Aduro Biotech Announces Fourth Quarter And Full Year 2016 Financial Results

-Progress in 2016 Has Positioned the Company to Have Six Agents in the Clinic for Eight Different Cancer Types-

BERKELEY, Calif., March 01, 2017 (GLOBE NEWSWIRE) -- Aduro Biotech, Inc. (NASDAQ:ADRO) today reported financial results for the year ended December 31, 2016. Net loss for the fourth quarter and year ended December 31, 2016 was $29.6 million, or $0.44 per share, and $91.1 million, or $1.40 per share, respectively. This compared to net income of $3.1 million, or $0.05 per share, and net loss of $39.2 million, or $0.88 per share, respectively, for the same periods in 2015.

Cash, cash equivalents and marketable securities totaled $361.9 million at December 31, 2016, compared to $431.0 million at December 31, 2015.

“In 2016, we made a number of advancements to position us as a leader in the discovery and development of immunotherapies, and in 2017, we expect to have multiple agents across all three of our platforms advancing through the clinic,” said Stephen T. Isaacs, chairman, president and chief executive officer of Aduro. “With a diversified and robust pipeline, strong cash position and validating pharmaceutical partnerships for each of our technologies, we believe we are poised to bring innovative therapies to patients.”

Key 2016 Accomplishments

Development achievements

  • Unprecedented disease control rate in Phase 1b mesothelioma trial presented at the American Society of Clinical Oncology (ASCO) annual meeting
  • First patient dosed in a Phase 1 study of ADU-S100, the first STING Pathway Activator compound to enter the clinic, for treatment of cutaneously accessible tumors and receipt of $35 million development milestone from Novartis
  • Preclinical data demonstrated acute and systemic immune activation with ADU-S100
  • Anti-CD27 agonist advancing through preclinical development towards the clinic under licensing agreement with Merck
  • Preclinical data presented supporting clinical development of anti-APRIL antibody in multiple myeloma
  • Personalized LADD therapy (pLADD) featured in an oral presentation at the Society for Immunotherapy of Cancer (STIC) meeting
  • Investigational New Drug application cleared for pLADD clinical development
  • Preclinical data demonstrated synergy of Aduro’s immunotherapies with checkpoint inhibitors

Corporate achievements and notable news

  • Steve Isaacs named 2016 Visionary Leader by Berkeley Chamber of Commerce
  • Oncology expert and industry veteran Natalie Sacks, M.D. joined as chief medical officer
  • Hans van Eenennaam, Ph.D., and John Dulos, Ph.D., honored with award for contributions in discovery of KEYTRUDA®
  • Launched industry-leading Immunotherapeutics and Vaccine Research Initiative with U.C. Berkeley
  • Expanded patent portfolio with key composition and methods patents

Anticipated 2017 Milestones

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