Agenus Inc., a biotechnology company working to develop novel immunology based treatments for cancers and infectious diseases, announced its financial results and business highlights for the third quarter ended September 30.
In a release on October 24, the company noted that its net loss attributable to common stockholders for the third quarter of 2013 was $7.4 million, or $0.24 per share, basic and diluted, compared to a net loss attributable to common stockholders of $5.9 million, or $0.24 per share, basic and diluted, for the third quarter of 2012.
For the nine months ended September 30, the company reported a net loss attributable to common stockholders of $27.4 million, or $0.99 per share, basic and diluted, compared with a net loss attributable to common stockholders of $6.5 million, or $0.28 per share, basic and diluted, for the nine months ended September 30, 2012.
As a result of various corporate transactions, net loss for the nine months ended September 30, increased compared to the net loss for the same period in 2012 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 deemed dividend of $2.9 million. In the second quarter of 2013, the company retired its outstanding $39 million 8.0 percent senior secured convertible notes due August 2014 resulting in a non-cash loss on extinguishment of debt of $3.3 million. In the first quarter of 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.
"Recently, we achieved important milestones in both QS-21 Stimulon1 adjuvant-containing programs as well as our Prophage Phase 2 newly diagnosed brain cancer trial. We are gratified to have contributed to the clinical success of the world's most advanced malaria vaccine candidate with QS-21 Stimulon. We believe this important proof of efficacy could potentially lead to a string of clinical successes in coming years," said Garo H. Armen, Ph.D., chairman and CEO of Agenus. "Through our own efforts and those of our partners, we remain committed to advancing our heat shock protein platform, QS-21 Stimulon programs, and additional immunotherapy product candidates over the next several years. In the near-term, we look forward to reporting Phase 2 data for HerpV, a therapeutic vaccine for the treatment of genital herpes, and Phase 3 results from GSK's MAGE-A3 non-small cell lung cancer trial."
Cash and cash equivalents were $30.2 million as of September 30.
Recent and Third Quarter 2013 Highlights
-New Phase 3 data for GSK's RTS,S malaria vaccine candidate, which contains Agenus' QS-21 Stimulon adjuvant, were presented at a Multilateral Initiative on Malaria Pan African Conference in Durban, South Africa. The new data show that RTS,S helped protect young children and infants from clinical malaria up to 18 months post vaccination.