Full Press Release Details
Lion Biotechnologies
Announces Second Quarter 2015 Financial Results
NEW YORK, NY (August 10, 2015) - Lion Biotechnologies,
Inc. (Nasdaq: LBIO), a biotechnology company that is developing novel cancer immunotherapies based on tumor-infiltrating lymphocytes
(TIL), today reported financial results for the second quarter and six months ended June 30, 2015. For the second quarter and six
months ended June 30, 2015, the Company reported operating expenses of $2.4 million and $4.9 million, respectively, compared to
$1.6 million and $3.1 million respectively for the comparable 2014 periods. Research and development expenses totaled $4.1 million
and $6.8 million, respectively, for the three and six months ended June 30, 2015, compared to $0.5 million and $1.2 million, respectively,
for the same periods in 2014. During the six months ended June 30, 2015, the Company raised $63.8 net proceeds from the sale of
its shares of common stock and received $7.9 million through the exercise of warrants. As a result, as of June 30, 2015, the Company
held $112.3 million in cash and short-term investments.
Highlights for the first half of 2015 included:
"I'm pleased with our accomplishments so far in
2015," stated Elma Hawkins, Lion's president and chief executive officer. "The capital we secured earlier this
year will enable us to further develop and increase the effectiveness of TIL therapy. We are encouraged by the results we have
seen from independent TIL therapy studies and are looking forward to initiating our planned Phase 2 melanoma study scheduled to
begin later this quarter."
About Lion Biotechnologies
Lion Biotechnologies, Inc. is a clinical stage biotechnology
company focused on the development of cancer immunotherapy products for the treatment of various cancers. The company's
lead product candidate is an adoptive cell therapy using tumor-infiltrating lymphocytes (TIL) for the treatment of patients
with refractory metastatic melanoma, and is based on a clinical Cooperative Research and Development Agreement with the National
Cancer Institute. TIL therapy is also being evaluated in physician-sponsored clinical trials at MD Anderson Cancer Center and Moffitt
Cancer Center. For more information, please visit http://www.lionbio.com.
Forward Looking Statements
This press release contains "forward-looking statements"
as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial
performance, product development, market position and business strategy. The reader is cautioned not to rely on these forward-looking
statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or
known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections.
Risks and uncertainties include, but are not limited to, technological factors, such as technological advances or new products
and patents attained by competitors; challenges and uncertainties inherent in new product development, including uncertainty of
clinical success and obtaining regulatory approvals; uncertainty of commercial success for the company's new and existing
products; the ability of the company to successfully execute its strategic plans; challenges to patents; significant adverse litigation
or regulatory investigation; government action, including changes to applicable laws and regulations and global health care reforms;
trends toward health care cost containment; changes in behavior and spending patterns of purchasers of health care products and
services. A further list and description of these risks, uncertainties and other factors can be found in Lion Biotechnologies,
Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the Securities and Exchange Commission
on March 16, 2015 and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are
available online at www.sec.gov or www.lionbio.com. Any forward-looking statement made in this release speaks only as of the date
of this release. Lion Biotechnologies, Inc. does not undertake to update any forward-looking statements as a result of new information
or future events or developments.
Condensed Statement of Operations
(in 000s except per share information)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
| Costs and expenses | ||||||||||||||||
| Operating expenses* | 2,384 | 1,616 | 4,898 | 3,155 | ||||||||||||
| Research and development** | 4,056 | 494 | 6,841 | 1,215 | ||||||||||||
| Total costs and expenses | 6,440 | 2,110 | 11,739 | 4,370 | ||||||||||||
| Loss from operations | (6,440 | ) | (2,110 | ) | (11,739 | ) | (4,370 | ) | ||||||||
| Interest income | 73 | - | 73 | - | ||||||||||||
| Net Loss | $ | (6,367 | ) | $ | (2,110 | ) | $ | (11,666 | ) | $ | (4,370 | ) | ||||
| Net Loss Per Share, Basic and Diluted | $ | (0.14 | ) | $ | (0.09 | ) | $ | (0.28 | ) | $ | (0.19 | ) | ||||
| Weighted-Average Common Shares Outstanding, Basic and Diluted | 45,082 | 24,138 | 41,414 | 22,503 |
Summary Balance Sheet Data (in 000s)
| June 30, | December 31, | |||||||
| 2015 | 2014 (1) | |||||||
| (unaudited) | ||||||||
| Cash, cash equivalents and short-term investments | $ | 112,336 | $ | 44,909 | ||||
| Total assets | $ | 114,740 | $ | 46,507 | ||||
| Stockholders' equity | $ | 112,873 | $ | 44,845 |