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Cancer vaccine company reports $10M net loss; provides clinical update.
2004 JAN 7 - (NewsRx.com & NewsRx.net) -- CancerVax Corporation (CNVX) announced financial results for the third quarter of 2003.
For the 3 months ended September 30, 2003, the company reported a net loss of $10.0 million, as compared to a net loss of $8.1 million for the same period in 2002. For the 9 months ended September 30, 2003, CancerVax reported a net loss of $26.4 million, as compared to a net loss of $26.8 million for the same period in 2002.
As of September 30, 2003, the company had cash, cash equivalents and securities available-for-sale of $52.4 million.
On November 4, 2003, CancerVax completed its initial public offering of 6,000,000 shares of common stock at $12.00 per share. Net proceeds from the offering of approximately $65.3 million and the number of shares issued will be reflected in CancerVax's fourth quarter 2003 financial results.
"CancerVax's IPO was preceded by a third quarter during which we raised net proceeds of $41.2 million through the private placement of preferred stock, ensuring a solid cash position as we entered the IPO process," said David F. Hale, president and CEO of CancerVax.
"The funds raised through these offerings will support our two international phase III clinical trials of Canvaxin, our specific active immunotherapeutic product candidate, for the treatment of advanced-stage melanoma. Our augmented cash position will also permit us to continue to scale-up our manufacturing process and to advance our preclinical pipeline of antibody and peptide product candidates for the treatment of other cancers," Hale said.
Highlights of the third quarter include CancerVax's completion of a $41.2 million financing through the private placement of Series C Preferred Stock with existing and new investors. Progress was also demonstrated in the company's clinical programs, with the number of sites participating in CancerVax's phase III clinical trials for stage III and stage IV melanoma increasing to over 65 sites.
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Source: HighBeam Research, Cancer vaccine company reports $10M net loss; provides clinical...