"These are the most challenging patients to treat because their survival is typically three to six months," said Andrew T. Parsa, MD, PhD, associate professor in the department of neurological surgery at the University of California, San Francisco. "These preliminary results suggest a possible impact on survival as well as a very favorable safety profile."

In addition to survival data, the study also observed a correlation between immune response and overall survival as a result of Oncophage vaccination (n=12; P < .001). These responses were validated by using three separate immune techniques and showed that Oncophage evoked a tumor-specific immune response by producing activated T-cells and natural killer cells that can destroy tumor cells.

"Gliomas develop built-in immunoresistant pathways which play an important role in tumor progression," said Dr. Parsa. "This study demonstrated significant tumor-specific immune responses leading to a proliferation of T-cells which did not exist in these patients before vaccination with Oncophage. We look forward to completing the Phase 2 portion of this study and presenting results next year."

Study Design and Findings

The investigator-sponsored Phase 1/2 study was designed to evaluate the feasibility, safety and activity of Oncophage vaccination in patients with recurrent, high-grade glioma. Patients were monitored for immune response before and after Oncophage treatment using three different techniques.

According to investigators, no adverse events or toxicities identified were considered attributable to the vaccine. A tumor-specific immune response was detected after vaccination in all 12 patients.

About Oncophage

In April 2008, Oncophage was approved in Russia for the adjuvant treatment of kidney cancer patients at intermediate risk for disease recurrence. Derived from each individual's tumor, Oncophage contains the 'antigenic fingerprint' of the patient's particular cancer and is designed to reprogram the body's immune system to target only cancer cells bearing this fingerprint. Oncophage is intended to leave healthy tissue unaffected and limit the debilitating side effects typically associated with traditional cancer treatments such as chemotherapy and radiation therapy. Oncophage has been studied in Phase 3 clinical trials for the treatment of kidney cancer and metastatic melanoma and is currently being investigated in a Phase 1/2 trial in recurrent glioma.

Oncophage has received fast track and orphan drug designations from the U.S. Food and Drug Administration for both kidney cancer and metastatic melanoma. Oncophage has orphan drug status for kidney cancer from the European Medicines Agency.

About Brain Tumors

Glioma is the most common type of brain tumor and is currently a fatal disease impairing areas such as thinking, personality and movement. The National Cancer Institute estimates that about 19,000 cases are diagnosed every year in the U.S. and according to historical estimates, the median survival of patients with previously treated glioma is typically three to six months.

About UCSF

UCSF is a leading university that consistently defines health care worldwide by conducting advanced biomedical research, educating graduate students in the life sciences, and providing complex patient care. The Brain Tumor Research Center at UCSF is internationally recognized as a major research and treatment center for adults and children with tumors of the brain and spinal cord. For more information, please visit www.ucsf.edu.

About Antigenics

Antigenics (NASDAQ: AGEN) is a biotechnology company working to develop treatments for cancers and infectious diseases. For more information, please visit antigenics.com

This press release contains forward-looking information, including statements regarding the potential safety and activity of Oncophage in patients with glioma, future clinical trials and anticipated timing for results and presentation of data. These risks and uncertainties include, among others, the risk that future results will not support further Oncophage development or registration; decisions of patients and doctors, the ability to enroll patients within the desired clinical trial timelines; the ability of the Company to raise money, maintain an acceptable cash burn, and retain employees; and the factors described under Factors That May Impact Future Results in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of Antigenics' Annual Report on Form 10-Q filed with the Securities and Exchange Commission for the period ended September 30, 2008. Antigenics cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. These statements speak only as of the date of this document, and Antigenics undertakes no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Antigenics' business is subject to substantial risks and uncertainties, including those identified above. When evaluating Antigenics' business and securities, investors should give careful consideration to these risks and uncertainties.

SOURCE: Antigenics Inc.

Antigenics Inc. 
Media Relations: 
Sunny Uberoi 
Cell: 917-443-3325 
Work: 212-994-8206 
suberoi@antigenics.com 
or 
Investor Relations: 
Robert Anstey, 800-962-2436 
ir@antigenics.com

The audio portion of the presentation will be webcast live on the company's website at www.antigenics.com and will be archived there for approximately 30 days following the presentation.

About Antigenics

Antigenics (NASDAQ: AGEN) is a biotechnology company working to develop treatments for cancers and infectious diseases. The company's investigational product portfolio includes Oncophage(R), a patient-specific therapeutic cancer vaccine being evaluated in several indications; Aroplatin(TM) (L-NDDP), a liposomal, third-generation platinum chemotherapeutic; AG-707, a therapeutic vaccine for the treatment of genital herpes; and QS-21 Stimulon(R), an adjuvant being evaluated by Antigenics' collaborative partners in approximately 15 clinical stage vaccines. For more information, please visit www.antigenics.com.

SOURCE: Antigenics Inc.

Antigenics Inc. 
Media: 
Sunny Uberoi, 212-994-8206 or 917-443-3325 
or 
Investors: 
Robert Anstey, 800-962-2436

Cash, cash equivalents and short-term investments amounted to $40.9 million as of September 30, 2008.

"We achieved an important regulatory milestone by submitting a Marketing Authorization Application to the European Medicines Agency requesting conditional approval for Oncophage in earlier-stage, localized kidney cancer," said Garo H. Armen, Ph.D., chairman and chief executive officer of Antigenics. "In addition, following the U.S. FDA's recent decision to permit the exportation of Oncophage to Russia, we remain on track and expect to launch shortly."

Third Quarter 2008 Corporate Highlights

-- In September, the U.S. Food and Drug Administration (FDA) granted the necessary permission to allow for the export of Oncophage to Russia, which clears the way to provide patients in Russia with the drug as an adjuvant treatment for patients with renal cell carcinoma (RCC) at intermediate-risk of recurrence. Oncophage will continue to be manufactured at the company's Lexington, Massachusetts facility.

-- Antigenics submitted an application for conditional approval of Oncophage as an adjuvant treatment in early-stage RCC patients to the European Medicines Agency. If approved, Oncophage will be eligible for marketing in 27 European countries.

Key Upcoming Milestones

-- Launch of Oncophage in Russia as an adjuvant treatment for early-stage RCC is expected to begin shortly as the company completes administrative procedures with hospitals considered as centers of excellence in the areas of oncology and urology.

-- Continue to explore other major geographical territories for regulatory approval of Oncophage.

-- Presentation of final Phase 1 data of Oncophage as a treatment for relapsed glioma at the Thirteenth Annual Scientific Meeting of the Society of Neuro-Oncology in November 2008 by the University of California, San Francisco.

-- Initiation of a Phase 2 trial of Oncophage as a first-line treatment for glioma at the University of California, San Francisco.

Conference Call Information

Antigenics executives will host a conference call at 11:00 a.m. Eastern Time today. To access the live call, dial (877) 762-5772 (domestic) or (706) 643-6986 (international); the access code is 69261414. The call will also be webcast and will be accessible from the company's website at www.antigenics.com/webcast/. A replay will be available approximately two hours after the call through midnight Eastern Time on November 19, 2008. The replay number is (800) 642-1687 (domestic) or (706) 645-9291 (international), and the access code is 69261414. The replay will also be available on the company's website approximately two hours after the live call.

About Antigenics

Antigenics is a biotechnology company working to develop treatments for cancers and infectious diseases. The company's investigational product portfolio includes Oncophage(R) (vitespen), a patient-specific therapeutic cancer vaccine being evaluated in several indications; Aroplatin(TM) (L-NDDP), a liposomal, third-generation platinum chemotherapeutic; AG-707, a therapeutic vaccine for the treatment of genital herpes; and QS-21 Stimulon(R), an adjuvant being evaluated by Antigenics' collaborative partners in approximately 15 clinical stage vaccines. For more information, please visit www.antigenics.com.

This earnings release contains forward-looking statements, including statements regarding the anticipated timeline for commercial launch of Oncophage in Russia; the potential conditional approval of Oncophage in Europe and continued exploration for pursuing marketing registration for Oncophage in other territories; and clinical trial activities and the presentation of clinical data. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, decisions by regulatory authorities, physicians and patients; the possibility that results from future treatments with Oncophage or studies with our other product candidates will not be as favorable as prior results; the inability to secure local distributors and payment mechanisms in Russia or any other jurisdiction in which Antigenics may obtain product approval; the ability to raise capital and finance future development of Oncophage; Antigenics' dependence on its collaborative partners to successfully develop and commercialize products; and the factors described under the Risk Factors Section of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission for the period ended June 30, 2008. Antigenics cautions investors that we do not expect to generate significant revenue from sales of Oncophage in Russia for several months, if ever. The amount of revenue we generate will depend on, among other things, securing reimbursement mechanisms and physician and patient assessment of the benefits and cost effectiveness of Oncophage. Antigenics also cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this document, and Antigenics undertakes no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Antigenics' business is subject to substantial risks and uncertainties, including those identified above. When evaluating Antigenics' business and securities, investors should give careful consideration to these risks and uncertainties.

Summary Consolidated Financial Information
Condensed Consolidated Statements of Operations Data
(in thousands, except per share data)
(unaudited)
                                                                      Three months ended September 30,                     Nine months ended September 30,
                                                                      2008                       2007                      2008                       2007
Revenue                                                               $     685                  $     863                 $     2,130                $     4,659
Operating expenses:
Research and development                                                    5,396                      6,133                     16,965                     18,146
General and administrative                                                  5,132                      4,580                     16,142                     13,311
Operating loss                                                              (9,843   )                 (9,850   )                (30,977  )                 (26,798  )
Other expense, net                                                          (1,088   )                 (936     )                (2,979   )                 (2,537   )
Net loss                                                                    (10,931  )                 (10,786  )                (33,956  )                 (29,335  )
Dividends on Series A convertible preferred stock                           (198     )                 (198     )                (593     )                 (593     )
Net loss attributable to common stockholders                          $     (11,129  )           $     (10,984  )          $     (34,549  )           $     (29,928  )
Per common share data, basic and diluted:
Net loss attributable to common stockholders                          $     (0.17    )           $     (0.24    )          $     (0.56    )           $     (0.65    )
Weighted average number of common shares outstanding, basic and             66,209                     46,430                    62,195                     46,126
diluted

Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
                                                          September 30, 2008             December 31, 2007
Cash, cash equivalents, and short-term investments        $       40,874                 $      18,679
Total assets                                                      62,503                        44,537
Total stockholders' deficit                                       (29,889  )                    (47,060  )

SOURCE: Antigenics Inc.

Antigenics Inc. 
Media: 
Sunny Uberoi, 212-994-8206 / 917-443-3325 
or 
Investors: 
Robert Anstey, 800-962-2436