Exhibit 99.1
Antigenics Reports Third Quarter 2004 Financial Results and Recent Highlights
NEW YORK--(BUSINESS WIRE)--Oct. 19, 2004--Antigenics Inc. (NASDAQ: AGEN)
reported results today for the quarter ended September 30, 2004. The company
incurred a net loss attributable to common stockholders of $18.7 million, or
$0.41 per share, basic and diluted, for the third quarter of 2004. This is
compared with a net loss attributable to common stockholders in the third
quarter of 2003 of $17.8 million, or $0.45 per share, basic and diluted.
Research and development costs were $9.8 million in the third quarter of 2004,
compared with $13.2 million for the same period in 2003. The decrease in
research and development costs were primarily related to a reduction in
clinical-related costs due to the completion of enrollment in the Phase 3 renal
cell carcinoma trial. For the quarter ended September 30, 2004, the company
incurred a loss from continuing operations of $18.5 million or $0.41 per share,
basic and diluted. This is compared with a loss from continuing operations in
the third quarter of 2003 of $17.8 million or $0.45 per share, basic and
diluted. Cash, cash equivalents and short-term investments equaled $106.3
million on September 30, 2004.
"We continue to make important strides in the advancement of our lead
product candidate Oncophage," said Garo H. Armen, PhD, chairman and CEO of
Antigenics. "Our kidney cancer trial is on target with our timelines and
anticipated to reach the required number of events in the first half of 2005. As
the culmination of our efforts over the past 10 years, we are very much looking
forward to delivering a significant breakthrough for patients suffering from
cancer."
Recent Highlights
-- The manufacturing success rate for the Phase 3 trial of Oncophage(R)
(HSPPC-96) in metastatic melanoma has improved significantly, from 69
percent to 83 percent, subsequent to the implementation of an improved
process for production of vaccine from metastatic tissue.
-- The Phase 3 metastatic melanoma trial has now been closed to
enrollment. Antigenics expects results to be analyzed and announced in
the second quarter of 2005.
-- In September, Alastair J. J. Wood, MD, was appointed to Antigenics'
board of directors. Dr. Wood brings more than 20 years of health care
and pharmaceutical experience. Most recently, he was the drug therapy
editor of the New England Journal of Medicine from 1992 to 2004, and
is currently a member of the US Food and Drug Administration's
nonprescription drug advisory committee.
-- In July, Roman M. Chicz, PhD, was appointed as senior vice president
of research and preclinical development.
Conference Call Information
Antigenics executives will host a conference call at 11:00 a.m. ET today.
To access the live call, dial 888.271.9082 (domestic) or 706.679.7741
(international); the access code is 1430172. The call will also be webcast and
will be accessible from the company's website at www.antigenics.com/webcast/. A
replay will be available approximately two hours after the call through midnight
ET on November 2, 2004. The replay number is 800.642.1687 (domestic) or
706.645.9291 (international), and the access code is 1430172. The replay will
also be available on the company's website approximately two hours after the
live call.
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
renal cell carcinoma and metastatic melanoma. Antigenics' portfolio also
includes AG-858, a personalized cancer vaccine in Phase 2 development;
Aroplatin(TM), a Phase 2 liposomal chemotherapeutic; and AG-702/AG-707, a Phase
1 genital herpes program. For more information about Antigenics, please visit
www.antigenics.com.
This press release contains forward-looking statements, including
statements regarding the ability to deliver a significant benefit for patients
suffering from cancer, the timing of when the requisite number of events will
occur in the renal cell carcinoma trial, and the timing for the analysis on
announcement of the Phase 3 metastatic melanoma. 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 include, among others, the results from ongoing Phase 3 clinical
trials; the need for and extent of additional clinical trials; the regulatory
regime in which the company operates; and the factors described under the
heading "Risk Factors" in the Amendment No. 1 to Form S-3 as filed with the
Securities and Exchange Commission on September 29, 2004. Antigenics cautions
investors not to place considerable 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. Antigenics' business is subject to
substantial risks and uncertainties, including those identified above. When
evaluating Antigenics' business and securities, investors should give careful
consideration to these risks and uncertainties.
Summary Consolidated Financial Information
Condensed Consolidated Statements of Operations Data
(in thousands, except per share data)
(unaudited)
Three months ended Nine months ended
September 30, September 30,
2004 2003 2004 2003
--------- --------- --------- ---------
Revenue $ 282 $ - $ 579 $ 928
Operating expenses:
Cost of Sales 5 - 5
Research and development 9,816 13,201 31,641 35,079
General and administrative 6,317 4,745 18,439 14,699
Acquired in-process research
and development 2,888 2,888
--------- --------- --------- ---------
Operating loss (18,744) (17,946) (52,394) (48,850)
Other income, net 269 141 647 792
--------- --------- --------- ---------
Loss from continuing
operations (18,475) (17,805) (51,747) (48,058)
Income from discontinued
operations (including gain on
disposal of $14 million in
2004) - 37 13,034 180
--------- --------- --------- ---------
Net loss (18,475) (17,768) (38,713) (47,878)
Dividends on Series A
convertible preferred stock (197) (26) (593) (26)
--------- --------- --------- ---------
Net loss attributable to
common stockholders $(18,672) $(17,794) $(39,306) $(47,904)
========= ========= ========= =========
Per common share data:
Loss from continuing
operations, basic
and diluted $ (0.41) $ (0.45) $ (1.18) $ (1.24)
Net loss attributable to
common stockholders, basic
and diluted $ (0.41) $ (0.45) $ (0.89) $ (1.23)
Weighted average number of
common shares outstanding,
basic and diluted 45,360 39,474 44,405 38,821
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
September December
30, 31,
2004 2003
---------- ----------
Cash, cash equivalents and
short-term investments $106,267 $ 89,478
Total assets 152,091 140,080
Total stockholders' equity 123,296 105,246
CONTACT: Antigenics Inc.
Investor Relations:
Jack Howarth, 212-994-8244
jhowarth@antigenics.com
or
Sunny Uberoi, 212-994-8206
suberoi@antigenics.com