AMES, Iowa, Nov. 6, 2014 (GLOBE NEWSWIRE) -- NewLink Genetics Corporation (Nasdaq:NLNK), today reported consolidated financial results for the third quarter of 2014 and progress in its clinical and business development programs.
"As we announced in August, we continue to develop the science around combining our IDO pathway product candidates with treatment modalities including other checkpoint inhibitors, chemotherapy, and our own HyperAcute immunotherapies," said Dr.Charles Link, Chairman and Chief Executive Officer. "The license and collaboration agreement with Genentech, which we announced a few weeks ago, is the most important recent step in realizing that vision, in addition to providing us with substantial new capital to develop further our HyperAcute vaccine technology."
NewLink reported a net loss of $5.6 million or $.20 per share for the third quarter of 2014 compared to a net loss of $8.1 million or $.32 per share for the comparable period in 2013.
Research and development expense in the third quarter of 2014 was $10.9 million compared to $6.1 million during the comparable period in 2013. The increase was primarily due to increases in compensation including share based compensation, as well as increases in contract research and manufacturing, clinical trial expense, and other expenses.
"We continue to look forward to seeing the second interim look on the IMPRESS trial in the first quarter of 2015," said Dr.Nicholas Vahanian, President and Chief Medical Officer of NewLink.
General and administrative expense in the third quarter of 2014 was $4.9 million compared to $2.3 million during the comparable period in 2013. The increase was primarily due to an increase in share-based compensation expense, as well as increases in consulting and legal fees, travel expense, and medical affairs and marketing. Excluding costs associated with the transition in the chief financial officer function, general and administrative expense for the quarter would have been $2.8 million, as set forth in the attached reconciliation.
NewLink ended the quarter on September 30, 2014, with cash, cash equivalents, and certificates of deposit totaling $67.7 million and, if the Hart-Scott-Rodino waiting period with respect to the Genentech collaboration expires as anticipated, expects to end the year with approximately $180 million in cash, cash equivalents and certificates of deposit.
NewLink has an additional $13.9 million of shares available for sale under its at-the-market offering (ATM) and has sold no shares under the ATM since March 31, 2014. NewLink ended the third quarter of 2014 with 27,929,874 shares outstanding.
