NewLink Genetics Corporation
May 10, 2012

NewLink Genetics Corporation Reports First Quarter 2012 Financial Results

AMES, Iowa, May 10, 2012 (GLOBE NEWSWIRE) -- NewLink Genetics Corporation (Nasdaq:NLNK), a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics, today reported consolidated financial results for the first quarter of 2012, and provided an update on the progress of its clinical development programs.

"During the first quarter of 2012 we continued to advance our pivotal trial in pancreatic cancer and are also moving forward on a number of other HyperAcute immunotherapy development programs including those to treat melanoma and lung and kidney cancers," commented Dr. Charles Link, Chairman and Chief Executive Officer of NewLink. "We also made strides in our IDO pathway inhibitor program and are looking forward to presenting new data for a number of these programs at both DDW and ASCO. We believe that the receipt of patent allowances in both of our core programs will also facilitate our business development activities."

First quarter 2012 Financial Results

Financial Guidance

NewLink is maintaining its financial guidance and continues to expect to end 2012 with about $20 million in cash, cash equivalents and marketable securities. NewLink continues to anticipate that this capital should allow it to fund its operations through 2013 based on its current operating plans.

2012 Key Accomplishments to Date

Upcoming Activities

NewLink expects to present at the following investor conferences:

NewLink expects to present at the following oncology and pharmacology meetings:

About NewLink Genetics Corporation

NewLink Genetics Corporation is a biopharmaceutical company focused on discovering, developing and commercializing novel immunotherapeutic products to improve cancer treatment options for patients and physicians. NewLink's portfolio includes biologic and small molecule immunotherapy product candidates intended to treat a wide range of oncology indications. NewLink's product candidates are designed with an objective to harness multiple components of the innate immune system to combat cancer, either as a monotherapy or in combination with current treatment regimens, without incremental toxicity. NewLink's lead product candidate, HyperAcute Pancreas cancer immunotherapy is being studied in a Phase 3 clinical trial in surgically resected pancreatic cancer patients (patient information is available at This clinical trial is being performed under a Special Protocol Assessment with the U.S. Food and Drug Administration. NewLink and its collaborators have completed patient enrollment for a Phase 1/2 clinical trial evaluating its HyperAcute Lung cancer immunotherapy product candidate for non-small cell lung cancer and a Phase 2 clinical trial for its HyperAcute Melanoma cancer immunotherapy product candidate. NewLink also is developing d-1-methyltryptophan, or D-1MT, a small molecule, orally bioavailable product candidate from NewLink's proprietary indoleamine (2, 3) dioxygenase, or IDO, pathway inhibitor technology. Through NewLink's collaboration with the National Cancer Institute, NewLink is studying D-1MT in various chemotherapy and immunotherapy combinations in two Phase 1B/2 safety and efficacy clinical trials. For more information please visit

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements of NewLink that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release are forward-looking statements, within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan,""target," "potential," "will,""could," "should,""seek," or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, statements about: NewLink's financial guidance for 2012; the timing for completion of enrollment of our Phase 3 clinical trial for our HyperAcute Pancreas cancer immunotherapy; the timing of release of clinical data from ongoing clinical studies; NewLink's future financial performance, results of operations or sufficiency of capital resources to fund its operating requirements; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that NewLink makes due to a number of important factors, including those risks discussed in "Risk Factors" and elsewhere in NewLink's Annual Report on Form 10-K for the period ended December 31, 2011, in its Quarterly Report on Form 10-Q for the period ended March 31, 2012, and in its other filings with the Securities and Exchange Commission. The forward-looking statements in this press release represent NewLink's views as of the date of this press release. NewLink anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing NewLink's views as of any date subsequent to the date of this press release.

NewLink Genetics Corporation
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
 Quarter Ended
 March 31,March 31,
Grant revenue $ 471 $ 604
Operating expenses:    
Research and development 3,830 3,180
General and administrative 1,458 1,316
Loss from operations (4,817) (3,892)
Other (expense) income, net (25) (6)
Net loss $ (4,842) $ (3,898)
Net loss attributable to NewLink $ (4,842) $ (3,897)
Net loss per common share, basic and diluted $ (0.23) $ (1.07)
Weighted average number of common shares outstanding 20,613,146 3,636,044
NewLink Genetics Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
 March 31,December 31,
Current assets:    
Cash, cash equivalents and certificates of deposit $ 35,759 $ 41,980
Prepaid expenses and other current assets 1,459 808
Total current assets 37,218 42,788
Property and equipment, net 6,229 5,591
Total assets $ 43,447 $ 48,379
Liabilities and Equity    
Current liabilities:    
Accounts payable and accrued expenses $ 2,029 $ 3,537
Deferred rent 65 913
Other current liabilities 216 6,214
Total current liabilities 2,310 10,664
Long-term liabilities:    
Royalty obligation payable 6,000
Notes payable and obligations under capital leases 885 942
Deferred rent 1,454
Total long-term liabilities 8,339 942
Total liabilities 10,649 11,606
Stockholders' equity:    
Preferred Stock
Common stock 207 206
Additional paid-in capital, net 118,909 118,043
Deficit accumulated during the development stage (86,318) (81,476)
Total NewLink Genetics stockholders' equity 32,798 36,773
Total equity 32,798 36,773
Total liabilities and equity $ 43,447 $ 48,379
CONTACT: Gordon Link

         Chief Financial Officer