Immune Design
Aug 2, 2017

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

Company conference call at 1:30 p.m. PT today

 

 

 

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.

Recent Highlights

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.

Financial Results

Second Quarter

Year-to-Date

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 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       
(In Thousands)      
       
  June 30,
2017
  December 31,
2016
  (unaudited)    
       
Cash and cash equivalents $ 35,311   $ 45,214
Short-term investments   45,964     62,041
Other receivables   123     3,156
Total assets   90,871     114,495
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,
      2017       2016       2017       2016  
             
    (unaudited)
Revenues:                
Product sales   $ 48     $ 733       309       740  
Collaborative revenue     681       400       5,885       2,256  
Total revenues     729       1,133       6,194       2,996  
Operating expenses:                
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  
Net loss   $ (13,846 )   $ (14,347 )   $ (26,466 )   $ (26,641 )
Other comprehensive income (loss):                
Unrealized (loss) gain on investments     4       10       (19 )     30  
Comprehensive loss:   $ (13,842 )   $ (14,337 )   $ (26,485 )   $ (26,611 )
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
julie@rathbuncomm.com
206-769-9219

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