Exhibit 99.1
Antigenics Reports First Quarter 2007 Financial Results
NEW YORK--(BUSINESS WIRE)--May 8, 2007--Antigenics Inc. (NASDAQ:
AGEN) reported results today for the quarter ended March 31, 2007. The
company incurred a net loss attributable to common stockholders of
$8.9 million, or $0.19 per share, basic and diluted, for the first
quarter of 2007, compared with a net loss attributable to common
stockholders in the first quarter of 2006 of $15.4 million, or $0.34
per share, basic and diluted. The decreased loss reflects, among other
things, the company's efforts to maintain a low rate of cash burn and
an increase in revenues associated with milestone and manufacturing
payments from its QS-21 licensees. Revenues for the quarter ended
March 31, 2007 increased to $2.4 million, from $60,000 for the first
quarter of 2006. Antigenics incurred research and development costs of
$6.0 million for the quarter ended March 31, 2007, compared with $8.5
million for the quarter ended March 31, 2006. General and
administrative expenses decreased to $4.3 million in the quarter ended
March 31, 2007, from $5.9 million in the comparable period last year.
Cash, cash equivalents and short-term investments amounted to $32.3
million as of March 31, 2007.
"We are rapidly approaching a new era of medicine driven by a new
generation of vaccines, and we are particularly excited about our
exposure to these products through our multiple technology platforms,"
said Garo H. Armen, PhD, chairman and CEO of Antigenics. "Our
portfolio of in-house therapeutic vaccines, including Oncophage for
kidney and brain cancers, and widely out-licensed QS-21 vaccine
adjuvant puts Antigenics in a strong position to participate in this
fast-growing area of the pharmaceuticals market."
Corporate Update
-- Updated results from Antigenics' Phase 3 study of Oncophage(R)
(vitespen) cancer vaccine in nonmetastatic renal cell
carcinoma (RCC, the most common type of kidney cancer) will be
presented by the lead US investigator at the American
Urological Association's annual meeting in late May.
-- In mid-April, data from the investigator-sponsored Phase 1/2
trial of Oncophage in recurrent glioma was presented at the
American Association of Neurological Surgeons annual meeting.
The data showed that vaccination with Oncophage resulted in a
significant tumor-specific immune response in all 12 treated
patients (P less than .001). Seven of eight patients evaluable
for survival exceeded the historical benchmark of 6.5 months
survival from time of recurrence. Based on these results and
substantial interest from investigators, enrollment in this
trial is being expanded.
-- In a presentation at a cancer vaccine workshop jointly
sponsored by the US Food and Drug Administration and the
National Cancer Institute, Antigenics' vaccine adjuvant
QS-21(TM) was highlighted by one of the company's major
licensees as key to generating a powerful immune response.
-- There are approximately 20 vaccines utilizing QS-21 in
development by Antigenics' corporate licensees, including
GlaxoSmithKline, Elan and Acambis. QS-21 is a critical
component in the development of a new generation of vaccines
for a broad range of infectious diseases, cancers and
degenerative disorders. With several products in late-stage
development, the first QS-21-containing vaccine could reach
the market as early as 2009.
-- In mid-March, Brian Corvese was appointed to Antigenics' board
of directors, which followed the appointments of Peter
Thornton and Timothy R. Wright in December 2006. These
additions supplement the financial, commercial and corporate
development expertise of the board.
Conference Call Information
Antigenics executives and Andrew T. Parsa, MD, PhD, lead
investigator for the Phase 1/2 study of Oncophage in recurrent glioma,
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 5354696. 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 22, 2007. The replay number is 800.642.1687
(domestic) or 706.645.9291 (international), and the access code is
5354696. The replay will also be available on the company's website
approximately two hours after the live call.
About Antigenics
Antigenics (NASDAQ: AGEN) is a biotechnology company working to
develop treatments for cancers and infectious diseases. The company's
investigational product portfolio includes Oncophage(R) (vitespen), a
patient-specific therapeutic cancer vaccine being evaluated in several
indications; Aroplatin(TM) (L-NDDP), a liposomal, third-generation
platinum chemotherapeutic; AG-707, a therapeutic vaccine for the
treatment of genital herpes; and QS-21, an adjuvant being evaluated by
Antigenics' corporate partners in several late-stage clinical trials.
For more information, please visit www.antigenics.com.
This press release contains forward-looking statements, including
statements regarding the company's ongoing analysis of the Oncophage
Part 1 kidney cancer trial data; future data collection efforts and
the planned release of such data; the future development of Oncophage;
the future development of cancer vaccines and the regulatory
landscape; development and commercialization activities of
collaborative partners with QS-21; and the expertise of the company's
board of directors. 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, the
risk of unfavorable data resulting from the analysis of the company's
trial data; retention of key employees; clinical trial enrollment;
decisions by collaborative partners; decisions by regulatory agencies;
timing and results of clinical studies; 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-K as filed with the
Securities and Exchange Commission on March 16, 2007. 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 Condensed Consolidated Financial Information
Condensed Consolidated Statements of Operations Data
(in thousands, except per share data)
(unaudited)
Three months ended
March 31,
2007 2006
-------- ---------
Revenue $ 2,353 $ 60
Operating expenses:
Research and development 5,962 8,510
General and administrative 4,335 5,875
Restructuring costs - 729
--------- ----------
Operating loss (7,944) (15,054)
Other expense, net (752) (180)
--------- ----------
Net loss (8,696) (15,234)
Dividends on Series A convertible preferred stock (198) (198)
--------- ----------
Net loss attributable to common stockholders $ (8,894) $ (15,432)
========= ==========
Per common share data, basic and diluted:
Net loss attributable to common
stockholders $ (0.19) $ (0.34)
========= ==========
Weighted average number of
common shares outstanding, basic and diluted 45,962 45,702
========= ==========
Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
March 31, December 31,
2007 2006
---------- ------------
Cash, cash equivalents and short-term
investments $ 32,274 $ 40,095
Total assets 62,967 72,952
Total stockholders' deficit (25,191) (17,393)
CONTACT: Antigenics Inc.
Investor Relations
Robert Anstey, 800-962-2436
ir@antigenics.com
or
Corporate Communications
Sunny Uberoi, 212-994-8206
suberoi@antigenics.com