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Mateon Provides Corporate Update and Reports Second Quarter 2016 Financial Results

20:00 EDT 2 Aug 2016 | Globe Newswire

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

  • Presented new data reflecting improved survival outcomes for CA4P-treated patients from Study GOG-0186I at an investor event in New York. These data showed an improvement of 5.6 months in overall survival and 3.7 months in progression-free survival in patients with measurable disease.
  • Published positive results from Study GOG-0186I, an open-label randomized Phase 2 study evaluating CA4P in recurrent ovarian cancer, in the Journal of Clinical Oncology, the official journal of the American Society of Clinical Oncology.
  • Announced name change to Mateon Therapeutics, Inc. to reflect the Company’s new focus on combination vascular targeted therapy in orphan oncology indications.
  • Initiated the FOCUS Study, a Phase 2/3 clinical trial of CA4P in combination with bevacizumab (Avastin®) and chemotherapy, for the treatment of patients with platinum-resistant ovarian cancer.
  • Enrolled the first patient into the Phase 2 portion of the PAZOFOS Study, a Phase 1b/2 clinical trial of CA4P in combination with pazopanib (Votrient®), in patients with recurrent ovarian cancer.
  • Received orphan drug designation for CA4P for the treatment of glioma from the U.S. Food and Drug Administration (FDA).
  • Completed enrollment of the first cohort and initiated the second cohort of OX1222, an open-label dose ranging study of OXi4503 in combination with cytarabine, in patients with relapsed/refractory acute myeloid leukemia (AML).

“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.

About Mateon

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     
 (Unaudited)   
    June 30, 2016 December 31, 2015 
            
    (all amounts in thousands) 
 Assets      
        
  Cash and cash equivalents $7,939  $27,285  
  Short-term investments  11,402   -  
  Prepaid expenses and other current assets  1,035   105  
  Other assets  52   63  
        
  Total assets $20,428  $27,453  
        
 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        
 (Unaudited)        
     Three months ended
June 30,
 
  Three months ended
June 30,
 
     2016   2015   2016   2015 
                   
    (all amounts in thousands, except per share data)
 Operating Expenses:        
  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)
           
  Interest income  29   5   57   8 
  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        
 outstanding  26,545   26,545   26,545   23,835 
           
CONTACTS 

Investors:
ir@mateon.com 
650-635-7000

Media:
JPA Health Communications
Nic DiBella
nic@jpa.com
617-945-5183

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