Matinas BioPharma Holdings Inc (NYSEAMERICAN:MTNB) posted second-quarter results on Monday after the market close, notably featuring growing cash on hand, which the company believes is sufficient to fund its operations into the first half of 2023.
The Bedminster, New Jersey-based company had $68 million in cash and equivalents as of June 30, 2020, up from $27.8 million at the end of December 2019. In January, the company had an offering for more than 32.26 million shares, netting $46.7 million in proceeds.
The group's research and development expenses totaled $3.4 million in the three months ended June 30, compared to $2.8 million in the same period in 2019. The increase was due to higher clinical development expenses and employee compensation linked to the development of lead product candidate MAT9001 to treat cardiovascular and metabolic conditions, and MAT2203, an oral-delivered formulation of Amphotericin-B, to treat serious invasive fungal infections.
The company’s net loss for the quarter was $5.8 million, $0.03 per share, compared to a net loss of $3.6 million, or $0.03 per share for the same period in 2019.
During the quarter, the company rapidly conducted enrollment in ENHANCE-IT, a second head-to-head comparative study of its lead drug MAT9001 versus rival Vascepa made by Amarin Corporation PLC. Enrollment resumed in early June after a lull in the first quarter due to the coronavirus (COVID-19) pandemic. The company said it expects to complete enrollment in ENHANCE-IT in August, and have topline data available in the first quarter of 2021.
“We are pleased to announce that both the ENHANCE-IT study of MAT9001 and the EnACT study of MAT2203 have resumed rapid enrollment after a temporary pause due to the COVID-19 pandemic,” Matinas BioPharma CEO Jerome D Jabbour said in the results statement.
“We continued meaningful progress across our business in the first half of 2020, despite challenging circumstances and conditions. As we look ahead to the second half of 2020 and into 2021, we are well-positioned and approaching a number of important catalysts and milestones for the company and our lead product candidates. We expect potential cohort progression in EnACT in the fourth quarter of this year and topline data from ENHANCE-IT in the first quarter of 2021,” he added.
The company remains on track to meet with the US Food and Drug Administration (FDA) in an end of Phase 2 meeting. During this meeting, the company will discuss data from the completed comparative clinical bridging bioavailability study and 90-day comparative toxicology study to support a potential 505(b)(2) registration pathway. In addition, the company will review and seek approval for the protocol for a planned Phase 3 trial of MAT9001 in patients with severe hypertriglyceridemia.
In addition, Jabbour said, the company continues to “advance” its key collaborations with its partners applying its proprietary lipid nano-crystal (LNC) platform technology for the safe delivery of therapies previously limited by toxicity or bioavailability issues.
“We are identifying opportunities and advancing discussions on potential new applications for this promising and unique delivery technology,” he added.
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