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27 June, 2017 04:05 IST
Lion Biotechnologies first-quarter loss widens on a YOY basis
Source: IRIS | 20 Jun, 2017, 02.04AM

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Lion Biotechnologies, Inc (LBIO) saw its loss widen to $20.68 million, or $0.33 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $6.88 million, or $0.14 a share. On the other hand, adjusted net loss for the quarter widened to $17.39 million, or $0.28 a share from a loss of $5.10 million or $0.10 a share, a year ago.  

The company has not recorded any revenues for the current as well as previous quarter.

Operating loss for the quarter was $20.88 million, compared with an operating loss of $7.01 million in the previous year period.

“We started 2017 with a clear focus on execution toward expanding our manufacturing capacity, our clinical program, and initiation of engagement with health authorities. During the first quarter of 2017, we increased our manufacturing capacity and are now focused on expansion of our clinical program as well as access to clinical data through collaborations. I am very excited about our recently announced collaboration with MD Anderson, which allows us access to rare patient populations as well as a new method of manufacturing TIL using the MD Anderson process. Lion now has strategic relationships with leading academic and governmental institutions in the U.S. researching TIL technology including the NCI, MD Anderson, and the H. Lee Moffitt Cancer Center as well as one of a leading institution in Europe, the Karolinska Institute, providing Lion the ability to pursue a much broader clinical program than would otherwise be possible as a standalone company,” said Dr. Maria Fardis, PhD, MBA, Chief Executive Officer of Lion Biotechnologies. “With this new collaboration in place, by year-end we may have partner-sponsored trials in pancreatic, glioblastoma, ovarian cancer, various sarcomas and melanoma combination trials with three of the approved checkpoint inhibitors in addition to the three ongoing Lion-sponsored TIL clinical studies in metastatic melanoma, head and neck and cervical cancers. This gives us a robust pipeline based on our TIL technology.”

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