On August 14, 2018 Mateon Therapeutics, Inc. (OTCQB:MATN), a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, reported second quarter 2018 financial results (Press release, Mateon Therapeutics, AUG 14, 2018, View Source [SID1234528884]).
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For the three months ended June 30, 2018, Mateon reported a net loss of $0.6 million, compared to a net loss of $3.9 million reported for the three months ended June 30, 2017. R&D expenses decreased to $0.3 million for the second quarter of 2018 compared to $3.0 million for the same period in 2017, while general and administrative expenses decreased to $0.6 million for the second quarter of 2018 compared to $0.9 million for the same period in 2017. In the second quarter of 2018, Mateon reported non-operating income of $0.3 million. As of June 30, 2018, Mateon had cash and cash equivalents of $2.0 million.
"Following the closing of our financing transaction in April, we re-initiated enrollment into our study of OXi4503 for relapsed/refractory acute myeloid leukemia and myelodysplastic syndromes. We continue to enroll patients into the trial’s sixth cohort, and are approximately halfway to our current ten patient target," said William D. Schwieterman, M.D., Chief Executive Officer of Mateon Therapeutics. "We also are close to finalizing our regulatory submission for a new clinical phase 2a study in patients with advanced melanoma, where we will be using CA4P as an immuno-oncology agent in combination with Opdivo. We have shown in animal studies that the necrotic tumor cell death induced by CA4P strongly stimulates an anti-tumor immune response when used in combination with checkpoint inhibitors, and are hopeful it will do the same in patients with metastatic melanoma who have failed currently approved treatments."