Antigenics Inc. (New York) Reports Second Quarter 2006 Financial Results

NEW YORK--(BUSINESS WIRE)--Aug. 1, 2006--Antigenics Inc. (NASDAQ: AGEN) reported results today for the quarter ended June 30, 2006. The company incurred a net loss attributable to common stockholders of $14.3 million, or $0.31 per share, basic and diluted, for the second quarter of 2006, compared with a net loss attributable to common stockholders in the second quarter of 2005 of $21.3 million, or $0.47 per share, basic and diluted. The decreased loss reflects, among other factors, the company’s ongoing commitment to reducing cash burn. Research and development costs decreased to $7.9 million in the quarter ended June 30, 2006, compared with $13.1 million for the quarter ended June 30, 2005. General and administrative expenses decreased to $5.4 million in the quarter ended June 30, 2006, compared with $7.5 million in the same period in 2005. As a result of the adoption of Statement of Financial Standards No. 123R, effective January 1, 2006, Antigenics incurred a non-cash charge related to the expensing of stock-based compensation of $1.0 million, or $0.02 per share, basic and diluted, in the second quarter of 2006. Of this charge, $0.1 million was included in research and development costs, and $0.9 million was included in general and administrative expenses. Cash, cash equivalents and short-term investments amounted to $31.9 million on June 30, 2006. Subsequent to the end of the quarter, Antigenics received a $3 million cash payment related to QS-21.

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