UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the Securities Exchange Act of 1934
October
31, 2014
Date
of Report (Date of earliest event reported)
AGENUS INC.
(Exact
name of registrant as specified in its charter)
DELAWARE |
000-29089 |
06-1562417 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3 Forbes Road Lexington, MA |
02421 |
(Address of principal executive offices) |
(Zip Code) |
781-674-4400
(Registrant’s
telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 |
Results of Operations and Financial Condition |
On October 31, 2014, Agenus Inc. announced its financial results for the quarter ended September 30, 2014. The full text of the press release issued in connection with the announcement is being furnished as Exhibit 99.1 to this current report on Form 8-K. | |
Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits |
|
The following exhibit is furnished herewith: |
|
99.1 Press Release dated October 31, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AGENUS INC. |
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|
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Date: October 31, 2014 |
By: |
/s/ Christine M. Klaskin |
Christine M. Klaskin |
||
VP, Finance |
EXHIBIT INDEX
Exhibit No. |
Description of Exhibit |
|
99.1 |
Press Release dated October 31, 2014 |
Exhibit 99.1
Agenus Reports Third Quarter 2014 Financial Results
Agenus to host conference call beginning at 11 a.m. ET today
LEXINGTON, Mass.--(BUSINESS WIRE)--October 31, 2014--Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with a development pipeline of checkpoint modulators (CPMs), heat shock protein peptide-based vaccines, and adjuvants, today announced its financial results and business highlights for the third quarter ended September 30, 2014.
The company’s net loss attributable to common stockholders for the third quarter of 2014 was $8.2 million, or $0.13 per share, basic and diluted, compared to a net loss attributable to common stockholders of $7.4 million, or $0.24 per share, basic and diluted, for the third quarter of 2013.
For the nine months ended September 30, 2014, the company reported a net loss attributable to common stockholders of $16.7 million, or $0.28 per share, basic and diluted, compared with a net loss attributable to common stockholders of $27.4 million, or $0.99 per share, basic and diluted, for the nine months ended September 30, 2013. Cash, cash equivalents and short-term investments were $52.9 million as of September 30, 2014.
During the nine months ended September 30, 2014, the company recorded other non-cash income of $10.8 million primarily related to the impact of the termination of GlaxoSmithKline’s Phase 3 MAGE-A3 trial in non-small cell lung cancer, which occurred during the first quarter of 2014. During the same period of 2013, the company’s preferred stock restructuring resulted in a non-cash deemed dividend of $2.9 million, and the retirement of its then outstanding $39 million 8.0% senior secured convertible notes due August 2014 resulted in a non-cash expense of $3.3 million.
“In the third quarter, we advanced our checkpoint antibodies closer to clinical development and achieved important milestones in our clinical programs,” said Garo H. Armen, Ph.D., chairman and CEO of Agenus. “Among these were efficacy data from a Prophage open-label Phase 2 trial of patients with newly-diagnosed glioblastoma multiforme (GBM). We continue to explore strategic and financing options for further advancement of Prophage as a treatment of this important unmet medical need. Additionally, our broad portfolio of check point antibodies and our Prophage vaccines give us a unique advantage of exploring a variety of combinatorial approaches in immune-oncology. Lastly, we are extremely pleased that our QS-21 Stimulon® adjuvant is a key component of GlaxoSmithKline’s RTS,S, the world’s first malaria vaccine to be accepted for regulatory review by the EMA.”
Third Quarter and Recent 2014 Highlights
Conference Call and Web Cast Information
Agenus executives will host a conference call at 11:00 a.m. Eastern Time today. To access the live call, dial 416-640-5946. The call will also be webcast and will be accessible from the company’s website at www.agenusbio.com/webcast/. A replay will be available on the company’s website approximately two hours after the call and will remain available for 60 days. The replay number is 416-915-1035, and the access code is 543876.
About Agenus
Agenus is an immuno-oncology company developing a portfolio of checkpoint modulators (CPMs), heat shock protein peptide-based vaccines and adjuvants. Agenus’ checkpoint modulator programs target GITR, OX40, CTLA-4, LAG-3, TIM-3 and PD-1. The company’s proprietary discovery engine Retrocyte Display® is used to generate fully human and humanized therapeutic antibody drug candidates. The Retrocyte Display platform uses a high-throughput approach incorporating IgG format human antibody libraries expressed in mammalian B-lineage cells. Agenus’ heat shock protein vaccines for cancer and infectious disease are in Phase 2 studies. The company’s QS-21 Stimulon® adjuvant platform is extensively partnered with GlaxoSmithKline and Janssen and includes several vaccine candidates in Phase 2 and Phase 3 clinical trials. For more information, please visit www.agenusbio.com, or connect with the company on Facebook, LinkedIn, Twitter and Google+.
Forward-Looking Statement
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding our research and development and clinical trial activities, potential revenue streams, potential regulatory approvals, the potential application of the Company’s technologies and product candidates in the prevention and treatment of diseases, and the expected timing for GlaxoSmithKline to report the results of its Phase 3 trials incorporating the Company’s QS-21 Stimulon adjuvant. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, among others, the factors described under the Risk Factors section of our most recently filed Quarterly Report on Form 10-Q 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 document, 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. Agenus’ business is subject to substantial risks and uncertainties, including those identified above. When evaluating Agenus’ business and securities, investors should give careful consideration to these risks and uncertainties.
Agenus includes its affiliates for purposes of this press release. Retrocyte Display and Stimulon are registered trademarks of Agenus Inc. and its subsidiaries.
Summary Consolidated Financial Information |
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Condensed Consolidated Statements of Operations Data | |||||||||||||||||||||||||
(in thousands, except per share data) |
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(unaudited) |
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Three months ended September 30, |
Nine months ended September 30, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Revenue | $ | 1,563 | $ | 736 | $ | 5,358 | $ | 2,653 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Cost of sales | - | 80 | - | 529 | |||||||||||||||||||||
Research and development | 5,284 | 3,893 | 14,980 | 9,764 | |||||||||||||||||||||
General and administrative | 4,920 | 3,578 | 16,209 | 11,112 | |||||||||||||||||||||
Non-cash contingent consideration fair value adjustment | (969 | ) | - | 164 | - | ||||||||||||||||||||
Operating loss income | (7,672 | ) | (6,815 | ) | (25,995 | ) | (18,752 | ) | |||||||||||||||||
Other income (expense), net | (437 | ) | (504 | ) | 9,487 | (5,543 | ) | ||||||||||||||||||
Net loss | (8,109 | ) | (7,319 | ) | (16,508 | ) | (24,295 | ) | |||||||||||||||||
Dividends on Series A-1 convertible preferred stock | (51 | ) | (51 | ) | (153 | ) | (3,109 | ) | |||||||||||||||||
Net loss attributable to common stockholders | $ | (8,160 | ) | $ | (7,370 | ) | $ | (16,661 | ) | $ | (27,404 | ) | |||||||||||||
Per common share data, basic and diluted: | |||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (0.13 | ) | $ | (0.24 | ) | $ | (0.28 | ) | $ | (0.99 | ) | |||||||||||||
Weighted average number of common shares outstanding, basic and diluted | 62,832 | 30,345 | 58,710 | 27,774 | |||||||||||||||||||||
Condensed Consolidated Balance Sheet Data | |||||||||||||
(in thousands) |
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(unaudited) |
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September 30, 2014 | December 31, 2013 | ||||||||||||
Cash, cash equivalents and short-term investments | $ | 52,908 | $ | 27,352 | |||||||||
Total assets | 87,632 | 34,835 | |||||||||||
Total stockholders' equity (deficit) | 48,870 | (4,481 | ) | ||||||||||
CONTACT:
BMC Communications
Brad Miles, 646-513-3125
bmiles@bmccommunications.com