CancerVax Q2 results

Published: 19-Aug-2004

CancerVax, a biotechnology company focused on the research, development and commercialisation of novel biological products for the treatment and control of cancer, has reported a net loss of $12.8m ($0.48 per share), as compared with a net loss of $8.6m for the same three month period to the end of June in 2003.


CancerVax, a biotechnology company focused on the research, development and commercialisation of novel biological products for the treatment and control of cancer, has reported a net loss of $12.8m ($0.48 per share), as compared with a net loss of $8.6m for the same three month period to the end of June in 2003.

For the six months ended June 30, 2004, the Company reported a net loss of $25.6m ($0.96 per share), as compared with a net loss of $16.4m for the same period in 2003. As of June 30, 2004, the Company had cash, cash equivalents and securities-available-for-sale of $79.2m.

'During the second quarter we continued to increase enrollment in CancerVax's Phase III clinical trials of our lead product candidate, Canvaxin, for patients with Stage III and Stage IV melanoma. Importantly, we are currently on track to complete our target enrollment of 1,118 patients in the Stage III study by the end of September 2004.

In addition, on July 15, 2004 CancerVax announced its wholly-owned subsidiaries, Tarcanta Inc and Tarcanta Ltd had obtained the exclusive rights to complete the clinical development of three specific active immunotherapeutic (SAI) product candidates that target the epidermal growth factor receptor (EGFR) signaling pathway for the treatment of cancer through license agreements with Cimab, a Cuban company, and YM Biosciences, a Canadian company,' said David Hale, president and ceo of CancerVax.

'The lead product candidate, SAI-EGF, is being evaluated in Phase II clinical trials for non-small-cell lung cancer. Our rights include commercialisation of successful product candidates within the US, western Europe, Canada, Japan, Australia, New Zealand and Mexico. We plan to initiate a Phase II clinical trial with SAI-EGF in advanced non-small-cell lung cancer in 2005.'

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