On November 14, 2017 Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, reported a corporate update and reported financial results for the three months ended September 30, 2017 (Press release, Mateon Therapeutics, NOV 14, 2017, View Source [SID1234522046]).
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Recent Corporate Highlights
Announced phase 1b data for OXi4503 in Study OX1222 for the treatment of relapsed/refractory acute myeloid leukemia/myelodysplastic syndromes, which show complete remissions and evidence of a dose response;
Elevated OXi4503 to lead program, representing the primary focus of Mateon’s drug development efforts; and
Terminated FOCUS Study in platinum-resistant ovarian cancer, terminated clinical development of CA4P, and restructured company down to six employees to reduce expenditures.
"OXi4503 destroys the protective environment that bone marrow tumors provide to AML stem cells while also simultaneously attacking the tumor cells themselves. Thus, if ultimately approved, our lead compound would be a completely new way to treat AML and should offer many advantages over other drugs currently on the market or in development for this indication," stated William D. Schwieterman, M.D., President and Chief Executive Officer of Mateon. "With patent protection in AML to 2033, we believe that OXi4503 represents an outstanding business development or financing proposition, and are working to secure an arrangement that will allow us to accrue clinical data in higher-dose cohorts in Study OX1222."
Financial Results for the Third Quarter of 2017
For the three months ended September 30, 2017, Mateon reported a net loss of $3.5 million, compared to a net loss of $3.2 million for the three months ended September 30, 2016. Research and development expenses increased to $2.8 million for the three months ended September 30, 2017, compared to $2.1 million for the three months ended September 30, 2016, primarily due to higher clinical costs associated with the recently terminated FOCUS study. General and administrative expenses decreased to $0.7 million for the three months ended September 30, 2017, compared to $1.2 million for the three months ended September 30, 2016.
At September 30, 2017, Mateon had cash and short-term investments of $1.9 million.
"We very rapidly closed out the FOCUS Study in October. Following the other cost reductions implemented in late September, we now project that our existing cash, when combined with expected refunds from certain vendors, should sustain our OXi4503-focused business development and financing efforts into approximately February 2018," concluded Dr. Schwieterman.