arGEN-X – First Quarter 2015 Financial Results and Business Update
May 15, 2015
Breda, the Netherlands / Ghent, Belgium – arGEN-X N.V. (Euronext Brussels: ARGX), a clinical-stage biopharmaceutical company focused on creating and developing differentiated therapeutic antibodies for the treatment of cancer and severe autoimmune diseases, today provided development program updates and announced financial results for the first quarter ended 31 March 2015.
FIRST QUARTER AND RECENT OPERATIONAL HIGHLIGHTS
- Launched Innovative Access Program (IAP), providing the SIMPLE Antibody™ platform to academic centers of excellence and emerging biotech companies.
- In-licensed first program under IAP: ARGX-115, a first-in-class SIMPLE Antibody™ targeting GARP, a novel immune checkpoint. Published preclinical proof of mechanism of ARGX-115 inScience Translational Medicine suggesting potential for the antibody candidate in cancer immunotherapy.
- Advanced ARGX-111, a best-in-class SIMPLE Antibody™ targeting c-MET-driven malignancies, into the safety and efficacy expansion part of its Phase 1b study.
- Entered into a multi-product commercial license agreement with Lonza for the production of arGEN-X’ therapeutic antibodies.
- Announced the resignation of Non-executive Directors Dr. Bruno Montanari and Dr. Harrold van Barlingen from the Board of Directors, effective 13 May 2015. Dr. J. Donald deBethizy was appointed as Non-executive Director by the General Meeting of Shareholders on 13 May 2015. Furthermore, Dr. Pam Klein has agreed to serve as an advisor to the Board of Directors, effective 13 May 2015. As per 1 June 2015, Christina Takke will leave her employment at Forbion Capital Partners and will therefore qualify as an independent Non-executive board member within the meaning of the Dutch Corporate Governance Code (provision III.2.2).
FIRST QUARTER FINANCIAL HIGHLIGHTS
- Operating income of EUR 1.8 million (2014: EUR 0.8 million).
- Net loss for the quarter of EUR 3 million (2014: EUR 1.9 million).
- Net cash burn of EUR 3.8 million, resulting in EUR 52.2 million in cash, cash-equivalents and financial assets.