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Argen-X N.V. (Argenx). (8/27/14). "Press Release: Business Update and First Half 2014 Results". Breda & Ghent.

Organisations Organisation Argen-X N.V. (Argenx) (Euronext + Nasdaq: ARGX)
  Group Argen-X (Argenx) (Group)
  Organisation 2 Shire (Group)
Products Product cusatuzumab (ARGX-110)
  Product 2 efgartigimod (ARGX-113 SIMPLE antibody)
Index term Index term Argen-X–SEVERAL: investment, 201406–201408 IPO €41.8m 4.7m+0.2m shares at €8.5/shares at Euronext Brussels
Persons Person Castaldi, Eric (Argen-X 201406– CFO before NicOx CFO)
  Person 2 Lanthaler, Werner (Evotec AG 200903– CEO before Intercell AG CFO before Austrian Industrial Assoc before McKinsey)
     


arGEN-X N.V. (Euronext Brussels: ARGX), a clinical-stage biopharmaceutical company focused on creating and developing differentiated therapeutic antibodies for the treatment of cancer and severe autoimmune diseases, today provides a business update and announces its financial results for the first half of 2014 (six-month period ended 30 June 2014).


Business Highlights

> Completed successful Initial Public Offering (IPO) on Euronext Brussels (pricing on 8 July with overallotment option exercised on 11 August) raising total gross proceeds of EUR 41.8 million

> Advanced ARGX-110 (anti-CD70 SIMPLE Antibody™) into the expansion part of its Phase 1b study. The objective is to further investigate the safety of ARGX-110 in CD70-positive cancer patients with either haematological or solid tumors, and to evaluate its biological activity in order to select the indications to be studied in Phase II clinical development (January)

> Entered partnership with The Leukemia and Lymphoma Society (LLS) to develop ARGX-110 for the treatment of Waldenström's macroglobulinemia, a rare B-cell lymphoma (June)

> Presented clinical data from Phase 1b dose-escalation study with ARGX-110 at the American Society of Clinical Oncology (ASCO; May)

> Announced positive preclinical data for ARGX-113 which supports its use as a potential breakthrough concept for the management of flares in severe autoimmune diseases (August)

> Signed a long-term strategic alliance with Shire (June), which resulted in arGEN-X receiving a EUR 3 million upfront cash payment and a EUR 12 million equity investment. arGEN-X will bring its entire suite of human antibody discovery technologies to the alliance which is focused on multiple targets aligned with Shire's therapeutic focus

> Received two preclinical milestone payments from Shire under initial antibody discovery collaboration (January)

> Initiated collaboration with Bayer to discover and develop therapeutic antibody candidates (May)

> Initiated pilot research agreement with Boehringer Ingelheim (January)

> Elected Werner Lanthaler, CEO of Evotec to the Board of Directors (April)

> Appointed Eric Castaldi, former CFO of Nicox, as CFO (June). Mr Castaldi was elected to the Board of Directors (July)


Financial Highlights

> Proceeds from IPO totalling EUR 41.8 million, including the overallotment, from high-quality corporate and institutional investors in Europe and the United States and retail investors in Belgium

> Net loss for the period was EUR 4.6 million compared to EUR 4.8 million for the same period in 2013

> Cash position as at 30 June 2014 was EUR 20.6 million. Cash position at the end of July, before the receipt of the proceeds from the exercise of the overallotment option, was EUR 58.1 million


Tim Van Hauwermeiren, Chief Executive Officer of arGEN-X, said: "We have made significant progress in 2014, delivering the key milestones in our strategic plan. Our successful IPO on Euronext Brussels has significantly strengthened our financial position and we are well positioned to generate important data for our lead therapeutic antibody candidates. Our clinical stage programs, ARGX-110 and ARGX-111, are on track and we are pleased with the initial safety and biological activity data observed for ARGX-110 and our recent clinical development partnership with LLS. We were delighted to expand our successful collaboration with Shire for the second time and to have signed new collaborations with Bayer and Boehringer Ingelheim to leverage the power of our SIMPLE Antibody™ platform against multiple, complex targets across a range of indications. We remain focused on executing our well thought out strategy, which we believe will deliver significant value for all of our stakeholders.


The full financial report for 1H 2014 can be found in the Investor section of the arGEN-X website: www.argen-x.com

###


About arGEN-X

arGEN-X is a clinical-stage biopharmaceutical company focused on creating and developing differentiated therapeutic antibodies for the treatment of cancer and severe autoimmune diseases. arGEN-X has generated a pipeline of differentiated clinical and preclinical antibody candidates using its SIMPLE Antibody™ discovery platform. SIMPLE Antibody™ has a particular strength in addressing novel, complex disease targets that are difficult to access using established antibody technology platforms. Proprietary Fc engineering technologies (NHance® and ABDEG™) and POTELLIGENT® technology (licensed from BioWa, inc.) further enhance the therapeutic properties of SIMPLE Antibody™ leads in terms of tissue penetration/residence time in the body, ability to clear disease targets or pathogenic antibodies and cell-killing potency through Antibody-Dependent Cell-mediated Cytotoxicity (ADCC), respectively. arGEN-X has leveraged its suite of antibody technologies in forging strategic collaborations with pharmaceutical and biotechnology companies to provide new approaches to diseases with unmet medical needs.

arGEN-X is listed on the Euronext Brussels exchange under the symbol ARGX.

www.arGEN-X.com

SIMPLE Antibody™, NHance® and ABDEG™ are trademarks of arGEN-X NV
POTELLIGENT® is a trademark of BioWa Inc.


For further information, please contact:

Tim Van Hauwermeiren, Chief Executive Officer
Eric Castaldi, Chief Financial Officer
+32 (0)9 243 40 70
info@arGEN-X.com

Mark Swallow/David Dible
Citigate Dewe Rogerson
+44 207 282 2948
arGEN-X@citigatedr.co.uk

Beth DelGiacco (US IR)
Stern Investor Relations
+1 212 362 1200
beth@sternir.com


Forward-looking Statements

The contents of this announcement include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will", or "should", and include statements arGEN-X makes concerning the intended results of its strategy. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. arGEN-X' actual results may differ materially from those predicted by the forward-looking statements. arGEN-X undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by law.

   
Record changed: 2017-04-17

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