SEATTLE and SOUTH SAN FRANCISCO, Aug. 02, 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 second quarter ended June 30, 2017.
"During the second quarter, based on the positive data to date, Immune Design made the decision to move forward both of our lead product candidates, CMB305 and G100, and discuss regulatory paths for approval with the FDA," said Carlos Paya, M.D., Ph.D., President and Chief Executive Officer of Immune Design.
Product Development: Data presented at the American Society of Clinical Oncology 2017 Annual Meeting (ASCO) Support Monotherapy Proof of Concept for both CMB305 and G100
Antigen Specific Immunotherapy: CMB305 Program
Antigen Agnostic/Intratumoral Immunotherapy: G100 Program
Expansion of Senior Leadership Team
Heidi Petersen and Melanie Morrison joined the Immune Design team as Vice President of Regulatory Affairs, and Vice President, Oncology Platform Leader, respectively. Ms. Petersen and Ms. Morrison each bring approximately 20 years of experience to Immune Design, which the management team and company will leverage in interactions with regulatory agencies and in the execution of future registrational trials.
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 1:30 p.m. Pacific time / 4:30 p.m. Eastern time to discuss the second 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: 58230231.
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 that could cause our 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 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 Condensed Consolidated Balance Sheet Data|
|Cash and cash equivalents||$||35,311||$||45,214|
|Total current liabilities||17,252||19,263|
|Total stockholders' equity||73,540||95,176|
|Condensed Consolidated Statements of Operations and Comprehensive Loss Data|
|(In Thousands Except Per Share Amounts)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Cost of product sales||18||253||55||275|
|Research and development||10,863||11,386||24,901||21,956|
|General and administrative||3,888||3,948||8,023||7,862|
|Total operating expenses||14,769||15,587||32,979||30,093|
|Loss from operations||(14,040||)||(14,454||)||(26,785||)||(27,097||)|
|Interest and other income||194||107||319||456|
|Other comprehensive income (loss):|
|Unrealized (loss) gain on investments||4||10||(19||)||30|
|Basic and diluted net loss per share||$||(0.54||)||$||(0.71||)||$||(1.04||)||$||(1.32||)|
|Weighted-average shares used to compute basic and diluted net loss per share||25,567,482||20,155,410||25,515,630||20,154,306|
Media Contact Julie Rathbun Rathbun Communications email@example.com 206-769-9219 Investor Contact Shari Annes Annes Associates Shari.Annes@immunedesign.com 650-888-0902