Track topics on Twitter Track topics that are important to you
SOUTH SAN FRANCISCO, Calif., Aug. 03, 2016 (GLOBE NEWSWIRE) -- 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 second quarter of 2016.
Recent Corporate Highlights
“We have accomplished a great deal over the last several months and believe we are well-positioned for long-term success,” said William D. Schwieterman, M.D., Mateon’s President and Chief Executive Officer. “Most importantly, we announced significant new overall survival and progression-free survival findings from the Phase 2 GOG-0186I Study. I am confident in our strategic direction, pleased with the continued development of our clinical pipeline and look forward to creating long-term shareholder value.”
Financial Results for the Second Quarter of 2016
For the second quarter of 2016, Mateon reported a net loss of $3.6 million compared to a net loss of $3.3 million for the second quarter of 2015. R&D expenses increased to $2.4 million in the second quarter of 2016, compared to $2.0 million in the second quarter of 2015, while general and administrative expenses were $1.3 million for both the second quarter of 2016 and the second quarter of 2015.
At June 30, 2016, Mateon had cash, cash equivalents and short-term investments of $19.3 million, which the Company currently believes is sufficient to fund operations through the availability of key clinical data from the FOCUS Study, expected in the second half of 2017.
Mateon 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 Statement
This 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.
|Mateon Therapeutics, Inc.|
|Balance Sheet Data|
|June 30, 2016||December 31, 2015|
|(all amounts in thousands)|
|Cash and cash equivalents||$||7,939||$||27,285|
|Prepaid expenses and other current assets||1,035||105|
|Liabilities and stockholders' equity|
|Accounts payable and accrued liabilities||$||1,617||$||2,103|
|Total stockholders' equity||18,811||25,350|
|Total liabilities and stockholders' equity||$||20,428||$||27,453|
|Mateon Therapeutics, Inc.|
|Statement of Operations Data|
| Three months ended |
| Three months ended |
|(all amounts in thousands, except per share data)|
|Research and development||$||2,374||$||1,981||$||4,354||$||3,650|
|General and administrative||1,296||1,347||2,668||2,455|
|Total operating expenses||3,670||3,328||7,022||6,105|
|Loss from Operations||(3,670||)||(3,328||)||(7,022||)||(6,105||)|
|Other income (expense), net||-||(1||)||(1||)||1|
|Net loss and comprehensive loss||$||(3,641||)||$||(3,324||)||$||(6,966||)||$||(6,096||)|
|Basic and diluted net loss per common share|
|attributable to common stock||$||(0.14||)||$||(0.13||)||$||(0.26||)||$||(0.26||)|
|Weighted-average number of common shares|
CONTACTS Investors: email@example.com 650-635-7000 Media: JPA Health Communications Nic DiBella firstname.lastname@example.org 617-945-5183NEXT ARTICLE
Blood is a specialized bodily fluid that delivers necessary substances to the body's cells (in animals) – such as nutrients and oxygen – and transports waste products away from those same cells. In vertebrates, it is composed of blo...