On September 21, 2020 Kintara Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a biopharmaceutical company focused on the development of new solid tumor cancer therapies, reported its financial results for the year ended June 30, 2020 and provided a corporate update (Press release, DelMar Pharmaceuticals, SEP 21, 2020, View Source [SID1234565419]).
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"The past fiscal year was one of the most important periods in the Company’s history, as it set the stage for the recently consummated acquisition of Adgero which was truly a transformational milestone," commented Saiid Zarrabian, President and Chief Executive Officer of Kintara. "Moving forward, we believe we are now well positioned to execute our growth strategy as we approach the important final stage of both of our clinical development programs with the initiation of the GCAR GBM AGILE registrational study for VAL-083 and the confirmatory cutaneous metastatic breast cancer study for REM-001."
Recent Corporate Highlights
Completed a private placement of Series C Convertible Preferred Stock for aggregate gross proceeds of approximately $25 million, or net proceeds of approximately $21.7 million (August 2020).
Consummated the acquisition of Adgero Biopharmaceuticals Holdings, Inc. (Adgero), a privately held biopharmaceutical company focused on the development of its late stage photodynamic therapy platform for the treatment of serious cutaneous oncology indications, which created a diversified biopharmaceutical company with a robust product pipeline targeting rare, unmet medical needs in oncology (August 2020).
Received a notification of award of a Small Business Technology Transfer grant to study the use of REM-001 in the prevention of arteriovenous fistula maturation failure (AFMF), a cardiovascular-related condition that occurs in hemodialysis patients. This grant will allow Kintara to study the use of REM-001 in the prevention of AFMF further in preclinical models (July 2020).
Accepted invitation from the Global Coalition for Adaptive Research (GCAR) to include VAL-083 in GCAR’s Glioblastoma Adaptive Global Innovative Learning Environment (GBM AGILE) study, an adaptive clinical trial platform in glioblastoma multiforme (GBM). The Company expects to utilize the GBM AGILE study to serve as the basis for VAL-083’s new drug application submission and registration (June 2020).
Entered into a $500,000 loan agreement with the National Brain Tumor Society and the National Foundation for Cancer Research to support VAL-083’s preparation for participation in the GBM AGILE study (June 2020).
SUMMARY OF FINANCIAL RESULTS FOR FISCAL YEAR ENDED JUNE 30, 2020
At June 30, 2020, the Company had cash and cash equivalents of approximately $2.4 million. In August 2020, the Company completed the private placement of Series C Convertible Preferred Stock for gross proceeds of approximately $25 million, or net proceeds of approximately $21.7 million. The cash and cash equivalents at June 30, 2020 plus the private placement proceeds are expected to be sufficient to fund the Company’s planned operations into the fourth quarter of calendar year 2021.
For the year ended June 30, 2020, the Company reported a net loss of approximately $9.1 million, or $0.87 per share, compared to a net loss of approximately $8.0 million, or $3.16 per share, for the year ended June 30, 2019.