On May 8, 2017 Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, reported a corporate update and reported financial results for the three months ended March 31, 2017 (Press release, Mateon Therapeutics, MAY 8, 2017, View Source [SID1234518924]). Schedule your 30 min Free 1stOncology Demo! Recent Corporate Highlights
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•Announced results of the first interim analysis from the phase 2/3 FOCUS Study of CA4P in platinum-resistant ovarian cancer.
Two of nine (22%) patients treated with CA4P had partial responses compared to one of eleven (9%) in the control arm. The magnitude of the responses was larger for patients treated with CA4P, with reductions of approximately 76% and 64% in lesion size compared to a reduction of 46% for the patient receiving control.
No significant safety issues were identified in the interim analysis.
•Expect results from the second interim analysis (n=40) of the FOCUS Study in August 2017.
•Presented data from phase 2 monotherapy study in neuroendocrine tumors (NETs) and announced initiation of an investigator-sponsored phase 1 clinical trial in NETs using CA4P in combination with everolimus (AFINITOR).
•Announced data from the third cohort of phase 1b study of OXi4503 in patients with relapsed/refractory acute myeloid leukemia (AML), showing that one patient (25%) in the cohort had a complete remission and two other patients demonstrated evidence of AML blast reduction following one cycle.
"I am excited about the progress we are making in both our CA4P and OXi4503 clinical development programs, including initial indications of efficacy for each of these investigational drugs," stated William D. Schwieterman, M.D., Mateon’s President and Chief Executive Officer. "Our pipeline is advancing well, and we remain confident in the significant prospects for these promising product candidates. Additional clinical data read-outs are planned for each of these investigational drugs over the balance of 2017, and we look forward to receiving and announcing these results."
Financial Results for the First Quarter of 2017
For the three months ended March 31, 2017, Mateon reported a net loss of $4.0 million, compared to a net loss of $3.3 million for the three months ended March 31, 2016. Research and development expenses increased to $2.8 million for the three months ended March 31, 2017 compared to $2.0 million for the three months ended March 31, 2016, primarily due to costs associated with the ongoing clinical trials. General and administrative expenses decreased to $1.1 million for the three months ended March 31, 2017 compared to $1.4 million for the three months ended March 31, 2016.
At March 31, 2017, Mateon had cash and short-term investments of $8.3 million.