Mateon Reports First Quarter 2019 Financial Results

World News: . []

SOUTH SAN FRANCISCO, Calif., May 15, 2019 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQB:MATN), a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, announced today financial results for the first quarter of 2019.

For the three months ended March 31, 2019, Mateon reported a net loss of $0.6 million, compared to a net loss of $0.8 million for the three months ended March 31, 2018. As of March 31, 2019, Mateon had cash of $0.2 million. On April 22, 2019, Mateon merged with Oncotelic, Inc., a clinical-stage cancer immunotherapy company focused on TGF-β RNA therapeutics. Because the first quarter of 2019 ended prior to the date of the merger, the financial results reported today do not include any financial results for Oncotelic.

“I am excited about the growth potential for our newly combined company – we have a promising pipeline of next-generation immunotherapies targeting several significant cancer markets where there are significant unmet medical needs,” said Vuong Trieu, Ph.D., Chairman and Chief Executive Officer of Mateon and co-founder of Oncotelic. “Earlier this month, we presented two posters on our proprietary self-immunization protocol at the American Association for Cancer Research Annual Meeting. These posters showed OT-101’s ability to reactivate immune cells directly around the cancer tissue. Our goal is to advance this candidate in the clinic and have an approvable anti-cancer drug within a few years.”

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The company aims to translate its unique insights, which span more than three decades of original work using RNA therapeutics, into the deployment of antisense as an RNA therapeutic for diseases which are caused by TGF-beta overexpression, starting with cancer. Mateon’s current management was part of the team that developed Abraxane® as a chemotherapeutic agent for breast, lung, melanoma, and pancreatic cancer. Abraxane® was approved in 2005 and generates annual sales over $1 billion. The company’s management later led the development and commercialization of Cynviloq®, a next-generation product which was ultimately acquired by NantPharma for $1.3 billion. The company intends to leverage its deep expertise in oncology and RNA therapeutic drug development to promote the eventual cure and eradication of cancers.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this communication regarding strategy, future operations, future financial position, prospects, plans and objectives of management are forward-looking statements. Words such as “may”, “expect”, “anticipate” “hope”, “vision”, “optimism”, “design”, “exciting”, “promising”, “will”, “conviction”, "estimate," "intend," "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about future plans, the progress, timing, clinical development, scope and success of future clinical trials, the reporting of clinical data for the company’s product candidates and the potential use of the company’s product candidates to treat various cancer indications. Each of these forward-looking statements involves risks and uncertainties and actual results may differ materially from these forward-looking statements.  Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, failure of collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes.  These risks are not exhaustive, the company faces known and unknown risks, including the risk factors described in the company’s annual report on Form 10-K filed with the SEC on April 10, 2019 and in the company’s other periodic filings.  Forward-looking statements are based on expectations and assumptions as of the date of this press release.  Except as required by law, the company does not assume any obligation to update forward-looking statements contained herein to reflect any change in expectations, whether as a result of new information future events, or otherwise.

Financial data appears below:

Matthew M. LoarEmail:

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Globe Newswire: 14:39 GMT Wednesday 15th May 2019

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