Exhibit 99.1
Antigenics Reports First Quarter 2005 Financial Results and Recent Highlights
NEW YORK--(BUSINESS WIRE)--May 5, 2005--Antigenics Inc. (NASDAQ:
AGEN) reported results today for the quarter ended March 31, 2005. The
company incurred a net loss attributable to common stockholders of
$18.2 million, or $0.40 per share, basic and diluted. This is compared
with a net loss attributable to common stockholders in the first
quarter of 2004 of $17.4 million, or $0.41 per share, basic and
diluted. Research and development expenses were $11.3 million in the
first quarter of 2005, compared with $10.9 million for the same period
in 2004. The increased loss reflects the continued progress of the
company's clinical product candidates, including Oncophage(R)
(HSPPC-96), Antigenics' lead product candidate, and an increase in
professional fees relating to preparations for the potential
commercialization of Oncophage. Cash, cash equivalents and short-term
investments amounted to $114.1 million on March 31, 2005.
"As we await the data from Part 1 of our Phase 3 renal cell
carcinoma trial, we are readying Antigenics for the next steps,
including a potential global filing of Oncophage in RCC if the
regulatory agencies in the United States, Canada and Europe concur,"
said Garo H. Armen, PhD, chairman and CEO of Antigenics. "We expect
that the total number of events necessary to trigger final analysis
will be achieved during the third quarter of 2005. Our RCC trial is
designed to demonstrate a significant clinical benefit to patients
treated with Oncophage postsurgery."
Recent Highlights
-- Antigenics has successfully concluded discussions with the FDA
regarding the analytical validations for the potency tests
used to release Oncophage for clinical investigation.
-- Antigenics has been preparing for global filing (eCTD) of
Oncophage for renal cell carcinoma, assuming the results from
the 800-patient, Phase 3 Part 1 trial are positive and that
various regulatory agencies concur with the company's approval
strategy.
-- The company has initiated Part 2 of the Phase 3 RCC trial,
which will potentially enroll 600 patients if the trial design
remains unchanged after analysis of data from Part 1.
-- Antigenics has completed toxicology studies with the new
formulation of Aroplatin(TM). The company expects to submit an
amendment to the Aroplatin IND by mid-year in order to start
clinical trials with the improved new formulation shortly
thereafter.
-- The company has commenced retrospective potency testing of the
Oncophage lots used in Part 1 of the Phase 3 clinical trial
for RCC.
-- Antigenics is expanding commercial development activities,
including publication planning, growing the company's network
of key opinion leaders, and developing a speakers bureau and
reimbursement strategy.
-- A new Enterprise Resource Planning system has been implemented
to establish a strong framework for manufacturing and
commercializing the company's personalized products.
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 5671279. 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 May 12,
2005. The replay number is 800.642.1687 (domestic) or 706.645.9291
(international), and the access code is 5671279. 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 and infectious diseases. The
company's lead product candidate is Oncophage (HSPPC-96), a
late-stage, personalized cancer vaccine being evaluated in several
indications, including renal cell carcinoma and metastatic melanoma.
Antigenics' portfolio of investigational products also includes AG-858
(HSPPC-70), a personalized cancer vaccine in Phase 2 development; two
Phase 2 liposomal cancer treatments, Aroplatin and ATRA-IV; and
AG-702/AG-707, a Phase 1 genital herpes program.
This press release contains forward-looking statements, including
statements regarding the timing for, and results of, final analysis of
Part 1 of our Phase 3 renal cell carcinoma trial, potential filings
with regulatory agencies, potential commercialization of Oncophage,
the filing of an amended IND for Aroplatin, and the initiation of a
new clinical study of that compound. 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, the results from
our clinical trials; the need for and extent of additional clinical
trials; decisions by regulatory agencies; timing and results of
preclinical studies; and the factors described in our Form 10-K as
filed with the Securities and Exchange Commission on March 31, 2005.
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 March 31,
2005 2004
------------ --------------
Revenue $120 $110
Operating expenses:
Research and development 11,304 10,946
General and administrative 6,800 5,545
------------ --------------
Operating loss (17,984) (16,381)
Other income (expense), net (19) 151
------------ --------------
Loss from continuing operations (18,003) (16,230)
Loss from discontinued operations - (925)
------------ --------------
Net loss (18,003) (17,155)
Dividends on Series A convertible
preferred stock (198) (198)
------------ --------------
Net loss attributable to common
stockholders $(18,201) $(17,353)
============ ==============
Per common share data:
Loss from continuing operations, basic
and diluted $(0.40) $(0.38)
Net loss per share from discontinued
operations, basic and diluted $- $(0.02)
Net loss attributable to common
stockholders, basic and diluted $(0.40) $(0.41)
Weighted average number of common
shares outstanding, basic and diluted 45,563 42,778
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
March 31, December 31,
2005 2004
------------ ----------------
Cash, cash equivalents and short-term
investments $114,064 $86,921
Total assets 161,983 133,058
Total stockholders' equity 88,174 106,443
CONTACT: Antigenics Inc.
Investor Relations:
Jack Howarth, 212-994-8244
jhowarth@antigenics.com
or
Corporate Communications:
Sunny Uberoi, 212-994-8206
suberoi@antigenics.com