Antigenics Inc. (New York) Updates Business Strategy, Outlines Timeline For The Analysis Of Its Phase 3 Kidney Cancer Trial; 81 Jobs Cut

NEW YORK--(BUSINESS WIRE)--Dec. 6, 2005--Antigenics Inc.: -- Company Presents Clinical Development and Funding Scenarios -- Interim Strategy Will Result in Significant Reduction in Burn Rate to Approximately $40 Million -- Results of Phase 3 Kidney Cancer Trial Expected in March 2006

Antigenics Inc. (NASDAQ: AGEN) today announced that the analysis of data from its kidney cancer trial of Oncophage(R) (vitespen; formerly HSPPC-96) will be completed in March 2006, and that an interim strategy designed to maximize shareholder value will be implemented. This strategy will significantly reduce burn rate and focus operations on the company's highest potential products and programs.

"We have elected to take decisive and prudent actions now in order to preserve our cash and position the company to maximize the full value of our diverse portfolio," said Garo H. Armen, PhD, chairman and CEO of Antigenics.