 ) (7,319 ) (16,508 ) (24,295
) Dividends on Series A-1 convertible preferred stock
(51 ) (51 ) (153 ) (3,109 ) Net loss
attributable to common stockholders $ (8,160 ) $ (7,370 ) $ (16,661
) $ (27,404 ) Per common share data, basic and diluted: Net
loss attributable to common stockholders $ (0.13 ) $ (0.24 ) $
(0.28 ) $ (0.99 ) Weighted average number of common shares
outstanding, basic and diluted 62,832 30,345 58,710 27,774
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
September 30, 2014 December 31, 2013 Cash, cash
equivalents and short-term investments $ 52,908 $ 27,352 Total
assets 87,632 34,835 Total stockholders' equity (deficit) 48,870
(4,481 )
BMC CommunicationsBrad Miles,
646-513-3125bmiles@bmccommunications.com
Agenus (NASDAQ:AGEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Agenus (NASDAQ:AGEN)
Historical Stock Chart
From Apr 2023 to Apr 2024