Moleculin Expects to Meet FDA IND Filing Requirements for its Pancreatic Cancer Drug Candidate with Development Work in Austr...
18 July 2018 - 9:30PM
Moleculin Biotech, Inc. (Nasdaq:MBRX) ("Moleculin" or the
"Company"), a clinical stage pharmaceutical company focused on the
development of oncology drug candidates, all of which are based on
license agreements with The University of Texas System on behalf of
the M.D. Anderson Cancer Center, today announced it has begun
preclinical toxicology testing of its WP1732, a fully water-soluble
STAT3 inhibitor through its new subsidiary in Australia.
“Based on preclinical testing, we believe the
discovery of WP1732, a fully water-soluble STAT3 inhibitor,
has the potential to be a breakthrough discovery for rare and
difficult to treat cancers. As a result of our preclinical testing,
we have recieved multiple requests to commence clinical
trials and we are pleased to be taking the next steps in preparing
for the appropriate clinical work,” commented Walter Klemp,
Chairman and CEO of Moleculin. “By utilizing our subsidiary in
Australia and the attractive R&D tax credits it offers, we can
accelerate the preclinical work of WP1732 and maintain a strong
cash balance. We believe this will allow us to complete our
IND-enabling work and meet FDA submission requirements before
year-end while also reducing our total cost of development.”
About Moleculin Biotech, Inc.
Moleculin Biotech, Inc. is a clinical stage
pharmaceutical company focused on the development of oncology drug
candidates, all of which are based on discoveries made at M.D.
Anderson Cancer Center. Our clinical stage drugs are Annamycin, an
anthracycline designed to avoid multidrug resistance mechanisms
with little to no cardiotoxicity being studied for the treatment of
relapsed or refractory acute myeloid leukemia, more commonly
referred to as AML, and WP1066, an immuno-stimulating STAT3
inhibitor targeting primary brain tumors and brain metastases,
pancreatic cancer and hematological malignancies. We are also
engaged in preclinical development of additional drug candidates,
including additional STAT3 inhibitors and compounds targeting the
metabolism of tumors.
For more information about the Company, please visit
http://www.moleculin.com.
Forward-Looking Statements
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, the ability to
receive the benefit of tax credits in Australia, the timing of the
completion of the IND-enabling work on WP1732, and the ability to
secure IND status for and conduct clinical trials with
WP1732. These statements relate to future events, future
expectations, plans and prospects. Although Moleculin Biotech
believes that the expectations reflected in such forward-looking
statements are reasonable as of the date made, expectations may
prove to have been materially different from the results expressed
or implied by such forward-looking statements. Moleculin Biotech
has attempted to identify forward-looking statements by terminology
including ''believes,'' ''estimates,'' ''anticipates,''
''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,''
''may,'' ''could,'' ''might,'' ''will,'' ''should,''
''approximately'' or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
These statements are only predictions and involve known and unknown
risks, uncertainties, and other factors, including those discussed
under Item 1A. "Risk Factors" in our most recently filed Form 10-K
filed with the Securities and Exchange Commission (“SEC”) and
updated from time to time in our Form 10-Q filings and in our other
public filings with the SEC. Any forward-looking statements
contained in this release speak only as of its date. We undertake
no obligation to update any forward-looking statements contained in
this release to reflect events or circumstances occurring after its
date or to reflect the occurrence of unanticipated events.
ContactsJoe Dorame, Robert Blum or Joe
DiazLytham Partners, LLC602-889-9700mbrx@lythampartners.com
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