Immune Design
May 17, 2017

Immune Design Reports First Quarter 2017 Financial Results and Provides Corporate Update

Company conference call at 2:00 p.m. PT today

 

SEATTLE and SOUTH SAN FRANCISCO, May 17, 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 first quarter ended March 31, 2017.

"During the first quarter of the year, we were pleased to complete enrollment in the first randomized studies for each of CMB305 and G100, an important milestone for Immune Design," said Carlos Paya, M.D., Ph.D., President and Chief Executive Officer of Immune Design. "We hope that the emerging biomarker and clinical data that we intend to present starting at ASCO and continuing throughout 2017, may form the initial foundation to support commercialization of novel and safe immunotherapies for selected cancer patients."

Recent Highlights

Product Development: Two Phase 2 randomized studies fully enrolled; multiple ASCO presentations; Orphan Drug status for G100 in follicular NHL

Antigen Specific Immunotherapy: CMB305 Program

Antigen Agnostic Intratumoral Immunotherapy: G100 Program

Financial Results

First Quarter

Cash Guidance

Based on current expectations, Immune Design continues to expect 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 2:00 p.m. Pacific time / 5:00 p.m. Eastern time to discuss the first quarter 2017 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 company website at http://ir.immunedesign.com/events.cfm. 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: 20090178.

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 chronic diseases. 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 leading product candidates focused in cancer immunotherapy, are the first products from its two separate discovery platforms targeting dendritic cells in vivo, 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 as demonstrated by ongoing pharmaceutical collaborations.  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," "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 Condensed Consolidated Balance Sheet Data         
(In Thousands)        
         
  March 31,
2017
  December 31,
2016
 
  (unaudited)      
         
Cash and cash equivalents  $   27,918   $   45,214  
Short-term investments     61,991       62,041  
Other receivables     146       3,156  
Total assets     99,882       114,495  
Total current liabilities     14,753       19,263  
Total stockholders' equity     85,066       95,176  

 

Condensed Consolidated Statements of Operations and Comprehensive Loss Data  
(In Thousands Except Per Share Amounts)  
    Three Months Ended    
    March 31,    
     2017    2016    
    (unaudited)    
Revenues:            
Product sales   $   261     $   7      
Collaborative revenue       5,204         1,856      
Total revenues       5,465         1,863      
Operating expenses:            
Cost of product sales       37         22      
Research and development       14,038         10,570      
General and administrative       4,135         3,914      
Total operating expenses       18,210         14,506      
Loss from operations       (12,745 )       (12,643 )    
Interest and other income       125         349      
Net loss   $   (12,620 )   $   (12,294 )    
Other comprehensive income (loss):            
Unrealized (loss) gain on investments       (23 )       20      
Comprehensive loss:   $   (12,643 )   $   (12,274 )    
Basic and diluted net loss per share   $   (0.50 )   $   (0.61 )    
Weighted-average shares used to compute basic and diluted net loss per share        25,463,202         20,153,202      
             
             

 

Media Contact
Julie Rathbun
Rathbun Communications
julie@rathbuncomm.com
206-769-9219

Investor Contact
Shari Annes
Annes Associates
Shari.Annes@immunedesign.com
650-888-0902