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SOUTH SAN FRANCISCO, Calif., Aug. 6, 2015 (GLOBE NEWSWIRE) -- Atara Biotherapeutics, Inc. (Nasdaq:ATRA), a biopharmaceutical company with a focus on developing innovative therapies for patients with debilitating diseases, today reported financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Strategic and Operational Highlights
Second Quarter 2015 Financial Results
"We achieved important strategic and operational milestones across all of our pipeline product candidates in the second quarter of 2015." said Isaac Ciechanover, Chief Executive Officer and President of Atara Bio. "The licensing of the MSK t-cell platform and the subsequent discussion with the FDA sets the stage for our first potential pivotal clinical trial in an indication where patients have few therapeutic options."
In July 2015, we augmented our executive team with the addition of Heather Turner as Vice President and General Counsel. Heather joins Atara from Orexigen, where she was Senior Vice President, General Counsel and Secretary. Previously, she worked with Conor Medsystems, LLC and Cooley LLP.
Atara Bio will present at the 2015 Canaccord Genuity Growth Conference at 10:30 a.m. EDT, Wednesday, August 12, 2015 at the InterContinental Boston in Boston, Massachusetts. The live audio webcast of the company presentation will be accessible from the company's investor relations website at http://investors.atarabio.com/events.cfm. Please connect to the website prior to the start of the presentation to ensure adequate time for any software downloads that may be necessary to listen to the webcasts. An archive of the webcasts will be available for at least 30 days following the presentations.
About Atara Biotherapeutics, Inc.
Atara Biotherapeutics, Inc. is a biopharmaceutical company focused on developing innovative therapies for patients with debilitating diseases. Atara Bio's programs include molecularly targeted product candidates and T-cell product candidates. Molecularly targeted product candidates include PINTA 745, STM 434 and ATA 842, members of the TGF-beta family of proteins that target myostatin and activin, and have demonstrated the potential to have therapeutic benefit in a number of clinical indications. T-cell product candidates include EBV-CTL, CMV-CTL and WT1-CTL.
This press release contains or may imply "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because such statements deal with future events and are based on Atara Bio's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Atara Bio could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding the clinical development of the Company's product candidates, including the Company's first potential pivotal trial. These forward-looking statements are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Atara Bio's registration statement on Form S-1 originally filed with the Securities and Exchange Commission (SEC) on June 29, 2015, as amended, including the documents incorporated by reference therein, and subsequent filings with the SEC. Except as otherwise required by law, Atara Bio disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
|ATARA BIOTHERAPEUTICS, INC.|
|Condensed Consolidated Balance Sheets|
|(In thousands, except share and per share amounts)|
|Cash and cash equivalents||$ 26,190||$ 21,897|
|Short-term available-for-sale investments||128,841||82,219|
|Prepaid expenses and other current assets||5,603||1,910|
|Total current assets||160,634||106,026|
|Property and equipment, net||42||48|
|Total assets||$ 161,102||$ 106,122|
|Liabilities and stockholders' equity|
|Accounts payable||$ 1,703||$ 440|
|Income tax payable||1||1|
|License fee payable to Memorial Sloan Kettering Cancer Center ("MSK")||4,500||—|
|Other accrued liabilities||4,516||1,058|
|Total current liabilities||11,644||2,724|
|Other long-term liabilities||203||216|
|Preferred stock—$0.0001 par value, 20,000,000 shares authorized; none issued and outstanding as of June 30, 2015 and December 31, 2014||—||—|
|Common stock—$0.0001 par value, 500,000,000 shares authorized; 24,151,734 and 19,692,937 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively||2||2|
|Additional paid-in capital||214,313||144,169|
|Accumulated other comprehensive loss||(66)||(100)|
|Total stockholders' equity||149,255||103,182|
|Total liabilities and stockholders' equity||$ 161,102||$ 106,122|
|ATARA BIOTHERAPEUTICS, INC.|
|Condensed Consolidated and Combined Statements of Operations and Comprehensive Loss|
|(In thousands, except per share amounts)|
Three months ended
Six months ended
|Research and development||$ 7,007||$ 2,110||$ 12,774||$ 5,091|
|Research and development costs paid to Amgen||—||1,066||—||1,066|
|In-process research and development license acquired from MSK||4,500||—||4,500||—|
|General and administrative||3,601||1,358||7,145||5,454|
|Total operating expenses||15,108||4,534||24,419||11,611|
|Loss from operations||(15,108)||(4,534)||(24,419)||(11,611)|
|Interest and other income||163||23||316||29|
|Loss before provision for income taxes||(14,945)||(4,511)||(24,103)||(11,582)|
|Provision (benefit) for income taxes||—||—||2||(22)|
|Other comprehensive gain (loss), net of tax:|
|Unrealized gains (losses) on investments||(48)||11||34||—|
|Other comprehensive gain (loss)||(48)||11||34||—|
|Net loss per common share:|
|Basic and diluted net loss per common share||$(0.62)||$(3.37)||$(1.04)||$(8.89)|
|Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share||24,224||1,337||23,079||1,300|
CONTACT: INVESTOR & MEDIA CONTACT: Tina Gullotta Atara Biotherapeutics, Inc. 650-741-1613 email@example.comNEXT ARTICLE
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