Full Press Release Details
MacroGenics Provides Corporate Progress Update and Third Quarter 2013 Financial Results
ROCKVILLE, Md., November 12, 2013 MacroGenics, Inc. (NASDAQ: MGNX), a clinical-stage biopharmaceutical company focused on discovering and developing
innovative monoclonal antibody-based therapeutics for the treatment of cancer and autoimmune diseases, today provided a corporate progress update and reported financial results for the quarter ended September 30, 2013.
MacroGenics made significant accomplishments both financially and operationally over the past several months in our mission to harness the power of the
immune system to fight cancer and autoimmune diseases, said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. We added significant financial resources through our recent initial public offering, which we will apply to the
development of our proprietary pipeline of product candidates, including the clinical development of margetuximab in gastroesophageal cancer, metastatic breast cancer and other solid tumors. During the third quarter, we also initiated a Phase 1 dose
expansion trial for MGA271. In addition, MGD006, our first Dual-Affinity Re-Targeting (DART ) or bi-specific antibody, remains on track to enter the clinic in 2014 for acute myeloid leukemia.
Looking ahead to 2014, we believe we are in a strong position to continue to invest in our pipeline and look forward to further progress with these and other promising product candidates.
Recent Corporate Highlights
Development Pipeline Update
Fc-optimized monoclonal antibody that targets HER2-expressing tumors, including breast, gastroesophageal and other cancers. Recent highlights include:
MGA271 is an Fc-optimized monoclonal antibody that targets B7-H3, which is over-expressed on a wide
variety of solid tumor types and is a member of the B7 family of molecules involved in immune regulation. Recent highlights include:
MGD006 is a humanized DART-based molecule, or DART, that recognizes both CD123 and CD3. CD123, the Interleukin-3 receptor alpha chain is expressed on
leukemia and leukemic stem cells. The primary mechanism of action of MGD006 is its ability to redirect T cells, via their CD3 component, to kill CD123-expressing cells. Recent highlights include:
Other Pre-Clinical Product Candidates
MacroGenics continues to advance its portfolio of other proprietary and partnered pre-clinical assets, including MGD007, an oncology DART that recognizes both
gpA33 and CD3, and MGD010, a DART that targets both CD32B and CD79B for the treatment of autoimmune diseases.
In early November, Boehringer Ingelheim
nominated a DART-based therapeutic candidate for pre-clinical development, triggering a $5 million milestone payment to MacroGenics. In addition, Boehringer Ingelheim will pay a research maintenance payment of $4 million to MacroGenics in the fourth
Third Quarter 2013 Financial Highlights
Conference Call Information
MacroGenics will host a conference call today at 4:30 pm (EST) to discuss the quarter and provide a corporate update. To participate in the conference call,
please dial 1-877-303-6253 (domestic) or 1-973-409-9610 (international) five minutes prior to the start of the call and provide the passcode 97246097.
The recorded, listen-only webcast of the conference call can be accessed under "Events & Presentations" in the Investor Relations section of the
Company's website at www.macrogenics.com. A replay of the webcast will be available shortly after the conclusion of the call and archived on the Company's website following the call.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
| September 30, | December 31, | |||||||
| 2013 | 2012 | |||||||
| (unaudited) | ||||||||
| Cash and cash equivalents | $ | 33,569 | $ | 47,743 | ||||
| Total assets | 41,976 | 53,747 | ||||||
| Deferred revenue | 30,111 | 44,080 | ||||||
| Convertible preferred stock | 2,947 | 2,947 | ||||||
| Total stockholders equity (deficit) | (4,048 | ) | (8,237 | ) |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Amounts in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues: | ||||||||||||||||
| Revenue from collaborative research | $ | 20,111 | $ | 15,533 | $ | 42,016 | $ | 50,284 | ||||||||
| Grant revenue | 121 | 549 | 1,112 | 3,744 | ||||||||||||
| Total revenues | 20,232 | 16,082 | 43,128 | 54,028 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Research and development | 11,088 | 11,968 | 32,234 | 36,925 | ||||||||||||
| General and administrative | 1,987 | 1,514 | 7,323 | 6,641 | ||||||||||||
| Total costs and expenses | 13,074 | 13,483 | 39,557 | 43,566 | ||||||||||||
| Income from operations | 7,158 | 2,599 | 3,571 | 10,462 | ||||||||||||
| Other income (expense) | (554 | ) | 2 | (627 | ) | 5 | ||||||||||
| Net comprehensive income | $ | 6,604 | $ | 2,601 | $ | 2,944 | $ | 10,467 | ||||||||
| Basic net income per common share | $ | 0.14 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Diluted net income per common share | $ | 0.01 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Basic weighted average number of common shares | 1,184,507 | 1,092,307 | 1,463,798 | 1,078,145 | ||||||||||||
| Diluted weighted average number of common shares | 21,242,978 | 21,502,424 | 21,908,859 | 21,412,848 |
About MacroGenics, Inc.
MacroGenics is a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the
treatment of cancer and autoimmune diseases. The company generates its pipeline of product candidates from its proprietary suite of next-generation antibody technology platforms, which it believes improve the performance of monoclonal antibodies and
antibody-derived molecules. The company creates both differentiated molecules that are directed to novel cancer targets, as well as bio-betters, which are drugs designed to improve upon marketed medicines. The combination of
MacroGenics technology platforms and antibody engineering expertise has allowed the company to generate promising product candidates and enter into several strategic collaborations with global pharmaceutical and biotechnology companies.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, including statements about the Company s strategy,
future operations, clinical development of the Company s therapeutic candidates, milestone or opt-in payments from the Company s collaborators, the Company s anticipated milestones and future expectations and plans and prospects for
the Company and other statements containing the words anticipate, believe, estimate, expect, intend, may, plan, predict, project,
target, potential, will, would, could, should, continue, and similar expressions, constitute forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and enrollment of future
clinical trials, expectations of expanding ongoing clinical trials, availability and timing of data from ongoing clinical trials, expectations for regulatory approvals, other matters that could affect the availability or commercial potential of the
Company s product candidates and other risk factors described in the Company s filings with the Securities and
Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company s views as of the date hereof. The Company anticipates that subsequent
events and developments will cause the Company s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing the Company s views as of any date subsequent to the date hereof.
Jim Karrels, Vice President, CFO
1-301-251-5172, info@macrogenics.com
MacDougall Biomedical Communications
1-781-235-3060, ksharma@macbiocom.com