MacroGenics, Inc.
Aug 5, 2014

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

First DART(R) Molecule in Human Clinical Trial and Second DART Molecule Expected to Enter Clinic by End of Year

ROCKVILLE, Md., Aug. 5, 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 June 30, 2014.

"We are pleased to already have achieved several of our key corporate goals for 2014, including advancing our first DART molecule into clinical development and clearing the IND for our second DART molecule with the FDA," said Scott Koenig, M.D., Ph.D., President and CEO of MacroGenics. "MacroGenics is well positioned to become an important player in the emerging field of immuno-oncology. By the end of 2015, we anticipate having six proprietary oncology programs in our clinical development pipeline for which we retain development and commercialization rights in multiple major markets, including North America and Japan. With the receipt of additional payments under our corporate partnerships during the second quarter of 2014, including $15 million from our recently announced collaboration with Takeda, 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 Dual-Affinity Re-Targeting (DART) 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 molecule that recognizes both the glycoprotein A33 antigen, or gpA33, and CD3. gpA33 is expressed by approximately 95% of primary and metastatic human colorectal cancers, including cancer stem cells that 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:

MGD010 is a DART molecule that simultaneously targets CD32B and CD79B, which are two B cell surface proteins. MGD010 is currently in pre-clinical development for the treatment of autoimmune diseases. Recent highlights include:

2014 Second Quarter Financial Results

Conference Call Information

MacroGenics will host a conference call today at 4:30 pm (ET) to discuss the second 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: 79551617.

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)
     
  June 30, 2014 December 31, 2013
Cash and cash equivalents  $ 194,014  $ 116,481
Total assets  205,720  125,782
Deferred revenue  44,596  27,403
Total stockholders' equity  141,979  78,914
 
MACROGENICS, INC.
 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
 
(Amounts in thousands, except share and per share data)
         
  Three Months Ended June 30, Six Months Ended June 30,
  2014 2013 2014 2013
Revenues:        
Revenue from collaborative research  $ 9,202  $ 11,838  $ 23,603  $ 21,905
Grant revenue  18  460  336  991
Total revenues  9,220  12,298  23,939  22,896
         
Costs and expenses:        
Research and development  17,335  11,049  31,904  21,146
General and administrative  4,145  1,503  7,403  5,336
Total costs and expenses  21,480  12,552  39,307  26,482
         
Loss from operations  (12,260)  (254)  (15,368)  (3,586)
         
Other income (expense)  1  (40)  1  (74)
Net comprehensive loss  $ (12,259)  $ (294)  $ (15,367)  $ (3,660)
         
         
Basic and diluted net loss per common share ($0.44) ($0.24) ($0.57) ($3.00)
Basic and diluted weighted average number of common shares outstanding  27,651,297  1,219,884  26,960,664  1,184,507

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 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. MacroGenics and DART are registered trademarks of MacroGenics, Inc. 

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 and the subsequent Quarterly Reports on Form 10-Q. 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

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Source: MacroGenics, Inc.

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