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Agenus Reports Fourth Quarter And Year End 2012 Financial Results

LEXINGTON, Mass., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Agenus Inc. (Nasdaq:AGEN), a biotechnology company working to develop novel immunology based treatments for cancers and infectious diseases, today announced its financial results and business highlights for the fourth quarter and year ended December 31, 2012.

The company reported a net loss attributable to common stockholders of $5.6 million, or $0.23 per share, basic and diluted, for the fourth quarter of 2012, compared with a net loss attributable to common stockholders in the fourth quarter of 2011 of $6.2 million, or $0.29 per share, basic and diluted.

For the year ended December 31, 2012, the company incurred a net loss attributable to common stockholders of $12.1 million, or $0.51 per share, basic and diluted, compared with a net loss attributable to common stockholders of $24.1 million, or $1.21 per share, basic and diluted, for the comparable period in 2011. The decreased net loss for the twelve months ended December 31, 2012, compared to the same period in 2011, is directly related to the revenue generated of $13.4 million during the first quarter of 2012 primarily due to the one-time payments received through an expanded agreement with GlaxoSmithKline (GSK), and through a license of non-core technologies.

Cash provided by operating activities for the year ended December 31, 2012 was $1.0 million compared to cash used in operating activities of $16.2 million for the same period in 2011. Cash and cash equivalents were $21.5 million as of December 31, 2012.

"Last year we saw significant progress in both our core technology areas, which is expected to lead to the announcement of significant milestones this year. These include GSK's Phase 3 data readouts of the MAGE-A3 cancer immunotherapeutic vaccine candidates for melanoma and non-small cell lung cancer and our Phase 2 data readout for HerpV, a therapeutic vaccine candidate to treat genital herpes," said Garo H. Armen, Ph.D., chairman and CEO of Agenus. "We believe that successful outcomes, particularly for the Phase 3 programs, could lead to a paradigm shift in the way patients are treated in the future and make therapeutic vaccines a larger focus for the pharmaceutical and biotech industries."

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