On August 02, 2017 Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, reported a corporate update and reported financial results for the three months ended June 30, 2017. Schedule your 30 min Free 1stOncology Demo! Recent Corporate Highlights
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Granted Fast Track designation by U.S. Food and Drug Administration for OXi4503 for treatment of acute myeloid leukemia (AML);
Announced two complete remissions (50%) in the fifth cohort of the OXi4503 study for the treatment of relapsed/refractory AML;
Completed enrollment of the FOCUS study of CA4P for the treatment of platinum-resistant ovarian cancer;
Announced positive data for CA4P in combination with immune-oncology agents demonstrating significant reduction in tumor size in an animal model.
"With renewed interest in the clinical potential of our vascular disrupting agents, our programs have picked up significant momentum and have advanced ahead of schedule," said William D. Schwieterman, M.D., President and Chief Executive Officer. "We recently observed new evidence of efficacy in our AML study, as well as completed enrollment in the first part of the FOCUS study. I am pleased we have advanced our programs to important data inflection points. We all look forward to further advancing this important therapeutic class."
Financial Results for the Second Quarter of 2017
For the three months ended June 30, 2017, Mateon reported a net loss of $3.9 million, compared to a net loss of $3.6 million for the three months ended June 30, 2016. Research and development expenses increased to $3.0 million for the three months ended June 30, 2017, compared to $2.4 million for the three months ended June 30, 2016, primarily due to higher clinical costs associated with the FOCUS study in platinum-resistant ovarian cancer. General and administrative expenses decreased to $0.9 million for the three months ended June 30, 2017, compared to $1.3 million for the three months ended June 30, 2016.
At June 30, 2017, Mateon had cash and short-term investments of $5.0 million.