Mateon Provides Corporate Update and Reports Third Quarter 2016 Financial Results
15 November 2016 - 1:00AM
Mateon Therapeutics, Inc. (Nasdaq:MATN), a biopharmaceutical
company developing vascular disrupting agents (VDAs) for the
treatment of orphan oncology indications, today provided a
corporate update and reported financial results for the third
quarter of 2016.
Recent Corporate Highlights
- Entered into a collaboration with U.S. Oncology Research for
their participation in Mateon’s Phase 2/3 FOCUS Study evaluating
CA4P in combination with bevacizumab (Avastin®) and chemotherapy
for the treatment of patients with platinum-resistant ovarian
cancer.
- Continued to expand the number of U.S. investigator sites
participating in the FOCUS Study.
- Expanded the FOCUS Study into Europe, with sites in Belgium now
actively recruiting patients.
- Completed enrollment in the second cohort and initiated the
third cohort of OX1222, an open-label dose-ranging study of OXi4503
in combination with cytarabine, in patients with
relapsed/refractory acute myeloid leukemia (AML).
- Received an issued patent for pre-clinical cathepsin-inhibiting
compounds from the U.S. Patent and Trademark Office.
- Expanded Board of Directors with appointment of two experienced
biopharmaceutical executives.
“I am pleased that our most advanced clinical trial, the FOCUS
Study, remains on track and now has 20 investigator sites qualified
to enroll patients,” stated William D. Schwieterman, M.D., Mateon’s
President and Chief Executive Officer. “Importantly, we are seeking
to demonstrate improvement over the current standard of care in
platinum-resistant ovarian cancer, and positive results from this
trial could ultimately change the treatment paradigm in ovarian
cancer, as well as the much broader field of vascular-targeted
therapy in a variety of other solid tumor cancers. Therefore, the
results of this clinical trial are critical to our goal of creating
long-term shareholder value.”
Financial Results for the Third Quarter of
2016
For the third quarter of 2016, Mateon reported a net loss of
$3.2 million compared to a net loss of $3.6 million for the third
quarter of 2015. R&D expenses decreased to $2.1 million in the
third quarter of 2016, compared to $2.5 million in the third
quarter of 2015, while general and administrative expenses
increased to $1.2 million for the third quarter of 2016 compared to
$1.1 million for the third quarter of 2015.
At September 30, 2016, Mateon had cash, cash equivalents and
short-term investments of $16.3 million, which the Company
currently believes is sufficient to fund operations through the
availability of key clinical data from the FOCUS Study, which is
expected in the second half of 2017.
About MateonMateon Therapeutics, Inc. is a biopharmaceutical
company seeking to realize the full potential of vascular targeted
therapy (VTT) in oncology. VTT includes vascular disrupting agents
(VDAs) such as the investigational drugs that Mateon is developing,
and anti-angiogenic agents (AAs), a number of which are
FDA-approved and widely used in cancer treatment. These two
approaches have distinct yet complementary mechanisms of
action.
At Mateon, we believe that we can significantly improve cancer
therapy by employing these two complementary approaches
simultaneously. When utilized this way, VDAs obstruct existing
blood vessels in the tumor leading to significant central tumor
cell death while AAs prevent the formation of new tumor blood
vessels.
Mateon is committed to leveraging our intellectual property and
the product development expertise of our highly skilled management
team to enable VTT to realize its true potential and to bring
much-needed new therapies to cancer patients worldwide.
Safe Harbor StatementThis news release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Any or all of the forward-looking statements in
this press release, which include the timing of advancement,
outcomes, data and regulatory guidance relative to our clinical
programs and achievement of our business and financing objectives
may turn out to be wrong. Forward-looking statements can be
affected by inaccurate assumptions Mateon might make or by known or
unknown risks and uncertainties, including, but not limited to, the
inherent risks of drug development, manufacturing and regulatory
review, and the availability of additional financing to pursue and
continue development of our programs. Additional information
concerning factors that could cause actual results to materially
differ from those in the forward-looking statements is contained in
Mateon’s reports to the Securities and Exchange Commission,
including Mateon’s reports on Form 10-K, 10-Q and 8-K. However,
Mateon undertakes no obligation to publicly update forward-looking
statements, whether because of new information, future events or
otherwise. Please refer to our Annual Report on Form 10-K for the
fiscal year ended December 31, 2015.
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Mateon
Therapeutics, Inc. |
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Statement of
Operations Data |
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(Unaudited) |
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2016 |
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2015 |
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2016 |
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2015 |
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(all amounts in thousands, except per share data) |
Operating
Expenses: |
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Research
and development |
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$ |
2,075 |
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$ |
2,457 |
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$ |
6,429 |
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$ |
6,107 |
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General
and administrative |
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1,187 |
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1,142 |
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3,855 |
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3,597 |
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Total operating
expenses |
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3,262 |
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3,599 |
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10,284 |
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9,704 |
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Loss from
Operations |
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(3,262 |
) |
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(3,599 |
) |
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(10,284 |
) |
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(9,704 |
) |
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Interest
income |
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26 |
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7 |
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84 |
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15 |
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Other
income (expense), net |
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- |
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- |
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(1 |
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1 |
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Net loss and
comprehensive loss |
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$ |
(3,236 |
) |
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$ |
(3,592 |
) |
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$ |
(10,201 |
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$ |
(9,688 |
) |
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Basic and diluted net
loss per common share |
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attributable to common stock |
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$ |
(0.12 |
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$ |
(0.14 |
) |
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$ |
(0.38 |
) |
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$ |
(0.39 |
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Weighted-average number
of common shares |
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outstanding |
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26,545 |
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26,545 |
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26,545 |
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24,748 |
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Mateon
Therapeutics, Inc. |
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Balance Sheet
Data |
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(Unaudited) |
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September 30, 2016 |
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December 31, 2015 |
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(all amounts in thousands) |
Assets |
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Cash and
cash equivalents |
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$ |
5,167 |
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$ |
27,285 |
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Short-term investments |
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11,113 |
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- |
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Prepaid
expenses and other current assets |
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934 |
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105 |
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Other
assets |
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47 |
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63 |
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Total
assets |
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$ |
17,261 |
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$ |
27,453 |
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Liabilities and stockholders'
equity |
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Accounts payable and accrued
liabilities |
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$ |
1,485 |
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$ |
2,103 |
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Total stockholders' equity |
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15,776 |
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25,350 |
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Total liabilities and stockholders'
equity |
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$ |
17,261 |
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$ |
27,453 |
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CONTACTS
Investors:
ir@mateon.com
650-635-7000
Media:
JPA Health Communications
Nic DiBella
nic@jpa.com
617-945-5183