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SEATTLE, WA and SOUTH SAN FRANCISCO, CA, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Immune Design (Nasdaq: IMDZ), an immunotherapy company focused on next-generation therapies in oncology, today reported financial results and a corporate update for the second quarter ended June 30, 2018.
“We have had a solid year of progress so far at Immune Design, with important advancements with CMB305, and now with G100,” said Carlos Paya, M.D., Ph.D., President and Chief Executive Officer of Immune Design. “Based on recent interactions with the FDA, we plan to aggressively advance G100 in follicular lymphoma patients. Simultaneously, the CMB305 pivotal Phase 3 SYNOVATE trial is now open for enrollment in the U.S. to patients with synovial sarcoma. We believe these late-stage programs position us well to bring novel therapies to cancer patients with high unmet need.”
Based on current expectations, Immune Design expects to have cash to fund operations into the second half of 2020.
Conference Call Information
Immune Design will host a conference call and live audio webcast this afternoon at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss second quarter 2018 financial results and provide a corporate update.
The live call may be accessed by dialing 844-266-9538 for domestic callers and 216-562-0391 for international callers. A live webcast of the call will be available online from the investor relations section of the Immune Design website at http://ir.immunedesign.com/events.cfm and will be archived there for 30 days. A telephone replay of the call will be available for five days by dialing 855-859-2056 for domestic callers or 404-537-3406 for international callers and entering the conference code 3376676.
An archived copy of the webcast will be available on Immune Design's website beginning approximately two hours after the conference call. Immune Design will maintain an archived replay of the webcast on its website for at least 30 days after the conference call.
About Immune Design
Immune Design is a late-stage immunotherapy company employing next-generation in vivo approaches to enable the body's immune system to fight disease. The company's technologies are engineered to activate the immune system's natural ability to generate and/or expand antigen-specific cytotoxic immune cells to fight cancer and other chronic diseases. CMB305 and G100, the leading product candidates with broad potential in oncology, are based on the company’s two technology platforms that are potent stimulators of the immune system – ZVex® and GLAAS® – the fundamental technologies of which were licensed from the California Institute of technology and the Infectious Disease Research Institute (IDRI), respectively. Both ZVex and GLAAS also have potential applications in infectious disease and allergy indications, which are being developed through ongoing pharmaceutical collaborations. Immune Design has offices in Seattle and South San Francisco. For more information, please visit www.immunedesign.com.
Cautionary Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “target,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Immune Design’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Immune Design’s clinical development programs, future results or performance to differ significantly from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the design, progress, timing, scope and results of clinical trials, the association of data with treatment outcomes, the timing and likelihood of obtaining regulatory approval of Immune Design’s product candidates and timing estimates of cash remaining to fund operations. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process, and unexpected litigation or other disputes. Other factors that may cause Immune Design’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Immune Design’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Immune Design assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
|Immune Design Corp.|
|Selected Balance Sheet Data|
|Cash and cash equivalents||$||73,430||$||72,454|
|Total current liabilities||7,901||14,520|
|Total stockholders' equity||116,724||139,212|
|Immune Design Corp.|
|Condensed Consolidated Statements of Operations and Comprehensive Loss Data|
|(In Thousands, Except Share and Per Share Amounts)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Cost of product sales||140||18||147||55|
|Research and development||11,000||10,863||21,311||24,901|
|General and administrative||4,006||3,888||8,001||8,023|
|Total operating expenses||15,146||14,769||29,459||32,979|
|Loss from operations||(14,391||)||(14,040||)||(28,201||)||(26,785||)|
|Interest and other income||583||194||1,093||319|
|Other comprehensive loss:|
|Unrealized gain (loss) on investments||32||4||14||(19||)|
|Basic and diluted net loss per share||$||(0.29||)||$||(0.54||)||$||(0.56||)||$||(1.04||)|
|Weighted-average shares used to compute basic and diluted net loss per share||48,125,652||25,567,482||48,124,033||25,515,630|