Full Press Release Details
Reports Fourth Quarter and Full Year 2013 Financial Results
to host conference call beginning at 11 a.m. ET today
LEXINGTON, Mass.--(BUSINESS WIRE)--March 5, 2014--Agenus Inc. (NASDAQ:
AGEN), a biopharmaceutical company developing a portfolio of
immuno-oncology candidates, including checkpoint modulators (CPMs), heat
shock protein vaccines and adjuvants, today announced its financial
results and business highlights for the fourth quarter and year ended
"We began 2014 with the acquisition of an exciting new platform of
fully-human checkpoint antibodies. This platform has generated six lead
discovery programs in immuno-oncology," said Garo H. Armen, PhD,
chairman and CEO of Agenus. "This transformative acquisition along with
our strengthened balance sheet from our recent financing enables us to
rigorously pursue our cancer immuno-oncology strategy with a broad
portfolio of innovative products. I look forward to reporting progress
from all of our platforms this year, which include QS-21 Stimulon
adjuvant, heat shock protein vaccines and checkpoint modulators."
On February 12, 2014, Agenus completed the acquisition of 4-Antibody AG,
a private European-based biopharmaceutical company. The 4-Antibody
assets include the Retrocyte Display technology
platform which is designed to enable rapid discovery and optimization of
fully human antibodies against a wide array of molecular targets.
4-Antibody has applied Retrocyte Display to create therapeutic
antibodies to six checkpoint targets that regulate immune response to
cancers and other diseases. 4-Antibody has multiple preclinical immune
CPM programs in development including GITR and OX40 agonists and
antagonists of TIM-3, LAG-3, PD-1 and CTLA-4. These programs are being
pursued through a strategic collaboration with the Ludwig Cancer
Fourth Quarter 2013 and Full Year Financial Update
For the fourth quarter, Agenus reported a net loss attributable to
common stockholders of $5.8 million, or $0.16 per share, basic and
diluted, compared with a net loss attributable to common stockholders
for the fourth quarter of 2012 of $5.6 million, or $0.23 per share,
For the year ended December 31, 2013, the company incurred a net loss
attributable to common stockholders of $33.2 million, or $1.12 per
share, basic and diluted, compared with a net loss attributable to
common stockholders of $12.1 million, or $0.51 per share, basic and
diluted, for the comparable period in 2012.
Cash and cash equivalents were $27.4 million as of December 31, 2013.
Subsequent to year end, the company's cash position includes net
proceeds of approximately $56 million from a registered public offering
completed in the first quarter of 2014.
The increase in net loss attributable to common stockholders for the
year ended December 31, 2013 compared to the net loss attributable to
common stockholders for the same period in 2012, was primarily due to
$6.2 million of non-recurring non-cash charges incurred during 2013 and
one-time payments of $13.4 million received during 2012. In the first
quarter of 2013, the Company's preferred stock restructuring, which
reduced the dividend requirements for its Series A-1 preferred
securities, resulted in a non-cash charge of $2.9 million. In the second
quarter of 2013, the Company retired its outstanding 8.0% senior secured
convertible notes due August 2014 in the principal amount of $39 million
resulting in a non-cash loss of $3.3 million. In 2012, revenue of $13.4
million was generated primarily due to one-time payments received
through an expanded agreement with GlaxoSmithKline (GSK) and through a
license of non-core technologies.
Recent and Fourth Quarter 2013 Highlights:
Identified three CPM lead candidates that will advance into
IND-enabling development. These include two GITR agonists and a CTLA-4
antagonist, which are the result of research collaboration with Ludwig
Completed an underwritten registered public offering resulting in net
proceeds of approximately $56 million.
Announced initiation of a randomized Phase 2 trial with Prophage and
Yervoy (ipilimumab) for the treatment of Stage III
and IV metastatic melanoma. The combination has the potential to
trigger a more effective immune response against the tumor than Yervoy
Appointed Robert B. Stein, MD, PhD, to the newly-created position of
Chief Scientific Officer (CSO).
Phase 2 data published in Neuro-Oncology demonstrated that over
90% of patients with recurrent glioblastoma multiforme (GBM) treated
with Prophage were alive at six months after surgery and 30% were
alive at twelve months.
An independent editorial by John Sampson, MD, PhD, The Dr. Robert H.
Wilkins and Gloria Wilkins Professor of Neurosurgery and Professor of
Immunology and Pathology at Duke University Medical Center called the
results impressive' and said they represent a potentially very
promising therapy' in patients in desperate need of new treatments.
Prophage for the treatment of brain cancer was selected as a 2013 Top
Project to Watch in oncology. This selection was made through Elsevier
Business Intelligence's panel of independent experts who screen
hundreds of programs and weigh their potential as future products.
Reported statistically significant top-line results from its Phase 2
randomized, double-blind, multi-center study for HerpV, a recombinant
therapeutic vaccine candidate for the treatment of patients with
herpes simplex virus-2 (HSV-2). HerpV contains a defined mixture of
peptides representing HSV-2 antigens plus Agenus' QS-21 Stimulon
Additional milestones anticipated in 2014 include:
Phase 3 data from GlaxoSmithKlines's (GSK) MAGE-A3 cancer
immunotherapy trial in non-small cell lung cancer. This vaccine is
formulated with Agenus' QS-21 Stimulon.
Regulatory submission for GSK's RTS,S malaria vaccine formulated with
Agenus' QS-21 Stimulon
Phase 2 booster data for HerpV, Agenus' therapeutic vaccine for HSV-2
Data presentations on Prophage Series vaccine for GBM
At least one corporate collaboration with the 4-Antibody platform
Checkpoint Antibody Platform
The company's proprietary discovery engine Retrocyte Display
is capable of rapidly generating high quality therapeutic antibody drug
candidates using a high-throughput approach incorporating full-length
IgG format human antibody libraries expressed in mammalian B-lineage
Heat Shock Protein Platform( HSP): Prophage Anti-Cancer Vaccines