Antigenics posts second-quarter net loss of $14.3 million, or $0.31 per share

By Lisa Kerner

Charlotte, N.C., Aug. 1 - Antigenics Inc. said reported a second-quarter net loss of $14.3 million, or $0.31 per share, basic and diluted, up from a net loss in second-quarter 2005 of $21.3 million, or $0.47 per share, basic and diluted.

The company attributes the decreased loss to its efforts to reduce cash burn.

Revenue for the quarter ended June 30 was $96 million, up from $85 million for the prior-year period.

For the six-month period ended June 30, Antigenics reported a net loss of $29.7 million, or $0.65 per share, basic and diluted, up from a net loss of $39.5 million, or $0.97 per share, basic and diluted, for the same period in 2005.

Revenue for the first half of the year was down at $156 million from $205 for the first half of 2005.

Cash, cash equivalents and short-term investments amounted to $31.9 million on June 30, compared with $61.7 million for the period ended Dec. 31, 2005.

"Additional analysis of our phase 3 trials in kidney cancer and melanoma indicates that Oncophage is associated with clinically meaningful benefit in better-prognosis patients," chairman and chief executive officer Garo H. Armen said in a company news release.

"In addition, our new QS-21 license and supply agreements with GlaxoSmithKline represent an important collaboration for both companies as a new generation of prophylactic and therapeutic vaccines nears commercialization."

New York City-based Antigenics develops treatments for cancers, infectious diseases and autoimmune disorders.

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