- Medicenna (MDNA) released its financial results and operational highlights for the quarter ended June 30, 2022
- The company had cash, cash equivalents, and marketable securities of $19.3 million at June 30, 2022, compared to $20.5 million at March 31, 2022
- The company believes that with the funds raised, combined with cash on hand, it has enough capital to execute its operations into calendar 2024 and through important upcoming catalysts
- Medicenna Therapeutics (MDNA) is trading steady at $1.36 per share as of 10:50 am ET
Medicenna (MDNA) released its financial results and operational highlights for the quarter ended June 30, 2022, its first quarter of fiscal 2023.
The company had cash, cash equivalents, and marketable securities of $19.3 million at June 30, 2022, compared to $20.5 million at March 31, 2022.
After the quarter ended, Medicenna raised US$20 million by way of a public offering. The company believes that with the funds raised, combined with cash on hand, it has enough capital to execute its operations into calendar 2024 and through important upcoming catalysts:
- Additional anti-tumor activity data from the ABILITY study’s fourth dose escalation cohort, expected late September 2022
- Initial safety, PK, PD, and anti-tumor activity data from the ABILITY study’s fifth dose escalation cohort, expected by Q4 of calendar 2022
- Anti-tumor activity data from the ABILITY study’s single agent expansion phase are expected in the middle of calendar 2023
Net loss for the quarter was $4.2 million, or $0.07 per share, compared to a net loss of $6.4 million, or ($0.12) per share, for the quarter from the year prior. The decrease was said to be a result of reduced research and development spending. R&D expenses were $2.4 million for the quarter, compared to $4.3 million from the same period last year, mostly due to costs associated with the development of MDNA11, the company’s long-acting IL-2 superagonist, from the prior year.
Medicenna’s President and CEO, Dr. Fahar Merchant stated that the company is off to a solid start in fiscal 2023 with a stronger balance sheet and promising anti-tumor activity of MDNA11 monotherapy in the ABILITY study.
“Whereas single agent activity with next-generation IL-2s has been elusive, we are encouraged with early signs of tumor control in patients with “immunologically cold” tumors including an unconfirmed partial response in a patient with advanced pancreatic cancer. These findings have accompanied desirable pharmacokinetic and pharmacodynamic characteristics, suggesting that MDNA11’s rational design and ‘beta-only’ binding profile are facilitating selective stimulation of anti-cancer immune cells while avoiding the liabilities associated with native IL-2 and competing IL-2 programs. We look forward to building on these preliminary data as we continue to evaluate higher doses of MDNA11 as a single agent and plan to report new data from the ABILITY study during the coming weeks and months.”
Medicenna is a clinical-stage immunotherapy company focused on fine-tuning the immune system to combat the most challenging diseases, including a broad range of cancers.
Medicenna Therapeutics (MDNA) is trading steady at $1.36 per share as of 10:50 am ET.
