Exhibit 99.1
Antigenics Reports Third Quarter 2005
Financial Results and Recent Highlights
NEW YORK--(BUSINESS WIRE)--Oct. 27, 2005--Antigenics Inc. (NASDAQ:
AGEN) reported results today for the quarter ended September 30, 2005.
The company incurred a net loss attributable to common stockholders of
$17.5 million, or $0.38 per share, basic and diluted, for the third
quarter of 2005, compared with a net loss attributable to common
stockholders in the third quarter of 2004 of $18.7 million, or $0.41
per share, basic and diluted. Reflecting continued progress on
developing its product candidate portfolio, Antigenics incurred
research and development costs of $12.0 million for the quarter ended
September 30, 2005, compared with $9.8 million for the quarter ended
September 30, 2004. General and administrative expenses decreased to
$5.2 million in the quarter ended September 30, 2005, from $6.3
million in the comparable period last year. Prior year operating
expenses included a charge for acquired in-process research and
development of $2.9 million. Cash, cash equivalents and short-term
investments amounted to $77.2 million on September 30, 2005.
"We are encouraged that the first set of data from a randomized
trial testing Oncophage confirms the scientific premises that have
driven our clinical strategy," said Garo Armen, PhD, chairman and CEO
of Antigenics. "We will use this valuable information from our Phase 3
metastatic melanoma trial to develop Oncophage expeditiously and bring
a potentially major therapeutic breakthrough to patients facing
limited treatment options."
Recent Highlights
Oncophage (vitespen; formerly HSPPC-96)
-- Preliminary data from a Phase 3 trial testing Oncophage, a
personalized therapeutic cancer vaccine, in metastatic
melanoma showed improvement (not statistically significant) in
median survival on an intent-to-treat basis of more than 50
percent in stage IV M1a patients in the Oncophage-treated arm
compared with those in the physician's choice arm (20.9 months
versus 12.8 months). Overall, patients in the intent-to-treat
Oncophage-treated arm (M1a, b and c combined) fared similarly
to those in the physician's choice arm in terms of survival.
Antigenics plans to conduct a final analysis of this trial
during the first quarter of 2006 and initiate a registrational
melanoma trial in 2006.
-- The company anticipates initiating the final analysis of its
randomized Phase 3 trial of Oncophage as an adjuvant treatment
for nonmetastatic renal cell carcinoma (RCC) in the first half
of 2006. Independent radiological review of patient scans in
this trial has started.
-- The company expects to initiate its first combination clinical
study testing Oncophage with Antigenics' investigational drug
ATRA-IV in the coming months.
-- Enrollment is complete in Antigenics' Phase 2 trial with
Oncophage in non-small cell lung cancer. Patients are
receiving treatment and being evaluated for recurrence of
disease.
Aroplatin(TM)
-- Antigenics recently announced the launch of a Phase 1 trial of
Aroplatin in solid tumors and B-cell lymphoma. The primary
objectives of this multicenter study are to establish the
maximum tolerated dose of Aroplatin and to determine the
drug's pharmacokinetics and safety profile. The trial is
expected to enroll up to 28 patients. Aroplatin is designed to
reduce certain types of toxicities typically associated with
other platinum agents as well as to overcome drug resistance.
It has been reformulated for improved drug activation and
stability. Aroplatin is similar to Eloxatin(R) (oxaliplatin,
Sanofi Aventis), which had global sales of approximately $1.5
billion in 2004.
AG-707 (rh-HSP70-PC)
-- Antigenics recently launched a multicenter Phase 1 clinical
trial of AG-707, a therapeutic vaccine for genital herpes. The
trial will enroll up to 84 patients infected with herpes
simplex virus type 2 (HSV-2) who have a documented history of
clinically active genital herpes. The study will evaluate the
safety profile and immune response of patients to AG-707 with
and without a proprietary adjuvant (a substance designed to
improve immune response to vaccination) at three dose levels
compared with placebo or adjuvant alone. Approximately one in
five Americans age 12 and over are infected with HSV-2.
AG-858 (HSPPC-70)
-- Antigenics has expanded enrollment of patients in an
exploratory Phase 2 study of AG-858, a personalized
therapeutic cancer vaccine, in combination with Gleevec(R)
(imatinib mesylate, Novartis), for the treatment of chronic
myelogenous leukemia (CML) patients refractory to Gleevec. The
trial will evaluate extended dosing with AG-858.
New Hire
-- During the third quarter of 2005, the company appointed Jill
M. Forrest as vice president of marketing and sales. Ms.
Forrest was most recently director of global marketing at
Bristol-Myers Squibb Oncology, where she was involved in
several key product launches. She brings to Antigenics 20
years of oncology experience.
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 1604545. 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
10, 2005. The replay number is 800.642.1687 (domestic) or 706.645.9291
(international), and the access code is 1604545. The replay will also
be available on the company's website approximately two hours after
the live call.
About Antigenics
Antigenics is a biotechnology company working to develop
patient-specific immunotherapeutics and revolutionary treatments for
cancers, infectious diseases and autoimmune disorders. The company's
lead product candidate is Oncophage (vitespen), a late-stage,
patient-specific 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 patient-specific cancer vaccine in Phase 2 development;
two liposomal cancer treatments, Aroplatin and ATRA-IV; and AG-707
(rh-HSP70-PC), a Phase 1 genital herpes vaccine. For more information,
please visit www.antigenics.com.
This press release contains forward-looking statements, including
statements regarding Antigenics' potential commercialization of
Oncophage, the timing of final analysis of the data from the Phase 3
trials in melanoma and RCC, plans to commence new trials, expectation
that trials will support regulatory filings, and projected enrollment
in those trials. 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, time
timing of events in the RCC trial, the results of clinical trials, the
cost of additional clinical trials, the ability to raise additional
capital, and the factors described under Factors That May Impact
Future Results in the Management's Discussion and Analysis of
Financial Condition and Results of Operations section of Antigenics'
Form 10-Q as filed with the Securities and Exchange Commission on
August 9, 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 Nine months ended
September 30, September 30,
2005 2004 2005 2004
-------- -------- -------- --------
Revenue $ 77 $ 282 $ 282 $ 579
Operating expenses:
Cost of sales - 5 - 5
Research and development 11,995 9,816 36,845 31,641
General and administrative 5,236 6,317 19,660 18,439
Acquired in-process research
and development - 2,888 - 2,888
---------- --------- --------- ---------
Operating loss (17,154) (18,744) (56,223) (52,394)
Other income (expense), net (101) 270 (163) 647
-------- -------- -------- --------
Loss from continuing
operations (17,255) (18,474) (56,386) (51,747)
Income from discontinued
operations (including gain on
disposal of $14.1 million in
2004) - - - 13,034
-------- -------- -------- --------
Net loss (17,255) (18,474) (56,386) (38,713)
Dividends on Series A
convertible preferred stock (198) (198) (593) (593)
-------- -------- -------- --------
Net loss attributable to
common stockholders $(17,453) $(18,672) $(56,979) $(39,306)
======== ======== ======== ========
Per common share data, basic and
diluted:
Loss from continuing
operations $ (0.38) $ (0.41) $ (1.25) $ (1.18)
Income from discontinued
operations $ - $ - $ - $ 0.29
Net loss attributable to
common stockholders $ (0.38) $ (0.41) $ (1.25) $ (0.89)
Weighted average number of
common shares outstanding,
basic and diluted 45,591 45,360 45,573 44,405
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
September 30, December 31,
2005 2004
------------- ------------
Cash, cash equivalents and short-term
investments $ 77,218 $ 86,921
Total assets 121,721 133,058
Total stockholders' equity 49,797 106,443
CONTACT: Antigenics Inc.
Investor Relations:
Shalini Sharp, 800-962-2436
ir@antigenics.com
or
Corporate Communications:
Sunny Uberoi, 212-994-8206
suberoi@antigenics.com