On August 11, 2023 Moleculin Biotech, Inc., (Nasdaq: MBRX) ("Moleculin" or the "Company"), a clinical stage pharmaceutical company with a growing pipeline, including Phase 2 clinical programs, for hard-to-treat tumors and viruses, reported its financial results for the quarter ended June 30, 2023 (Press release, Moleculin, AUG 11, 2023, View Source [SID1234634276]). As previously announced, the Company will host a conference call and live audio webcast, today, August 11, 2023, at 8:30 AM ET (details below).
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"We have continued our operational execution and clinical progress over the past quarter," commented Walter Klemp, Chairman and Chief Executive Officer of Moleculin. "We remain focused advancing our priority pipeline programs to key data milestones in the near term. We firmly believe we are well positioned not only to unlock significant potential for all stakeholders but, importantly, address the medical unmet needs of people with highly resistant cancers and viruses."
Recent Highlights
Released yesterday a press release Moleculin Provides Update on Ongoing Clinical Trials and Outlines Expected Upcoming Milestones providing an update on its clinical update for the quarter:
Reported preliminary efficacy data on its Phase 1B/2 clinical trial with Annamycin in monotherapy treatment of soft tissue sarcoma metastasized to the lungs with 73% (n=26) of the subjects exhibiting stable disease after two cycles of treatment
Announced successful completion of the Phase 1B portion of its Phase 1B/2 clinical trial Annamycin in combination with Cytarabine for the treatment of AML (MB-106) and opens the Phase 2 portion for recruitment
Announced a preliminary CR/CRi rate of 33% (n=6) in the Phase 1B portion of its MB-106 clinical trial
Announced that the Company is investigating potential naked short selling of its stock and has retained well-known analytics firm, Shareholder Intelligence Services, LLC; and
Announced the publication of data from successful European Phase 1 clinical trial evaluating Annamycin as single agent treatment of relapsed or refractory acute myeloid leukemia titled, "Results of a Phase 1 Study of Liposomal Annamycin for the Treatment of Relapsed or Refractory AML Patients After Induction Therapy," in the peer-reviewed British Journal of Cancer Research.
Summary of Financial Results for the Second Quarter 2023
Research and development (R&D) expense was $3.9 million and $4.2 million for the three months ended June 30, 2023 and 2022, respectively. The decrease of $0.3 million is mainly related to the timing of costs incurred for clinical trials and timing of sponsored research payments.
General and administrative expense was $2.5 million and $3.2 million for the three months ended June 30, 2023 and 2022, respectively. The decrease of $0.7 million is mainly related to a decrease in regulatory and legal services, and consulting & advisory fees.
As of June 30, 2023, the Company had cash and cash equivalents of $32.2 million and believes that this cash is sufficient to meet its projected operating requirements into the third quarter of 2024.
Conference Call and Webcast
Moleculin management will host its quarterly conference call and webcast for investors, analysts, and other interested parties today, August 11, 2023, at 8:30 AM ET.
Interested participants and investors may access the conference call by dialing (877) 407-0832 (domestic) or (201) 689-8433 (international) and referencing the Moleculin Biotech Conference Call. The live webcast will be accessible on the Events page of the Investors section of the Moleculin website, moleculin.com, and will be archived for 90 days.