LEXINGTON, Mass., Aug. 9, 2018 /PRNewswire/ -- Agenus Inc.
(NASDAQ: AGEN), an immuno-oncology (I-O) company with a pipeline of
immune checkpoint antibodies, cancer vaccines and adoptive cell
therapies1, provided a corporate update and reported
financial results for the second quarter of 2018.
![Agenus Logo Agenus Logo](https://mma.prnewswire.com/media/403578/Agenus_Logo.jpg)
"Innovation and speed are core to our strategy. We have
delivered eight new discoveries over the past 2 years. This year
alone, 3 INDs from our discovery engines have been filed and 3
additional INDs will be filed by year end; they include our NexGen
CTLA-4 and our first-in-class bispecifics. We have delivered on our
partnership commitments with Merck and Incyte with 2 programs in
the clinic this year and a third expected before the end of the
year, each triggering a cash milestone," said Garo H. Armen,
Ph.D., Chairman and CEO of Agenus. "In addition, our proprietary
CTLA-4 and PD-1 programs are advancing in three trials designed to
take advantage of accelerated pathways for a BLA filing as early as
2020. Our partnership discussions have advanced towards potential
closure. With these developments, we expect to deliver value to our
shareholders and partners."
Key clinical and business updates
- Operational Achievements:
-
- New discoveries advance to clinic
-
- Three INDs filed and 3 more to be filed by the end of 2018,
including Next-Gen CTLA-4 and two first-in-class bispecifics
- Lead CTLA-4 (AGEN1884) & PD-1 (AGEN2034) trials advance
towards BLA as early as 2020
-
- ASCO reported data show 31-42% benefit
- New data in 2018 anticipated to show expanded benefit
- Three trials ongoing designed to leverage accelerated
pathways
- Payment milestones triggered in partnerships with Incyte,
Merck
-
- LAG-3 (INCAGN02385) in the clinic
- TIM-3 (INCAGN02390) expected to enter clinic in 2018
- Undisclosed target with Merck entered clinic
- Sales of GSK's Shingrix, containing QS-21 Stimulon®,
have exceeded projections
- Manufacturing Speed and Innovation:
-
- Completed clinical & pivotal grade material for AGEN1884
& AGEN2034 3-5x faster than industry standards
- First-in-class bispecific, AGEN1223, manufactured at scale in
<2 months; setting industry records
- AgenTus Cell Therapy Business:
-
- Lead identified for IND filing; private financing and plans for
IPO underway
Second Quarter 2018 Financial Results
Cash and cash equivalents were $43.2
million and $60.2 million at
June 30, 2018 and December 31, 2017 respectively.
For the second quarter ended June 30,
2018, we reported a net loss of $25.2
million, or $0.24 per share,
compared to a net loss for same period in 2017 of $31.7 million, or $0.32 per share. We recognized revenue
during the current quarter of $16
million which includes milestone achievements and non-cash
royalties earned.
For the six months ended June 30,
2018, we reported a net loss of $79.5
million or $0.76 per share
compared to a net loss for the same period in 2017 of $48.8 million or $0.51 per share. The increased net loss
reflects reduced revenue due to an accelerated milestone received
during 2017 from Incyte and the loss on early extinguishment of
debt.
Conference Call, Webcast and Prepared Statement
Information
Agenus executives will host a conference call on Thursday,
August 9, 2018 at 8:30 a.m. Eastern Time. To access the
live call, dial (844) 492-3727 (domestic) and (412) 317-5118
(international). Ask to be joined into the Agenus call. The call
will also be webcast and will be accessible from the Company's
website
at http://investor.agenusbio.com/presentation-webcasts or
via the following
link: https://www.webcaster4.com/Webcast/Page/1556/26916. A
replay will be available on the Company's website approximately two
hours after the call and will remain available for 90 days.
About Agenus
Agenus is a clinical-stage immuno-oncology company focused on
the discovery and development of therapies that engage the body's
immune system to fight cancer. The Company's vision is to expand
the patient populations benefiting from cancer immunotherapy by
pursuing combination approaches that leverage a broad repertoire of
antibody therapeutics, proprietary cancer vaccine platforms, and
adoptive cell therapies (through its AgenTus Therapeutics
subsidiary). The Company is equipped with a suite of antibody
discovery platforms and a state-of-the-art GMP manufacturing
facility with the capacity to support early phase clinical
programs. Agenus is headquartered in Lexington, MA. For
more information, please visit www.agenusbio.com and our
twitter handle @agenus_bio. Information that may be important to
investors will be routinely posted on our website and twitter.
About AgenTus Therapeutics, Inc.
AgenTus Therapeutics, a subsidiary of Agenus, is a
preclinical-stage biopharmaceutical company focused on the
discovery, development, and commercialization of breakthrough
"living drugs" to advance potential cures for cancer
patients. AgenTus employs naturally-derived and engineered
receptors, specifically T cell receptors (TCRs) and Chimeric
Antigen Receptors (CARs), designed to supercharge human immune
effector cells to seek and destroy cancer. AgenTus also aims
to advance adoptive cell therapy formats which would enable
off-the-shelf living drugs. AgenTus has locations
in Lexington, MA and Cambridge, UK. For more
information, please visit www.agentustherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the federal
securities laws, including statements regarding Agenus' plans to
file additional INDs in 2018 and 2019, timing of partner trials and
related milestone payments to Agenus, Agenus' plans to file a BLA
as early as 2020, Agenus' plans to present new data in 2018 that
shows expanded benefit, Agenus' expectation to deliver value to its
shareholders and partners, and financing and development plans for
AgenTus. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially.
These risks and uncertainties include, among others, the factors
described under the Risk Factors section of our most recent
Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed
with the Securities and Exchange Commission. Agenus cautions
investors not to place considerable reliance on the forward-looking
statements contained in this release. These statements speak only
as of the date of this press release, and Agenus undertakes no
obligation to update or revise the statements, other than to the
extent required by law. All forward-looking statements are
expressly qualified in their entirety by this cautionary
statement.
Contact:
Agenus Inc.
Jennifer Buell, PhD
781-674-4420
Jennifer.Buell@agenusbio.com
1 Through AgenTus Therapeutics, a subsidiary of
Agenus
Select Financial
Information
|
|
|
|
|
(in thousands, except
per share data)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2018
|
|
December 31,
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
43,164
|
|
$
60,187
|
|
|
|
|
Total
assets
|
131,936
|
|
138,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30,
|
|
Six months ended June
30,
|
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, research
and development
|
$
10,473
|
|
$
4,208
|
|
$ 12,109
|
|
$ 11,163
|
Revenues, non-cash
royalty
|
5,422
|
|
-
|
|
5,422
|
|
-
|
Revenues, accelerated
milestone
|
-
|
|
-
|
|
-
|
|
20,000
|
Research and
development expenses
|
29,274
|
|
25,824
|
|
58,715
|
|
58,464
|
G&A
expenses
|
9,485
|
|
8,136
|
|
18,413
|
|
15,906
|
Other expenses,
net
|
8,632
|
|
2,825
|
|
10,377
|
|
6,670
|
Loss on early
extinguishment of debt
|
-
|
|
-
|
|
10,767
|
|
-
|
Non-cash contingent
consideration fair value adjustment
|
(6,292)
|
|
(865)
|
|
(1,276)
|
|
(1,061)
|
Net loss
|
(25,204)
|
|
(31,713)
|
|
(79,465)
|
|
(48,816)
|
Net loss per
share
|
$
(0.24)
|
|
$
(0.32)
|
|
$
(0.76)
|
|
$
(0.51)
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/agenus-reports-second-quarter-2018-financial-results-and-provides-corporate-update-300694613.html
SOURCE Agenus Inc.