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Agenus' CEO Discusses Q2 2012 Results - Earnings Call Transcript

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Reference to these risks and uncertainties is made in today’s press release and they are disclosed in more detail in our most recent filings with the U.S. Securities and Exchange Commission.

These statements speak only as of the date of this call and Agenus undertakes no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. When evaluating Agenus’ business and securities, investors should give careful consideration to these risks and uncertainties. As a remainder this call is being recorded for audio replay.

With that, I will now hand over the call to Christine who will review our financial results for the second quarter of 2012.

Christine Klaskin

Thank you, Jonae. Good morning everyone and thank you for joining us on today’s call. By now, we hope you had the opportunity to review this morning’s press release.

For the second quarter of 2012, we reported a net loss attributable to common stockholders of $7.1 million or $0.31 per share basic and diluted. This compares to a net loss attributable to common stockholders in the second quarter of 2011 of $6 million or $0.31 per share basic and diluted.

Cash used in operating activity was $3.3 million for each of the quarter’s ended June 30, 2012 and 2011. For the six months ended June 30, 2012 we incurred a net loss attributable to common stockholders of $551000 or $0.02 per share basic and diluted. This compares to a net loss attributable to common stockholders of $12.1 million or $0.64 per share basic and diluted for the comparable period in 2011.

The decrease in net loss for the six months ended June 30, 2012 compared to the same period in 2011 is due to the revenue generated of $13.4 million during the first quarter of 2012 primarily related to the one-time payments received through expanded agreement with GlaxoSmithKline or GSK and through a license of non-core technologies.

Cash provided by operating activities for the six months ended June 30, 2012 was $7.9 million compared to cash used in operations of $8.7 million for the comparable period in 2011. Cash and cash equivalents were $25.5 million as of June 30, 2012.

During the quarter, we increased our cash position by approximately $4.5 million through equity offerings. Based on our net cash burn for 2012 defined as cash used in operating activities less onetime upfront payment plus capital expenditures and dividend payments which is anticipated to be in the range of $13 million to $16 million; we expect sufficient financial resources to fund operations through 2013.

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