TORONTO and HOUSTON,
Aug. 13, 2018 /CNW/ - Medicenna
Therapeutics Corp. ("Medicenna" or the "Company")
(TSX: MDNA; OTCQB: MDNAF), a clinical stage immuno-oncology
company, today reported financial results for the three months
ended June 30, 2018.
"We have commenced treating patients at the increased dose in
the MDNA55 phase 2b clinical trial in
recurrent glioblastoma, following a protocol amendment in
May 2018, and anticipate completing
enrollment in the study this year." Said Dr. Fahar Merchant, Chairman, President and CEO, "We
continue to make good progress with our IL-2 superkine program
particularly with respect to long-acting versions of MDNA109 and
expect to select a lead candidate for future development later this
year."
The following are the achievements and highlights for the
quarter ending June 30, 2018 through
to the date hereof:
- On May 2, 2018, Medicenna
announced that half the patients in the ongoing Phase 2b study of MDNA55 in recurrent glioblastoma
(rGBM) had been recruited and the data demonstrate solid safety
results and early signals of efficacy based on the findings of the
Safety Review and Clinical Advisory Committees. Following the
recruitment milestone, the protocol was amended to implement
optimal methodologies for treatment of the remaining patients.
- On June 27, 2018 we announced
that we were past the mid-stage of enrolment of the Phase
2b clinical trial of MDNA55 in
patients with rGBM and have seen early signs of tumor response and
an impressive overall survival rate at 6 months (OS-6) of 90
percent following a single treatment at low doses of MDNA55. With
exceptional drug distribution and a desirable safety profile to
date, the plan is to treat the remaining patients before the end of
2018 at the higher maximum tolerated dose with an option for repeat
treatment in patients showing benefit.
- On July 25, 2018, subsequent to
the quarter end, Medicenna announced the allowance of a patent
("Interleukin-4 receptor-binding fusion proteins and uses thereof")
issued to Medicenna that covers the composition of engineered IL-4
Superkines coupled to potent fully human cytotoxic payloads.
- Subsequent to the quarter end, on August
2, 2018, we announced preliminary pre-clinical data on
MDNA109, the only IL-2 in development with high affinity to CD122
to boost cancer fighting T cells, showing that fusions of MDNA109
with inactive protein scaffolds are long-acting and provide the
convenience of easier dosing without sacrificing its safety and
efficacy.
- On August 10, 2018, Medicenna
received US$1,219,857 from the Cancer
Prevention and Research Institute of Texas (CPRIT) for the reimbursement of
previously incurred expenses.
Financial Results
For the three months ended June 30,
2018, Medicenna reported a net loss of $1,038,217 or $0.04
per share compared to a loss of $2,255,672 or $0.09
per share for the three months ended June
30, 2017. The decrease in net loss in the three months
ended June 30, 2018 compared with the
three months ended June 30, 2017 was
primarily a result of decreased travel, regulatory and clinical
expenses for MDNA55 due to reduced patient recruitment during the
period the protocol amendment was being prepared and approved as
well as a higher level of expenses offset by CPRIT eligible
expenses related to MDNA55. These reductions were offset by
additional spending on the pre-clinical pipeline, specifically
MDNA109.
Research and Development Expenses
Research and
development ("R&D") expenses of $634,973 were incurred during the three months
ended June 30, 2018, compared with
$1,804,790 incurred in the three
months ended June 30, 2017. The
decrease in R&D expenses in the three month period ended
June 30, 2018 compared with the same
periods in the prior year can be primarily attributed to reduced
clinical expenses due to reduced patient recruitment costs, as the
protocol amendment was prepared and sent to each clinical site for
approval during the period as well as reduced R&D travel
expenses and an increase in CPRIT eligible expenses of $1,408,936 which were offset against R&D
expenses during the current period compared with $359,502 in the prior period. These
reductions were partially offset by increased discovery and
pre-clinical activities associated with the Superkine programs
particularly with respect to development and testing of long acting
versions of MDNA109, increased licensing fees, patent costs,
royalties and consulting expenses associated with pipeline review
and development strategy.
General and Administrative Expenses
General and
administrative ("G&A") expenses of $414,551 were incurred during the three months
ended June 30, 2018, compared with
$438,091 incurred during the three
months ended June 30, 2017. The
decrease over the prior period is due to lower salary and benefit
costs due to headcount reductions and a bonus accrual in the prior
year as well as lower legal, professional and finance expenses in
the current period due to expenses related to the TSX main board
graduation incurred in the prior year period. These decreases
were partially offset by increased stock option expenses in the
current year period, as well as one-time costs associated with the
launch of a new website, logo and corporate presentation.
CPRIT Update
Of the US$14.1
million grant approved by CPRIT, Medicenna has received
US$8.8 million to date and up to
US$1.2 million may be reimbursed for
a total of approximately US$10
million. Further, up to approximately US$4.1 million may be reimbursed to Medicenna in
the event the Company successfully completes all the funded
projects to the satisfaction of the Product Development Review
Committee (PDRC) of CPRIT. There can be no assurance that Medicenna
will be able to satisfy all the expectations of the PDRC.
Medicenna
Therapeutics Corp.
|
|
|
Condensed
Consolidated Interim Statements of Operations
|
(Expressed in
Canadian Dollars)
|
|
|
(Unaudited)
|
|
|
|
|
3 months
ended
June 30,
2018
|
3 months ended
June 30,
2017
|
|
|
$
|
$
|
Operating
expenses
|
|
|
|
General and
administration
|
414,551
|
438,091
|
|
Research and
development
|
634,973
|
1,804,790
|
Total operating
expenses
|
1,049,524
|
2,242,881
|
|
Interest
income
|
(92)
|
(2,300)
|
|
Foreign exchange
(gain) loss
|
(11,215)
|
15,091
|
|
|
(11,307)
|
12,791
|
Net loss for the
period
|
(1,038,217)
|
(2,255,672)
|
Cumulative
translation adjustment
|
27,196
|
(44,931)
|
Net loss and
comprehensive loss for the period
|
(1,011,021)
|
(2,300,603)
|
Basic and diluted
loss per share
|
(0.04)
|
(0.09)
|
|
|
|
Weighted average
number of common shares outstanding
|
24,578,137
|
23,314,009
|
The press release, the financial statements and the management's
discussion and analysis for the quarter ended June 30,
2018 will be available on SEDAR
at www.sedar.com
About Medicenna
Medicenna is a clinical stage immunotherapy company developing
novel highly selective versions of IL-2, IL-4 and IL-13 Superkines
and first in class Empowered Cytokines™ (ECs). Our mission is to
become the leader in the development and commercialization of ECs
and Superkines for the treatment of a broad range of cancers and
immune-mediated diseases. MDNA55 is Medicenna's lead EC currently
enrolling in a multi-centre Phase 2 clinical trial for the
treatment of recurrent glioblastoma (rGBM), the most common and
uniformly fatal form of brain cancer. MDNA55 has secured Orphan
Drug Status from the United States Food and Drug Administration
(FDA) and the European Medicines Agency as well as Fast Track
Designation from the FDA for the treatment of rGBM.
For more information, please visit www.medicenna.com.
This news release contains forward-looking statements
relating to the future operations of the Company and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements that
Medicenna will complete enrolment in the MDNA55 clinical study this
year, that Medicenna will select a lead long acting MDNA109
candidate this year, that Medicenna may receive an additional
US$1.2 million from CPRIT and
statements related to the future plans and objectives of the
Company, are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include the risks
detailed in the annual information form of the Company dated
June 26, 2018 and in other filings
made by the Company with the applicable securities regulators from
time to time.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward-looking statements only
as expressly required by Canadian securities law.
SOURCE Medicenna Therapeutics Corp.