LOUISVILLE, CO--(Marketwired - November 13, 2015) - GlobeImmune, Inc. (NASDAQ: GBIM), a biopharmaceutical company focused on developing products for the treatment of cancer and infectious diseases based on its proprietary Tarmogen® platform, today announced its third quarter 2015 financial results and activities.
Third quarter 2015 activities:
• Celgene Corporation exercised its option to exclusively license GlobeImmune's GI-6207 program for medullary thyroid cancer.
• The GI-6301 Phase 2 chordoma trial at the National Cancer Institute continues to enroll patients. • Data from the GS-4774 Phase 2 trial in virally-suppressed subjects with chronic hepatitis B, from which the top line results were announced on May 27, 2015, will be presented at the Liver Meeting November 13-17 in San Francisco. • Continued review of strategic alternatives.
Financial Results -- Third Quarter Ended September 30, 2015
GlobeImmune reported net income of $0.9 million for the three months ended September 30, 2015, compared to a net loss of $6.4 million for the same period in 2014. Net cash used in operating activities for the first nine months ending September 30, 2015 was $5.7 million, compared to $8.0 million for the same period in 2014. The Company's net income for the three months ended September 30, 2015 is due to the license revenue from Celgene licensing GI-6207 and losses have resulted principally from costs incurred in its discovery and development activities.
Total research and development expenses for the three months ended September 30, 2015, were $1.0 million, compared to $1.8 million for the same period in 2014. General and administrative expenses were $1.0 million for the three months ended September 30, 2015, compared to $1.0 million for the same period in 2014. During the period, decreases in compensation expense due to layoffs were offset by severance costs.
At September 30, 2015, GlobeImmune had cash and cash equivalents of $11.3 million. The Company believes that existing cash and cash equivalents will allow the Company to fund operations through 2016, based on current operations.
About GlobeImmune
GlobeImmune is a biopharmaceutical company focused on developing products for the treatment of cancer and infectious diseases based on its proprietary Tarmogen® platform. Tarmogens activate the immune system by stimulating cellular immunity, known as T cell immunity, in contrast to traditional vaccines that predominately stimulate antibody production. To date, Tarmogen product candidates have been generally well tolerated in clinical trials for multiple disease indications and are efficient to manufacture. In May 2009, the Company entered into a worldwide strategic collaboration and option agreement with Celgene Corporation focused on the discovery, development and commercialization of product candidates intended to treat cancer. Under this agreement, Celgene exercised their option to take an exclusive worldwide license to the GI-6300 and GI-6200 Tarmogen product series targeting brachyury and CEA, respectively. In October 2011, the Company entered into a worldwide, strategic collaboration with Gilead Sciences, Inc., to develop Tarmogens intended for the treatment of chronic hepatitis B infection. For additional information, please visit the company's website at www.globeimmune.com.
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Third quarter 2015 activities:
• Celgene Corporation exercised its option to exclusively license GlobeImmune's GI-6207 program for medullary thyroid cancer.
• The GI-6301 Phase 2 chordoma trial at the National Cancer Institute continues to enroll patients. • Data from the GS-4774 Phase 2 trial in virally-suppressed subjects with chronic hepatitis B, from which the top line results were announced on May 27, 2015, will be presented at the Liver Meeting November 13-17 in San Francisco. • Continued review of strategic alternatives.
Financial Results -- Third Quarter Ended September 30, 2015
GlobeImmune reported net income of $0.9 million for the three months ended September 30, 2015, compared to a net loss of $6.4 million for the same period in 2014. Net cash used in operating activities for the first nine months ending September 30, 2015 was $5.7 million, compared to $8.0 million for the same period in 2014. The Company's net income for the three months ended September 30, 2015 is due to the license revenue from Celgene licensing GI-6207 and losses have resulted principally from costs incurred in its discovery and development activities.
Total research and development expenses for the three months ended September 30, 2015, were $1.0 million, compared to $1.8 million for the same period in 2014. General and administrative expenses were $1.0 million for the three months ended September 30, 2015, compared to $1.0 million for the same period in 2014. During the period, decreases in compensation expense due to layoffs were offset by severance costs.
At September 30, 2015, GlobeImmune had cash and cash equivalents of $11.3 million. The Company believes that existing cash and cash equivalents will allow the Company to fund operations through 2016, based on current operations.
About GlobeImmune
GlobeImmune is a biopharmaceutical company focused on developing products for the treatment of cancer and infectious diseases based on its proprietary Tarmogen® platform. Tarmogens activate the immune system by stimulating cellular immunity, known as T cell immunity, in contrast to traditional vaccines that predominately stimulate antibody production. To date, Tarmogen product candidates have been generally well tolerated in clinical trials for multiple disease indications and are efficient to manufacture. In May 2009, the Company entered into a worldwide strategic collaboration and option agreement with Celgene Corporation focused on the discovery, development and commercialization of product candidates intended to treat cancer. Under this agreement, Celgene exercised their option to take an exclusive worldwide license to the GI-6300 and GI-6200 Tarmogen product series targeting brachyury and CEA, respectively. In October 2011, the Company entered into a worldwide, strategic collaboration with Gilead Sciences, Inc., to develop Tarmogens intended for the treatment of chronic hepatitis B infection. For additional information, please visit the company's website at www.globeimmune.com.
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