Antigenics Inc. (New York) Reports First Quarter 2007 Financial Results
NEW YORK--(BUSINESS WIRE)--Antigenics Inc. (NASDAQ: AGEN) reported results today for the quarter ended March 31, 2007. The company incurred a net loss attributable to common stockholders of $8.9 million, or $0.19 per share, basic and diluted, for the first quarter of 2007, compared with a net loss attributable to common stockholders in the first quarter of 2006 of $15.4 million, or $0.34 per share, basic and diluted. The decreased loss reflects, among other things, the company’s efforts to maintain a low rate of cash burn and an increase in revenues associated with milestone and manufacturing payments from its QS-21 licensees. Revenues for the quarter ended March 31, 2007 increased to $2.4 million, from $60,000 for the first quarter of 2006. Antigenics incurred research and development costs of $6.0 million for the quarter ended March 31, 2007, compared with $8.5 million for the quarter ended March 31, 2006. General and administrative expenses decreased to $4.3 million in the quarter ended March 31, 2007, from $5.9 million in the comparable period last year. Cash, cash equivalents and short-term investments amounted to $32.3 million as of March 31, 2007.