Molecular Templates, Inc. Reports Fourth Quarter 2018 Financial Results
AUSTIN, Texas, March 28, 2019 (GLOBE NEWSWIRE) — Molecular Templates, Inc. (Nasdaq: MTEM, “Molecular” or “Molecular Templates”), a clinical-stage oncology enterprise centered on the discovery and improvement of the organization’s proprietary engineered toxin bodies (ETBs), which might be differentiated, focused, biologic therapeutics for cancer, nowadays said financial consequences for the fourth area of 2018. As of December 31, 2018, Molecular’s coins and investments totaled $98 million and are anticipated to fund operations into the primary half of 2021.
“2018 become 12 months of critical development for Molecular Templates, marked by using new clinical data for MT-3724, development of our preclinical pipeline, the CD38 partnership with Takeda, and a hit fairness financing,” stated Eric Poma, Ph.D., Molecular Templates’ Chief Executive, and Scientific Officer. “In 2019, we are excited to generate greater medical statistics from a couple of Phase II research with MT-3724, boost MT-5111 and TAK-169 into the sanatorium, and report an IND for MT-6035, our PD-L1 ETB with antigen seeding. We are also targeted on business development activity to generate additional non-dilutive capital.”
Company Highlights and Upcoming Milestones
Molecular will present new information on its pipeline applications and technology platform in 4 posters at the American Association for Cancer Research (AACR) Annual Meeting 2019, held March 29 – Apr three, 2019, in Atlanta, Georgia. Presentations will feature information on 1) CD38-targeted ETB TAK-169, 2) CD20-centered ETB MT-3724 in mixture with chemotherapy or IMiDs, three) PD-L1-centered ETB for direct cell kill technique to PD-L1 expressing cancers, 4) Bispecific ETBs for focused most cancers treatment.
On February 19, 2019, Molecular reinforced its senior management team with Roger J. Waltzman, M.D., as Chief Medical Officer. Dr. Waltzman is a board-certified medical oncologist with over 20 years of experience within the pharmaceutical and biotechnology industries and in clinical exercise/academia. His professional highlights include nine years in senior drug development roles at Novartis Pharmaceuticals Corporation, inclusive of 6 years in positions of increasing obligation at Novartis Oncology (2007–2013).
He played the main function in improving incredibly a hit Novartis branded oncology capsules, Glivec® (imatinib) and Jakafi® (ruxolitinib). On November nine, 2018, Molecular supplied a poster on its PD-L1 ETB with Antigen Seeding Technology (AST) program on the Society for Immunotherapy of Cancer’s (SITC) 33rd Annual Meeting in Washington D.C. The poster, titled “Identification and Functional Profiling of PD-L1 Targeted Engineered Toxin Bodies for Antigen Seeding Technology (AST) and Redirection of T cellular Response to Tumors,” summarized a series of preclinical experiments performed by using Molecular to create PD-L1 targeted ETBs which have antigen seeding properties and to analyze the mechanisms using which they can kill cancer cells. Takeda and Molecular anticipate reporting an IND and starting a Phase I a couple of myeloma trials in 2019 for TAK-169 (CD38 targeted ETB).
Molecular recently announced the initiation of a Phase II monotherapy look at MT-3724 in relapsed/refractory diffuse massive B-cellular lymphoma (DLBCL). This examination has the ability to be pivotal. Molecular expects to offer an update on this has a look at in 2H19, with very last statistics expected in 2020. Molecular is likewise accomplishing a Phase II aggregate examine with MT-3724 and chemotherapy in earlier lines of DLBCL. Molecular expects to provoke a second Phase II aggregate to take a look at with MT-3724 and Revlimid in advance strains of DLBCL in 2Q19. Molecular expects to report a replacement on each MT-3724 aggregate research with MT-3724 in 2H19.