Immune Design
Mar 7, 2017

Immune Design Reports Fourth Quarter and Full Year 2016 Financial Results and Provides Corporate Update

Company to hold conference call at 1:30 pm Pacific today

SEATTLE and SOUTH SAN FRANCISCO, Calif., March 07, 2017 (GLOBE NEWSWIRE) -- Immune Design (Nasdaq:IMDZ), a clinical-stage immunotherapy company focused on oncology, today reported financial results and a corporate update for the fourth quarter and full year ended December 31, 2016.

"Throughout 2016, we continued enrollment of our key clinical programs, recruited senior leadership with late-stage oncology drug development expertise, and further evolved our ZVex platform to potentially enable a wider range of differentiated products. In addition, we successfully closed a follow-on offering that brought in new investors, as well as additional support from some key existing investors," said Carlos Paya, M.D., Ph.D., President and Chief Executive Officer of Immune Design. "We look forward to a year in which clinical data begin to validate Immune Design's approaches to treating patients."

2016 Highlights and Corporate Update

Product Development: Progress on all programs and targeting data releases throughout 2017

Antigen Specific: CMB305 Program and ZVexMulti Next-Generation Product Candidates

     Antigen Agnostic: G100 Program

Expansion of Board of Directors and Senior Leadership Team

Acquisition of Intellectual Property Rights and Settlement of Litigation and Patent Challenge

Completion of Follow-On Financing

Financial Results

Full Year 2016

Fourth Quarter

Cash Guidance

Based on current expectations, Immune Design expects to have cash to fund operations into the second half of 2018.

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 the fourth quarter and full year 2016 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 70907410.

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 clinical-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 T cells, while also enhancing other immune effectors, to fight cancer and other chronic diseases.  CMB305 and G100, the two-pronged focus of Immune Design's ongoing immuno-oncology clinical programs, are the product of its two synergistic discovery platforms, ZVex® and GLAAS®. Immune Design has offices in Seattle and South San Francisco. For more information, 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. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, scope and results of clinical trials for Immune Design's product candidates and the reporting of clinical data regarding Immune Design's product candidates. 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 enrolment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, failure of Immune Design's collaborators to support or advance collaborations or product candidates 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
 
 (In Thousands)
 
      
  December 31,
2016
 December 31,
2015
 
      
 Cash and cash equivalents$45,214 $112,921 
 Short-term investments 62,041  - 
 Other receivables 3,156  - 
 Total assets 114,495  116,145 
 Total current liabilities 19,263  7,111 
 Total stockholders' equity 95,176  108,993 

 

 Condensed Consolidated Statements of Operations and Comprehensive Loss Data 
 (In Thousands Except Per Share Amounts) 
  Three Months Ended For the Year Ended 
  December 31, December 31, 
   2016   2015   2016   2015  
  (unaudited)     
 Revenues:        
 Licensing revenue$-  $-  $7,000  $3,500  
 Product sales 461   921   1,627   1,853  
 Collaborative revenue 1,597   218   4,633   4,157  
 Total revenues 2,058   1,139   13,260   9,510  
 Operating expenses:        
 Cost of product sales 134   353   481   774  
 Research and development 12,005   8,878   45,134   33,087  
 General and administrative 4,443   4,048   21,859   15,134  
 Total operating expenses 16,582   13,279   67,474   48,995  
 Loss from operations (14,524)  (12,140)  (54,214)  (39,485) 
 Interest and other income 78   25   684   40  
 Net loss$(14,446) $(12,115) $(53,530) $(39,445) 
 Other comprehensive income (loss):        
 Unrealized (loss) gain on investments (31)  -   (24)  -  
 Comprehensive loss:$(14,477) $(12,115) $(53,554) $(39,445) 
 Basic and diluted net loss per share$(0.57) $(0.60) $(2.47) $(2.06) 
 Weighted-average shares used to compute basic and diluted net loss per share 25,409,219   20,145,247   21,638,468   19,155,918  
          


Media Contact
Julie Rathbun
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Investor Contact
Shari Annes
Annes Associates
sannes@annesassociates.com
650-888-0902