Exhibit 99.1
Antigenics Reports Third Quarter 2003 Financial Results
and Recent Highlights
NEW YORK--(BUSINESS WIRE)--Oct. 23, 2003--Antigenics Inc. (NASDAQ:
AGEN) reported results today for the quarter ended September 30, 2003.
The company incurred a net loss attributable to common stockholders of
$17.8 million, or $0.45 per common share, basic and diluted. This is
compared with a net loss attributable to common stockholders in the
third quarter of 2002 of $13.6 million, or $0.41 per common share,
basic and diluted. Research and development costs were $13.4 million
in the third quarter of 2003, compared with $10.4 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, AG-858 and
Aroplatin(TM); costs associated with the transition from the Woburn
facility to the Lexington facility; as well as costs associated with
the evolution of other clinical and development projects. Cash, cash
equivalents and short-term investments equaled $103.7 million on
September 30, 2003.
"Over the past several months, Antigenics has continued to
demonstrate that our heat shock protein technology may be applicable
to a wide range of cancers," said Garo H. Armen, Ph.D., chairman and
CEO of Antigenics. "With the recent publication and presentation of
encouraging clinical and immunological data in leading peer-reviewed
journals and at international conferences, we continue to demonstrate
promising results for Oncophage and AG-858 in multiple types of
cancer."
Recent Highlights
-- Two abstracts were presented at the 12th annual European
Cancer Conference held in Copenhagen on September 21-25, 2003,
including results from a Phase I clinical trial of Oncophage
in patients with nonmetastatic pancreatic cancer, which were
presented in an oral session. Antigenics also presented
findings in a poster session from a Phase II trial of
Aroplatin in metastatic colorectal cancer refractory to
standard therapy.
-- Clinical Cancer Research published final results from a Phase
II study of Oncophage in colorectal cancer. In the study, more
than half of the 29 patients who received Oncophage
demonstrated significant immunological response - which not
only appeared to be correlated with clinical response but also
was found to be an independent factor for prognosis.
-- Immunological results from Phase II trials evaluating
Oncophage in the treatment of both advanced melanoma and
colorectal cancer were published in The Journal of Immunology.
In the analysis, researchers observed a significant
cancer-specific immune response among patients receiving
Oncophage and determined that the immunological mechanism of
action is the same for both melanoma and colorectal cancer.
-- Antigenics compiled the information requested by the US Food
and Drug Administration (FDA) in connection with the partial
clinical hold on Phase III clinical trials of Oncophage
announced on September 3, 2003, and will meet its previously
announced deadline for the submission of this information.
-- Antigenics secured a $17.1 million credit facility with GE
Capital and issued $31.6 million worth of newly created Series
A convertible preferred stock in a private placement with an
existing stockholder.
Conference Call Information
Antigenics executives, including Chairman and CEO Garo Armen,
Ph.D., and Chief Medical Officer Jonathan Lewis, MD, Ph.D., 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 2974815. 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 November 6, 2003. The replay number is 800.642.1687
(domestic) or 706.645.9291 (international), and the access code is
2974815. 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 late-stage, 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-707, a Phase I
genital herpes immunotherapeutic.
This press release contains forward-looking statements, including
the statements regarding the applicability of the heat shock protein
technology to multiple types of cancer 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. Risks and uncertainties associated with
our biotechnology product development and planned commercialization
activities include, among others, 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 our products; that budget constraints will limit or slow
down our development programs; 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 June 30, 2003, for a discussion of
these and other risk factors. In addition, Antigenics announced on
September 3, 2003 that the FDA has requested additional product
characterization information with respect to Oncophage and that,
pending receipt and acceptance of such information, the FDA placed on
partial clinical hold the Phase III trials of Oncophage under its
investigational new drug (IND) application, which includes trials in
kidney cancer and metastatic melanoma. Antigenics cautions investors
not to place undue reliance on the forward-looking statements
contained in this press release. These statements speak only as of the
date of this document, and Antigenics undertakes 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 September 30,
2003 2002
------- -------
Revenue:
Product sales $ 800 $ 547
Research and development - 423
------- -------
Total revenue 800 970
Operating expenses:
Cost of sales 463 331
Research and development 13,404 10,357
General and administrative 5,065 4,253
------- -------
Operating loss (18,132) (13,971)
Interest income, net 140 343
Other income 224 72
------- -------
Net loss (17,768) (13,556)
Deduct dividends on Series A
Convertible Preferred Stock 26 -
------- -------
Net loss attributable to common
stock $(17,794) $(13,556)
======= =======
Net loss per common share, basic
and diluted $ (0.45) $ (0.41)
Weighted average number of shares
outstanding, basic and diluted 39,474 33,077
Consolidated Balance Sheet Data
(in thousands)
(unaudited)
September 30, 2003 December 31, 2002
------------------ -----------------
Cash, cash equivalents and
short-term investments $ 103,712 $ 58,725
Total assets 152,442 89,063
Total stockholders' equity 123,015 77,757
CONTACT: Antigenics Inc.
Investor Relations:
Tanya R. Sripanich, 212-994-8266
tsripanich@antigenics.com
or
Corporate Communications:
Sunny Uberoi, 212-994-8206
suberoi@antigenics.com