MacroGenics, Inc.
May 6, 2014

MacroGenics Provides Update on Corporate Progress and First Quarter 2014 Financial Results

Clinical study of first DART, MGD006, to commence in Second Quarter 2014
Phase 3 margetuximab gastroesophageal "MAGENTA" study poised for initiation in second half 2014

ROCKVILLE, Md., May 6, 2014 (GLOBE NEWSWIRE) -- MacroGenics, Inc. (Nasdaq:MGNX), a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer and autoimmune diseases, today provided a corporate progress update and reported financial results for the quarter ended March 31, 2014.

"In the first quarter of this year, we continued to build on the success of 2013," said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. "We remain on track to meet our key corporate goals, including advancing our first DART into clinical development, and are poised to become an important player in the emerging field of immuno-oncology. By the end of 2015, we anticipate having six proprietary programs in our clinical development pipeline. With the completion of our follow-on offering and the receipt of payments under our corporate partnerships during the first quarter of 2014, we remain in a strong financial position to continue to advance our proprietary pipeline of product candidates."

Development Pipeline Update

Margetuximab is an Fc-optimized monoclonal antibody that targets HER2-expressing tumors, including gastroesophageal, breast and other cancers. Recent highlights include:

MGA271 is an Fc-optimized monoclonal antibody that targets B7-H3, a member of the B7 family of molecules involved in immune regulation. Recent highlights include:

MGD006 is a DART-based molecule that recognizes both CD123 and CD3. CD123, the Interleukin-3 receptor alpha chain, is expressed on leukemia and leukemic stem cells. The primary mechanism of action of MGD006 is its ability to redirect T cells, via their CD3 component, to kill CD123-expressing cells. Recent highlights include:

MGD007 is a DART-based molecule that recognizes both the glycoprotein A33 antigen, or gpA33, and CD3. gpA33 is found on over 95% of primary and metastatic human colorectal cancers, including cancer stem cells, which are thought to be responsible for tumor recurrence and metastasis. The primary mechanism of action of MGD007 is its ability to redirect T cells, via their CD3 component, to kill gpA33-expressing colon cancer cells. Recent highlights include:

Proprietary Pre-Clinical Pipeline Update

MacroGenics continues to advance its immuno-oncology portfolio of its proprietary, pre-clinical product candidates and expects to have a total of six clinical programs by the end of 2015. This includes the planned initiation of clinical testing of two oncology DART-based product candidates in 2015. The Company's autoimmune portfolio, which includes MGD010, a DART that targets both CD32B and CD79B, is also progressing in pre-clinical development.

Recent Corporate Developments

2014 First Quarter Financial Results

Conference Call Information

MacroGenics will host a conference call today at 4:30 pm (ET) to discuss the first quarter of 2014 and provide a corporate update. To participate in the conference call, please dial (877) 303-6253 (domestic) or (973) 409-9610 (international) five minutes prior to the start of the call and provide the Conference ID: 35495095.

The recorded, listen-only webcast of the conference call can be accessed under "Events & Presentations" in the Investor Relations section of the Company's website at http://ir.macrogenics.com/events.cfm. A replay of the webcast will be available shortly after the conclusion of the call and archived on the Company's website for 30 days following the call.

 
 
MACROGENICS, INC.

CONSOLIDATED BALANCE SHEET DATA

(Amounts in thousands)
     
  March 31, 2014 December 31, 2013
Cash and cash equivalents  $ 198,722  $ 116,481
Total assets  210,173  125,782
Deferred revenue  36,826  27,403
Total stockholders' equity (deficit)  153,219  78,914
 
 
 
MACROGENICS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands, except share and per share data)
     
  Three Months Ended March 31,
  2014 2013
Revenues:    
Revenue from collaborative research  $ 14,401  $ 10,067
Grant revenue  318  531
Total revenues  14,719  10,598
     
Costs and expenses:    
Research and development  14,569  10,097
General and administrative  3,259  3,833
Total costs and expenses  17,828  13,930
     
Income (loss) from operations  (3,109)  (3,332)
     
Other income (expense)  1  (34)
Net comprehensive income (loss)  $ (3,108)  $ (3,366)
     
     
Basic and diluted net income (loss) per common share ($0.12) ($2.93)
Basic and diluted weighted average number of common shares outstanding  26,262,356  1,148,694
     
     

About MacroGenics, Inc.

MacroGenics is a clinical-stage biopharmaceutical company focused on discovering and developing innovative monoclonal antibody-based therapeutics for the treatment of cancer and autoimmune diseases. The Company generates its pipeline of product candidates from its proprietary suite of next-generation antibody technology platforms, which it believes improve the performance of monoclonal antibodies and antibody-derived molecules. The Company creates both differentiated molecules that are directed to novel cancer targets, as well as "bio-betters," which are drugs designed to improve upon marketed medicines. The combination of MacroGenics' technology platforms and antibody engineering expertise has allowed the Company to generate promising product candidates and enter into several strategic collaborations with global pharmaceutical and biotechnology companies.   www.macrogenics.com

Cautionary Note on Forward-Looking Statements

Any statements in this press release about future expectations, plans and prospects for the Company, including statements about the Company's strategy, future operations, clinical development of the Company's therapeutic candidates, milestone or opt-in payments from the Company's collaborators, the Company's anticipated milestones and future expectations and plans and prospects for the Company and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and enrollment of future clinical trials, expectations of expanding ongoing clinical trials, availability and timing of data from ongoing clinical trials, expectations for regulatory approvals, other matters that could affect the availability or commercial potential of the Company's product candidates and other risk factors described in the Company's filings with the Securities and Exchange Commission, including those discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 20, 2014. In addition, the forward-looking statements included in this press release represent the Company's views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.
 

CONTACT: Jim Karrels, Vice President, CFO

         MacroGenics, Inc.

         1-301-251-5172, info@macrogenics.com



         Karen Sharma, Vice President

         MacDougall Biomedical Communications

         1-781-235-3060, ksharma@macbiocom.com

MacroGenics, Inc. logo

Source: MacroGenics, Inc.

News Provided by Acquire Media