Antigenics Inc. (New York) Reports Fourth Quarter And Year-End 2006 Financial Results

NEW YORK--(BUSINESS WIRE)--Antigenics Inc. (NASDAQ: AGEN) reported results today for the quarter and year ended December 31, 2006. For the three months ended December 31, 2006, the company incurred a net loss attributable to common stockholders of $11.7 million, or $0.26 per share, basic and diluted, compared with a net loss attributable to common stockholders of $17.9 million, or $0.39 per share, basic and diluted, for the same period in 2005. For the year ended December 31, 2006, Antigenics incurred a net loss attributable to common stockholders of $52.7 million, or $1.15 per share, basic and diluted, compared with a net loss attributable to common stockholders of $74.9 million, or $1.64 per share, basic and diluted, for the same period in 2005. The decreased loss reflects, among other factors, the company’s restructuring efforts in 2006, the completion of most activity related to its Phase 3 clinical trials, and its general ongoing commitment to reducing cash burn. Research and development costs decreased to $28.6 million for the year ended December 31, 2006, compared with $47.1 million for the year ended December 31, 2005. General and administrative expenses decreased to $21.3 million for the year ended December 31, 2006, compared with $25.9 million in the same period in 2005. As a result of the adoption of Statement of Financial Accounting Standards No. 123R effective January 1, 2006, Antigenics incurred a non-cash charge related to the expensing of stock-based compensation of $3.3 million, or $0.07 per share, basic and diluted, for the year ended 2006, and $1.2 million, or $0.03 per share, basic and diluted, for the quarter ended December 31, 2006. Cash, cash equivalents and short-term investments amounted to $40.1 million on December 31, 2006. Subsequent to the end of the quarter, Antigenics received net proceeds of approximately $1.5 million from the sale of its stake in the Applied Genomic Technology Capital Fund, L.P.

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