On May 13, 2022 Kintara Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a biopharmaceutical company focused on the development of new solid tumor cancer therapies, reported financial results for its fiscal third quarter ended March 31, 2022 and provided a corporate update (Press release, Kintara Therapeutics, MAY 13, 2022, View Source [SID1234614528]).
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CORPORATE HIGHLIGHTS AND RECENT DEVELOPMENTS
Closed a registered direct financing with certain institutional investors pursuant to which the Company received approximately $7.9 million in net proceeds after deducting placement agent fees and other offering expenses payable by the Company (April).
Received notice of the U.S. Patent and Trademark Office’s issuance of United States Patent No. 11,234,955 to VAL-083 covering a method of treating brain tumors including glioblastoma multiforme (GBM), medulloblastoma, and cancer brain tumor stem cells that has O6-methyl guanine methyltransferase (MGMT)-driven drug resistance (February).
Announced that the Global Coalition for Adaptive Research (GCAR) GBM Adaptive Global Innovative Learning Environment (AGILE) registrational Phase 2/3 clinical study (GBM AGILE Study) has screened over 1,000 patients and that enrollment rates for the study are 3 to 4 times greater than traditional GBM studies according to GCAR, with active sites averaging 0.75 to 1 patient per site per month. As a result of the accelerated enrollment rate, the Company expects to announce top-line data from the Kintara arm of the study around the end of calendar year 2023 (January).
Continued to advance development of REM-001 for the treatment of Cutaneous Metastatic Breast Cancer (CMBC), including taking critical steps toward manufacturing sufficient quantity of drug to allow for initiation and completion of the 15-patient confirmatory study. Enrollment of the first patient is expected by the middle of calendar year 2022.
"The enrollment rate in the GBM AGILE Study continues to be robust and is expected to lead to our announcing top-line data for the VAL-083 arm of the study around the end of 2023," commented Robert E. Hoffman, Kintara’s President and Chief Executive Officer. "Moving our REM-001 CMBC program back into the clinic is also an important step for us to deliver on our mission of serving cancer patients where there is a clear unmet medical need. We remain on track to start enrolling patients in the CMBC study by the middle of calendar year 2022."
SUMMARY OF FINANCIAL RESULTS FOR FISCAL YEAR 2022 THIRD QUARTER ENDED MARCH 31, 2022
At March 31, 2022, Kintara had cash and cash equivalents of approximately $8.8 million. In April 2022, Kintara completed a registered direct offering for net proceeds to the Company of approximately $7.9 million.
For the three months ended March 31, 2022, Kintara reported a net loss of approximately $5.4 million, or $0.11 per share, compared to a net loss of approximately $6.6 million, or $0.23 per share, for the three months ended March 31, 2021. For the nine months ended March 31, 2022, Kintara reported a net loss of approximately $17.2 million, or $0.45 per share, compared to a net loss of approximately $31.6 million, or $1.47 per share, for the nine months ended March 31, 2021. The decreased net loss for the nine months ended March 31, 2022 compared to the nine months ended March 31, 2021 was largely due to the recognition of $16.1 million of non-cash expenses related to the acquisition of in-process research and development costs associated with the Adgero transaction in August 2020.