Antigenics Reports Second Quarter 2010 Financial Results
Antigenics Inc. (NASDAQ: AGEN) reported today its results for the quarter ended June 30, 2010. The company incurred a net loss attributable to common stockholders of $5.2 million, or $0.05 per share, basic and diluted, for the second quarter of 2010, compared with a net loss attributable to common stockholders of $12.3 million, or $0.17 per share, basic and diluted, in the second quarter of 2009. For the six months ended June 30, 2010, the company incurred a net loss attributable to common stockholders of $14.2 million, or $0.15 per share, basic and diluted, compared with a net loss attributable to common stockholders of $22.0 million, or $0.31 per share, basic and diluted, for the comparable period in 2009. The company’s net cash burn (cash used in operating activities plus capital expenditures and dividend payments) for the three months ended June 30, 2010 and 2009 was $3.5 million and $5.7 million, respectively. The company’s net cash burn for the six months ended June 30, 2010 and 2009 was $9.6 million and $15.5 million, respectively. The 2010 results primarily reflect the company’s continuing support of Oncophage® as well as its cost containment efforts. Cash, cash equivalents, and short-term investments were $28.7 million as of June 30, 2010.
Conference Call Information
Antigenics executives will host a conference call at 11:00 a.m. Eastern Time today. To access the live call, dial 877.762.5772 (domestic) or 706.643.6986 (international); the access code is 87992038. 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 Eastern Time on January 29, 2011. The replay number is 800.642.1687 (domestic) or 706.645.9291 (international), and the access code is 87992038. 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 treatments for cancers and infectious diseases. For more information, please visit www.antigenics.com. This earnings release contains forward-looking statements, including statements regarding development and commercialization efforts; clinical trial activities; data, results and timelines of the company and its licensees and collaborators; and the cash position of the company. 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, decisions by regulatory authorities, physicians patients, and our licensees and collaborators; the possibility that clinical trial results will not be as favorable; the inability to secure local distributors, service providers, and payment mechanisms in Russia; the ability to raise capital and finance future activities and maintain our listing on the NASDAQ Capital Market; Antigenics’ dependence on its collaborative partners to successfully develop and commercialize products; and the factors described under the Risk Factors section of our Annual Report on Form 10-Q filed with the Securities and Exchange Commission for the period ended March 31, 2010. Antigenics cautions investors not to place considerable reliance on the forward-looking statements contained in this 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|
|Three months ended June 30,||Six months ended June 30,|
|Cost of sales||58||-||58||-|
|Research and development||2,629||5,028||7,260||9,933|
|General and administrative||2,768||4,170||6,334||8,073|
|Other expense, net||323||4,159||1,873||5,449|
|Dividends on Series A convertible preferred|
|Net loss attributable to common|
|Per common share data, basic and diluted:|
|Net loss attributable to common|
|Weighted average number of common|
|shares outstanding, basic and diluted||95,755||73,122||93,381||70,014|
|Condensed Consolidated Balance Sheet Data|
|June 30, 2010||December 31, 2009|
|Cash, cash equivalents, and short-term|
|Total stockholders' deficit||(19,743)||(16,975)|
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