Molecular Templates, Inc. Reports Second Quarter 2018 Financial Results

AUSTIN, Texas, Aug. 09, 2018 (GLOBE NEWSWIRE) — Molecular Templates, Inc. (Nasdaq:MTEM, “Molecular” or “Molecular Templates”), a clinical-degree oncology company targeted on the discovery and improvement of the company’s proprietary engineered toxin our bodies (ETBs), which can be differentiated, targeted, biologic therapeutics for cancer, nowadays suggested economic consequences for the second region of 2018. As of June 30, 2018, Molecular’s coins and cash equivalents totaled $ forty-one.6 million. Molecular’s present-day cash stability is expected to fund operations into 4Q2019.

“We have been very recommended via the scientific effects generated thus far with MT-3724 in heavily-pretreated diffuse big B-cellular lymphoma sufferers and we are excited to provoke a couple of Phase II studies for this program via year-end, with a view to beginning yielding scientific effects in 2019,” stated Eric Poma, Ph.D., Molecular Templates’ Chief Executive and Scientific Officer. “Furthermore, we expect to increase 3 new ETBs into scientific trials in the subsequent 365 days.”

Company Highlights and Upcoming Milestones

Corporate

At the American Society of Clinical Oncology (ASCO) annual meeting in June 2018, period in-between effects from a Phase I and Phase Ib extension study of MT-3724 (an ETB concentrated on CD20) in B-cell non-Hodgkin’s lymphoma (NHL) sufferers have been offered. These outcomes protected an initial objective response price in diffuse massive B-mobile lymphoma (DLBCL) sufferers with low serum Rituxan degrees at study access (N=10) of 30%, with an ailment manage charge of 70%, which includes two stable disorder patients that had tumor discounts of forty-seven % and forty-nine %.
Also on the ASCO annual meeting in June 2018 turned into a poster presentation of the pharmacokinetic profile of ifosfamide in patients with superior pancreatic most cancers. The statistics supplied showed that there was a tremendous discount in drug exposure observed among the Phase II (“404”) have a look at and the Phase III (“Maestro”) trials, which used a brand new ethanol-primarily based system of ifosfamide. Molecular plans to discover capacity partnership possibilities for similar development of ifosfamide.
MT-3724

Molecular expects to initiate Phase II mixture research with MT-3724 in earlier traces of DLBCL in 2H18.
Molecular additionally expects to provide an replace on the Phase Ib extension take a look at in 4Q18 and to start a Phase II monotherapy study at the cease of 2018 which has the ability to be a pivotal observe.
MT-4019

MT-4019 (an ETB candidate designed to goal CD38-expressing myeloma cancer cells) has finished IND enabling studies.
Takeda and Molecular are evaluating CD38 ETBs and will probably select a drug candidate for improvement by way of the cease of 3Q18. If the 2 companies do not pick a joint candidate for improvement, Molecular anticipates submitting an IND utility for MT-4019 in 3Q18 and beginning a Phase I medical trial in 2H18.Image result for Molecular Templates, Inc. Reports Second Quarter 2018 Financial Results
Research

Molecular expects to record an IND software for an ETB concentrated on HER2 in 1Q19.
Molecular expects to file an IND utility for an ETB targeting PD-L1 (with antigen seeding) in 3Q19.
Several other ETB applicants are in pre-scientific improvement, targeting both strong and hematological cancers.
Takeda Multi-Target Collaboration

In December 2017, Takeda decided on goals for in addition research the use of Molecular’s ETBs. This induced $four.Zero million in milestone bills, which had been paid with the aid of Takeda in 2Q18.
Financial Results

The internet loss attributable to commonplace shareholders for the second area of 2018 turned into $nine.7 million, or $0.36 in keeping with simple and diluted proportion. This compares with a net loss resulting from common shareholders of $4.5 million, or $20.Seventy-six in step with fundamental and diluted percentage, for the equal period in 2017.

Revenues for the second region of 2018 have been $1.Four million, compared to $ forty-two,000 for the equal period in 2017. Revenues for the second one zone of 2018 have been comprised of furnish revenue from the Cancer Prevention & Research Institute of Texas, and revenues from collaborative research and development agreements. Total studies and improvement charges for the second one area of 2018 were $7.7 million, as compared with $1.2 million for the same period in 2017. Total preferred and administrative expenses for the second one region of 2018 were $3.7 million, as compared with $2.4 million for the same length in 2017.

The internet loss resulting from commonplace shareholders for the six months ended June 30, 2018, changed to $18.Four million, or $0.Sixty-eight in keeping with primary and diluted share. This compares with an internet loss resulting from common shareholders of $6.1 million, or $28.32 per sample and diluted share, for the identical period in 2017.

Revenues for the six months ended June 30, 2018, have been $1.8 million, as compared to $1.9 million for the equal duration in 2017. Revenues for the six months ended June 30, 2018, had been comprised of grant revenue from the Cancer Prevention & Research Institute of Texas, and revenues from collaborative research and development agreements. Total studies and development prices for the six months ended June 30, 2018, had been $14.4 million, as compared with $2.3 million for the equal length in 2017. Total fashionable and administrative prices for the six months ended June 30, 2018, had been $6.6 million, as compared with $four.2 million for the same duration in 2017.

About Molecular Templates

Molecular Templates is a medical-degree oncology corporation focused at the discovery and development of differentiated, targeted, biologic therapeutics for most cancers. We trust our proprietary biologic drug platform generation, referred to as engineered toxin our bodies, or ETBs, presents a differentiated mechanism of movement that can cope with some of the restrictions associated with presently available cancer therapeutics. ETBs utilize a genetically engineered shape of Shiga-like Toxin A subunit, or SLTA, a ribosome-inactivating bacterial protein, that can be focused to specifically destroy cancer cells. Additional statistics approximately Molecular Templates can be acquired Image result for Molecular Templates, Inc. Reports Second Quarter 2018 Financial Results

Forward-Looking Statements

This press release carries forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Molecular Templates disclaims any cause or obligation to update these forward-searching statements and claims the safety of the Act’s Safe Harbor for ahead-looking statements. All statements, other than statements of historical records, included on this press release concerning the method, future operations, destiny monetary function, future revenue, projected charges, prospects, plans and objectives of control are ahead-looking statements. In addition, when or if used on this press release, the phrases “may additionally,” “should,” “have to,” “expect,” “believe,” “estimate,” “count on,” “intend,” “plan,” “are expecting” and similar expressions and their variations, as they relate to Molecular Templates can also become aware of ahead-searching statements. Examples of such statements encompass, but are not constrained to, statements regarding the improvement of the Company’s lead application, MT-3724; the predicted timing of filing diverse IND packages and starting up research; and the Company’s notion that its proprietary biologic drug platform era, or ETBs, gives for a differentiated mechanism of motion that can cope with a number of the constraints associated with presently to be had cancer therapeutics.

 

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