Company to host conference call at 11:00 a.m.
ET today
Agenus Inc. (NASDAQ: AGEN), an immuno-oncology (I-O) company
developing antibodies, including checkpoint inhibitors and other
checkpoint modulators, and cancer vaccines, today provided a
corporate update and reported financial results for the second
quarter ended June 30, 2016.
“In the second quarter, we made important advances in the
clinic, saw external validation of our immuno-oncology agents and
strategy and further integrated our capabilities to improve speed,
cost and quality of product development efforts,” said Garo H.
Armen, Ph.D., Chairman and CEO of Agenus. “We also strengthened our
management team with the addition of a new Board member, Ulf
Wiinberg, and Global Head of Clinical Development, Dr. Jean-Marie
Cuillerot.”
Second Quarter 2016 and Recent Corporate Highlights
- July: Completed enrollment of the
first cohort of patients in the Phase 1 study of AGEN1884, an
anti-CTLA-4 antibody, which was launched earlier in
2016. Agenus plans to initiate clinical studies for a second
anti-CTLA-4 antibody, AGEN2041, in 2017 and start combination
trials with AGEN1884 in the first half of 2017.
- July: Appointed Jean-Marie
Cuillerot, M.D. as Vice President and Global Head of Clinical
Development, bringing extensive immuno-oncology clinical
development expertise to the Company’s I-O portfolio. In Dr.
Cuillerot’s previous role at a Merck Serono affiliate, he advanced
the PD-L1 antibody avelumab from pre-IND to regulatory filing and
delivered the dataset leading to the $880 million co-development
deal with Pfizer. At Bristol-Myers Squibb, he developed clinical
strategies for the anti-CTLA-4 antibody ipilimumab as a treatment
for lung cancer, castrate resistant prostate cancer, ovarian
cancer, gastric cancer and glioblastoma, and supported the filing
activities of ipilimumab for first-line treatment of melanoma.
- June: Initiated Phase 1/2
clinical trial of anti-GITR checkpoint antibody INCAGN1876 in
solid tumors in collaboration with Incyte. INCAGN1876 is the second
product candidate from the Company’s antibody program to advance
into clinical trials this year.
- June: Merck selected a lead
product candidate to advance into preclinical studies under our
research collaboration, leading to receipt of a $2 million
milestone payment. The achievement further validates Agenus’
discovery platform, which is capable of identifying unique
antibodies for a broad range of therapeutic targets. Under the
terms of the agreement, Merck will be responsible for all future
product development expenses for the selected antibody candidate
targeting an undisclosed Merck checkpoint target. Agenus is
eligible to receive up to $100 million in milestone payments, in
addition to royalties on worldwide product sales.
- May: Appointed Ulf Wiinberg
to the Company’s Board of Directors. Ulf brings over 30 years
of experience in the pharmaceutical industry with senior leadership
roles at multiple global drug development companies. Most recently,
he served as Chief Executive Officer of H. Lundbeck A/S, and
previously held multiple executive roles at Wyeth, one of the
world’s largest research-driven pharmaceutical companies.
Currently, he serves on the boards of multiple drug companies
including Avillion, Hansa Medical, Nestle Health Sciences and UCB
SA.
Second Quarter 2016 Financial Results
For the second quarter ended June 30, 2016, Agenus reported a
net loss attributable to common stockholders of $28.4 million which
includes $7.6 million of non-cash expenses. This compares to a net
loss attributable to common stockholders for the second quarter of
2015 of $40.5 million which included $17.3 million of non-cash
expenses. Net loss was $0.33 per share, and $0.53 per share, basic
and diluted, for the three months ended June 30, 2016 and 2015,
respectively. The decrease in net loss attributable to common
stockholders for the three months ended June 30, 2016, compared to
the net loss attributable to common stockholders for the same
period in 2015, was primarily due to the $13.2 million charge for
the purchase of the SECANT yeast display platform in 2015 and the
non-cash expense from fair value adjustments of the contingent
obligations partially offset by the advancement of the checkpoint
antibody programs.
For the six months ended June 30, 2016, the company reported a
net loss attributable to common stockholders of $60.2 million,
which includes $17.2 million in non-cash expenses, compared with a
net loss attributable to common stockholders of $59.3 million,
which included $26.5 million in non-cash expenses, for the six
months ended June 30, 2015. Net loss was $0.69 per share and $0.83
per share, basic and diluted for the six months ended June 30, 2016
and 2015, respectively.
Cash, cash equivalents and short-term investments were $123.3
million as of June 30, 2016.
Conference Call, Webcast and Prepared Statement
Information
Agenus executives will host a conference call at 11:00 a.m. ET
today. To access the live call, dial 1-888-799-5016 (U.S.) or
1-704-908-0465 (international) and refer to conference ID number
50188771. 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.
About Agenus
Agenus is an immuno-oncology company focused on the discovery
and development of revolutionary new treatments that engage the
body’s immune system to benefit patients suffering from cancer. By
combining multiple powerful platforms, Agenus has established a
highly integrated approach for the discovery, development and
manufacture of monoclonal antibodies that modulate targets of
interest. In addition, the Company’s cancer vaccine program
includes three proprietary platforms focused on individualized and
off-the-shelf vaccines uniquely designed for each patient. Agenus’
broad portfolio of novel checkpoint and other immuno-modulatory
monoclonal antibodies, vaccines and adjuvants work in combination
to provide the opportunity to create best-in-class therapeutic
regimens. The Company has formed collaborations with Merck and
Incyte to discover and develop multiple checkpoint antibodies. For
more information, please visit www.agenusbio.com; information that
may be important to investors will be routinely posted on our
website.
Condensed Consolidated
Statements of Operations Data (in thousands, except per share
data) (unaudited) Three months ended June 30, Six months
ended June 30, 2016 2015 2016 2015 Revenue $ 6,592 $
6,377 $ 12,551 $ 10,330 Operating expenses: Research and
development 22,362 24,773 47,400 33,993 General and administrative
7,117 8,016 16,349 13,503 Non-cash contingent consideration fair
value adjustment 721 6,783 379 14,321
Operating loss (23,608 ) (33,195 ) (51,577 ) (51,487 ) Other
expense, net (4,712 ) (7,215 ) (8,521 ) (7,665 )
Net loss (28,320 ) (40,410 ) (60,098 ) (59,152 )
Dividends on Series A-1 convertible preferred stock (51 )
(51 ) (102 ) (101 ) Net loss
attributable to common stockholders $ (28,371 ) $ (40,461 ) $
(60,200 ) $ (59,253 ) Per common share data, basic and
diluted: Net loss attributable to common stockholders $ (0.33 ) $
(0.53 ) $ (0.69 ) $ (0.83 ) Weighted average number of common
shares outstanding, basic and diluted 86,965 76,375 86,826 71,548
Condensed Consolidated Balance Sheet
Data (in thousands) (unaudited) June 30, 2016 December
31, 2015 Cash, cash equivalents and short-term investments $
123,293 $ 171,668 Total assets 196,454 242,228 Total stockholders'
equity 16,877 70,728
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the federal
securities laws, including statements regarding the Company’s
product candidates and clinical trial plans. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially. These risks and uncertainties
include, among others, the factors described under the Risk Factors
section of our most recent Quarterly Report on Form 10-Q or annual
report on Form 10-K filed 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 press
release, 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160728005499/en/
Agenus Inc.Michelle Linn,
781-674-4541michelle.linn@agenusbio.comorMedia:BMC
CommunicationsBrad Miles,
646-513-3125bmiles@bmccommunications.com
Agenus (NASDAQ:AGEN)
Historical Stock Chart
From Apr 2024 to May 2024
Agenus (NASDAQ:AGEN)
Historical Stock Chart
From May 2023 to May 2024