Antigenics Inc. (New York) Reports First Quarter 2008 Financial Results

NEW YORK--(BUSINESS WIRE)--Antigenics Inc. (NASDAQ: AGEN) reported results today for the quarter ended March 31, 2008. The company incurred a net loss attributable to common stockholders of $11.3 million, or $0.20 per share, basic and diluted, for the first quarter of 2008, compared with a net loss attributable to common stockholders in the first quarter of 2007 of $8.9 million, or $0.19 per share, basic and diluted. The company’s net cash burn (cash used in operating activities plus capital expenditures and dividend payments) for the three months ended March 31, 2008 and 2007 was $9.4 million and $9.3 million, respectively. The 2008 results reflect, among other things, the company’s efforts to obtain registration and conduct pre-commercial launch activities for Oncophage in Russia and the timing of milestone achievements by Antigenics’ licensees of its QS-21 adjuvant. Cash, cash equivalents and short-term investments amounted to $35.4 million as of March 31, 2008, and, as adjusted for fundraising activities subsequent to the end of the quarter, amounted to $55.9 million on a pro forma basis.

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