On November 5, 2020 Magenta Therapeutics (Nasdaq: MGTA), a clinical-stage biotechnology company developing novel medicines to bring the curative power of immune reset to more patients, reported recent business highlights and financial results for the third quarter ended September 30, 2020 (Press release, Magenta Therapeutics, NOV 5, 2020, View Source [SID1234570003]).

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"Magenta showed steady progress throughout the third quarter, bringing aboard new scientific leadership in Lisa Olson to broaden our technical expertise across research and discovery. We continued to progress both clinically and preclinically, showcasing findings at the European Society for Blood and Marrow Transplantation annual meeting," said Jason Gardner, D.Phil., President and Chief Executive Officer, Magenta Therapeutics. "We are driven by what’s ahead, including presentations at the upcoming American Society of Hematology (ASH) (Free ASH Whitepaper) annual meeting, and into 2021, and the anticipation of clinical data in our conditioning and mobilization programs."

Recent Program Updates:

Mobilization –

By the end of 2020, Magenta plans to initiate multiple Phase 2 clinical trials of MGTA-145, the Company’s first-line stem cell mobilization agent. These trials, including both allogeneic and autologous transplant settings across multiple diseases, are intended to evaluate mobilization and collection of functional hematopoietic stem cells ("HSCs") and engraftment of these cells in patients after transplant. The MGTA-145 Phase 1 trial in healthy volunteers was completed earlier this year and met all primary and secondary endpoints.
Magenta presented data from its Phase 1 trial of MGTA-145 at the European Society for Blood and Marrow Transplantation ("EBMT") annual meeting, held August 29 to September 1, 2020. These data provide further confirmation that MGTA-145, in combination with plerixafor, enables the same-day mobilization and collection of high numbers of functional HSCs for transplant.
Magenta will present data from the MGTA-145 program at the upcoming American College of Rheumatology Convergence 2020, to be held November 5th through 9th, 2020 and the American Society of Hematology (ASH) (Free ASH Whitepaper) ("ASH") annual meeting, to be held December 5th through 8th, 2020.
Conditioning –

MGTA-117, Magenta’s clinical candidate for antibody drug conjugate ("ADC")-based conditioning for stem cell transplant and gene therapy and Magenta’s most advanced conditioning program, is on track with IND-enabling studies ongoing and progressing in GMP manufacturing. Magenta expects to generate initial clinical data in 2021.
Magenta has identified a lead antibody for its CD45-ADC program for blood and immune system reset and preclinical work continues to advance.
Magenta presented two sets of preclinical data on its CD45-ADC program at the EBMT annual meeting. The first abstract showed that a single dose of CD45-ADC removed disease-causing T-cells, was well tolerated and enabled successful immune reset to halt disease progression. In the second study, the data demonstrate that a single dose of its CD45-ADC is fully myeloablative and enables complete chimerism in a full mismatch allogeneic hematopoietic stem cell transplant, potently and safely enabling immune reset.
Magenta will also present data on its MGTA-117 and CD45-ADC conditioning programs at the ASH (Free ASH Whitepaper) annual meeting in December 2020.
Recent Business Highlights:

In September 2020, Magenta announced it was named as co-recipient along with the University of Southern California, University of Washington and Fred Hutchinson Cancer Research Center, Harvard University and Massachusetts General Hospital, and the Ragon Institute of a multi-project, interdisciplinary U19 grant from the National Institutes of Health (NIH) to explore the use of novel targeted conditioning agents with gene editing approaches to advance research in a cure for HIV.

Financial Results:

Cash Position: Cash, cash equivalents and marketable securities as of September 30, 2020, were $161.7 million, compared to $145.7 million as of December 31, 2019. Magenta anticipates that its cash, cash equivalents and marketable securities will be sufficient to fund operations and capital expenditures into the second half of 2022.

Research and Development Expenses: Research and development expenses were $11.8 million in the third quarter of 2020, compared to $16.5 million in the third quarter of 2019. The decrease was driven primarily by lower clinical trial costs for the MGTA-145 Phase 1 clinical trials which were completed in the first quarter of 2020, decreased preclinical costs for manufacturing related to the conditioning programs and lower manufacturing and clinical trial costs due to the discontinuance of enrollment in the Phase 2 trial of MGTA-456 in inherited metabolic diseases in June 2020.

General and Administrative Expenses: General and administrative expenses were $6.6 million for the third quarter of 2020, compared to $6.1 million for the third quarter of 2019. The increase was primarily due to an increase in personnel costs associated with the growth of the Company.

Net Loss: Net loss was $17.7 million for the third quarter of 2020, compared to net loss of $21.0 million for the third quarter of 2019.