Exhibit 99.1
Antigenics Reports Second Quarter 2003 Financial Results
and Recent Highlights
NEW YORK--(BUSINESS WIRE)--July 23, 2003--Antigenics Inc. (NASDAQ:
AGEN) reported results today for the quarter ended June 30, 2003.
The company incurred a net loss of $16.6 million, or $0.42 per
share, basic and diluted. This is compared with a net loss in the
second quarter of 2002 of $14.1 million, or $0.43 per share, basic and
diluted. Research and development costs were $12 million in the second
quarter of 2003, compared with $10 million for the same period in
2002. The increased losses reflect the further progress of the
company's clinical product candidates including Oncophage(R)
(HSPPC-96), Antigenics' lead product candidate in Phase III
development, AG-858 and Aroplatin(TM), along with the evolution of
other development projects. Cash, cash equivalents and short-term
investments equaled $83.7 million on June 30, 2003.
"With the attainment of our initial enrollment target in the
Oncophage Phase III renal cell carcinoma trial and the initiation of
our AG-858 Phase II trial for chronic myelogenous leukemia, we
continue to move towards commercialization," said Garo H. Armen, PhD,
chairman and CEO of Antigenics.
Recent Highlights
-- Antigenics made significant progress with the enrollment of
the Phase III clinical trial of Oncophage in the treatment of
renal cell carcinoma (RCC), the most common type of kidney
cancer. The trial, taking place at 132 centers worldwide and
involving more than 650 patients, is one of the most extensive
RCC studies to date as well as one of the largest clinical
trials of any patient-specific treatment tested. Antigenics
has met the initial enrollment target for this trial and
expects to meet its target for randomization over the next two
weeks.
-- Antigenics began a 120-patient Phase II trial of AG-858 cancer
vaccine in chronic myelogenous leukemia, to be conducted at
leading medical centers in the United States and the United
Kingdom.
-- Five abstracts were presented at the 39th annual meeting of
the American Society of Clinical Oncology, including updated
results from an ongoing pilot study of AG-858 in combination
with Gleevec(TM) (imatinib mesylate, Novartis) for treatment
of chronic myelogenous leukemia, presented in an oral session.
Antigenics also announced interim results in poster sessions
from four clinical trials: two Phase II studies demonstrating
that treatment with Oncophage was associated with clinical and
immunological response in both RCC and non-Hodgkin's lymphoma
and two clinical trials conducted at Memorial Sloan-Kettering
Cancer Center evaluating cancer vaccines containing
Antigenics' QS-21 immune stimulant.
-- Two abstracts were accepted for presentation - one in an oral
session and one in a poster session - at the 12th annual
European Cancer Conference to be held in Copenhagen on
September 21-25, 2003.
-- Antigenics received a Small Business Innovation Research grant
from the National Institutes of Health to study the potential
application of heat shock protein technology in tuberculosis.
Conference Call Information
Antigenics executives, including Chairman and CEO Garo Armen, PhD,
and Chief Medical Officer Jonathan Lewis, 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 access
code is 902833. 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 August 6, 2003. The replay number is 800.642.1687
(domestic) or 706.645.9291 (international), and the access code is
902833. The replay will also be available at www.antigenics.com.
About Antigenics
Antigenics is working to develop personalized immunotherapeutics
and revolutionary treatments for cancers, infectious diseases and
autoimmune disorders. The company's lead product candidate is
Oncophage, a personalized cancer vaccine being evaluated in several
indications, including kidney cancer and metastatic 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 immunotherapeutic.
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; 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
Quarterly Report on Form 10-Q for the quarter ending March 31, 2003,
for a full discussion of these and other 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 June 30,
2003 2002
--------------------------------
Revenue $ 955 $ 779
Operating expenses:
Cost of sales 475 371
Research and development 11,977 9,957
General and administrative 5,654 4,880
--------------------------------
Operating loss (17,151) (14,429)
Other income, net 532 325
--------------------------------
Net loss $ (16,619) $ (14,104)
================================
Net loss per share, basic and diluted $ (0.42) $ (0.43)
Weighted average number of shares
outstanding, basic and diluted 39,385 33,066
Consolidated Balance Sheet Data
(in thousands)
(unaudited)
June 30, 2003 December 31, 2002
--------------------------------------
Cash, cash equivalents and short-
term investments $ 83,707 $ 58,725
Total assets 122,120 89,063
Total stockholders' equity 108,987 77,757
CONTACT: Antigenics
Investor Relations: Tanya R. Sripanich, 212/994-8266
tsripanich@antigenics.com
Corporate Communications: Sunny Uberoi, 212/994-8206
suberoi@antigenics.com