Full Press Release Details
MacroGenics Provides Update on Corporate Progress and Second Quarter 2016 Financial Results
ROCKVILLE, MD, August 3, 2016 - MacroGenics, Inc. (NASDAQ: MGNX), a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer, as well as autoimmune disorders and infectious diseases, today provided a corporate progress update and reported financial results for the quarter ended June 30, 2016.
"MacroGenics continues to make progress across its broad pipeline of clinical compounds, including margetuximab, our Fc-optimized anti-HER2 monoclonal antibody, our two clinical programs targeting B7-H3 as well as several bispecific product candidates based on our DART platform," said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. "Of note during the second quarter, we presented promising Phase 1 clinical data for one of our DART programs, MGD010, at EULAR 2016. We look forward to providing data on other programs later this year, including additional clinical data from our enoblituzumab monotherapy study."
"In terms of our preclinical projects, we expect to continue our pace of generating promising clinical development candidates based on MacroGenics' technology platforms. We remain on track to submit one IND later this year and two additional INDs in 2017," commented Dr. Koenig. "Finally, during the second quarter of 2016, we were very pleased to enter into a second collaboration with Janssen Biotech, Inc. for the development of MGD015, a DART program being developed for the treatment of various hematological malignancies and solid tumors."
Margetuximab. Recent highlights related to the Company's Fc-optimized monoclonal antibody that targets the human epidermal growth factor receptor 2, or HER2, include:
B7-H3 Franchise. MacroGenics is developing a portfolio of therapeutics that target B7-H3, a member of the B7 family of molecules involved in immune regulation. The Company is advancing multiple programs that target B7-H3 through complementary mechanisms of action and take advantage of this antigen's broad expression across multiple solid tumor types. Current ongoing clinical-stage development programs include:
DART Product Candidates. There are currently six DART molecules in Phase 1 clinical development, including MGD006 (CD123 x CD3, also known as S80880), MGD007 (gpA33 x CD3), MGD009 (B7-H3 x CD3), MGD010 (CD32B x CD79B), MGD011 (CD19 x CD3, also known as JNJ-64052781) and PF-06671008 (P-cadherin x CD3). Highlights during the second quarter include:
MacroGenics expects to submit IND applications for MGA012, a monoclonal antibody, in 2016 as well as two DART molecules in 2017. These two DART molecules are:
Beyond MGD013 and MGD014, MacroGenics continues to generate and evaluate multiple other candidates that target a range of immune regulatory and other molecules using its proprietary platforms.
Second Quarter 2016 Financial Results
Conference Call Information
MacroGenics will host a conference call today at 4:30 pm (EDT) to discuss the second quarter of 2016 and provide a corporate update. To participate in the conference call, please dial (877) 303-6253 (domestic) or (973) 409-9610 (international) five minutes prior to the start of the call and provide the Conference ID: 54065731.
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 http://ir.macrogenics.com/events.cfm. A replay of the webcast will be available shortly after the conclusion of the call and archived on the Company's website for 30 days following the call.
SELECTED CONSOLIDATED BALANCE SHEET DATA
(Amounts in thousands)
| June 30, 2016 | December 31, 2015 | |||||||
| Cash, cash equivalents and investments | $ | 265,624 | $ | 339,049 | ||||
| Total assets | 368,850 | 359,269 | ||||||
| Deferred revenue | 15,318 | 18,497 | ||||||
| Total stockholders' equity | 329,976 | 313,337 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenues: | ||||||||||||||||
| Revenue from collaborative agreements | $ | 78,497 | $ | 5,598 | $ | 80,390 | $ | 76,763 | ||||||||
| Revenue from government agreements | 2,176 | 1,118 | 3,129 | 1,232 | ||||||||||||
| Total revenues | 80,673 | 6,716 | 83,519 | 77,995 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Research and development | 33,340 | 22,660 | 60,686 | 44,124 | ||||||||||||
| General and administrative | 7,239 | 5,346 | 13,372 | 10,029 | ||||||||||||
| Total costs and expenses | 40,579 | 28,006 | 74,058 | 54,153 | ||||||||||||
| Income (loss) from operations | 40,094 | (21,290 | ) | 9,461 | 23,842 | |||||||||||
| Other income (expense) | 370 | (86 | ) | 640 | (89 | ) | ||||||||||
| Net income (loss) | 40,464 | (21,376 | ) | 10,101 | 23,753 | |||||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Unrealized gain (loss) on investments | 7 | - | 64 | - | ||||||||||||
| Comprehensive income (loss) | $ | 40,471 | $ | (21,376 | ) | $ | 10,165 | $ | 23,753 | |||||||
| Basic net income (loss) per common share | $ | 1.17 | $ | (0.71 | ) | 0.29 | 0.80 | |||||||||
| Diluted net income (loss) per common share | $ | 1.12 | $ | (0.71 | ) | 0.28 | 0.75 | |||||||||
| Basic weighted average number of common shares | 34,616,197 | 30,059,329 | 34,560,021 | 29,739,326 | ||||||||||||
| Diluted weighted average number of common shares | 36,017,411 | 30,059,329 | 35,966,987 | 31,797,332 |
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, as well as autoimmune disorders and infectious diseases. The company generates its pipeline of product candidates primarily from its proprietary suite of next-generation antibody-based technology platforms. The combination of MacroGenics' technology platforms and protein engineering expertise has allowed the Company to generate promising product candidates and enter into several strategic collaborations with global pharmaceutical and biotechnology companies. For more information, please see the Company's website at www.macrogenics.com. MacroGenics, the MacroGenics logo, and DART are trademarks or registered trademarks of MacroGenics, Inc.
The development of one or more DART molecules targeting HIV is being funded in part with Federal funds from the National Institute of Allergy and Infectious Diseases, National Institutes of Health, Department of Health and Human Services under Contract No. HHSN272201500032C.
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 "subject to", "believe", "anticipate", "plan", "expect", "intend", "estimate", "project", "may", "will", "should", "would", "could", "can", the negatives thereof, variations thereon and similar expressions, or by discussions of strategy constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 risks 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 only 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, except as may be required by law. 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, Senior Vice President, CFO
1-301-251-5172, info@macrogenics.com
Karen Sharma, Senior Vice President
MacDougall Biomedical Communications
1-781-235-3060, ksharma@macbiocom.com