Matinas BioPharma Files Preliminary Proxy for Special Meeting of Stockholders
December 07 2020 - 6:30AM
Matinas BioPharma Holdings, Inc. (NYSE AMER: MTNB), a
clinical-stage biopharmaceutical company focused on developing next
generation therapeutics to advance standards of care in areas of
significant unmet medical need, today announced that its Board of
Directors has approved a proposal, to be submitted to stockholders
for approval at a Special Meeting of Stockholders anticipated to be
held on January 26, 2021, to authorize the Board of Directors to
potentially effect a reverse split of the Company’s common stock.
The reverse stock split proposal includes a proposed range between
1-for-2 and 1-for-15 shares of outstanding common stock. The final
ratio will be determined, if at all, by Matinas’ Board of Directors
following stockholder approval at the Special Meeting.
“We believe the filing of this preliminary proxy
statement to authorize a potential reverse split of stock is an
important proactive and strategic step to position Matinas for long
term success and to potentially be able to capitalize on some of
the important milestones and catalysts we have in front of us
during 2021,” said Jerome D. Jabbour, Chief Executive Officer of
Matinas. “We believe that there are many potential benefits to
increasing the price per common share, including making the
Company’s stock more attractive to institutional investors,
potentially position us for eligibility and inclusion in certain
biotechnology and pharmaceutical trading indices and exchange
traded funds, and even potentially position Matinas for an
“uplisting” to the NYSE “Big Board” or NASDAQ Global Market.
However, we only intend to make a reverse split effective if we
believe that doing so would be in the best interests of the Company
and our stockholders.”
Matinas filed a preliminary proxy statement with
the U.S. Securities and Exchange Commission as required by SEC
rules. The proposal requires the affirmative vote of a majority of
the Company’s outstanding shares. Stockholders may obtain a free
copy of the preliminary proxy statement or the definitive proxy
statement (once available), as well as other documents that the
Company files with the SEC at the SEC’s website at www.sec.gov. The
Company will file with the SEC and distribute to its stockholders a
definitive proxy statement regarding the special meeting and the
reverse stock split proposal.
About Matinas BioPharma
Matinas BioPharma is a clinical-stage
biopharmaceutical company focused on developing next generation
therapeutics to advance standards of care for patients in areas of
significant unmet medical need. Company leadership has a deep
history and knowledge of drug development and is supported by a
world-class team of scientific advisors.
MAT9001, the Company’s lead product candidate
for the treatment of cardiovascular and metabolic conditions, is a
prescription-only omega-3 fatty acid-based composition, comprised
primarily of EPA and DPA, under development for
hypertriglyceridemia. MAT9001 is currently in a second head-to-head
comparative study against Vascepa® (ENHANCE-IT), with topline data
expected in the first quarter of 2021.
In addition, Matinas is developing a portfolio
of products based upon its proprietary lipid nanocrystal (LNC) drug
delivery platform, which can solve complex challenges relating to
the safe and effective delivery of potent medicines, making them
orally bioavailable, less toxic and targeted to cells and
tissues.
MAT2203, is an oral, encochleated formulation of
the well-known, but highly toxic, antifungal medicine amphotericin
B, primarily used to treat serious invasive fungal infections.
MAT2203 is currently in a Phase 2 open-label, sequential cohort
study (EnACT) in HIV-infected patients with cryptococcal
meningitis. EnACT is preparing to enroll patients in its second
cohort, with the next DSMB evaluation of safety and efficacy data
anticipated to occur in the middle of 2021.
MAT2501 is an oral, encochleated formulation of
the broad-spectrum aminoglycoside antibiotic medicine amikacin,
primarily used to treat chronic and acute bacterial infections. The
Company recently announced that it has been awarded up to $3.75
million from the Cystic Fibrosis Foundation (CFF) to support
development of MAT2501 toward an indication to treat nontuberculous
mycobacterial (NTM) lung disease, including infections in patients
with cystic fibrosis (CF).
Forward Looking Statements
This release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including those relating to the reverse stock
split proposal, the Company’s anticipated capital and liquidity
needs, strategic focus and the future development of its product
candidates, including MAT9001, MAT2203 and MAT2501, the anticipated
timing of regulatory submissions, the anticipated timing of
clinical studies, the anticipated timing of regulatory
interactions, the Company’s ability to identify and pursue
development and partnership opportunities for its products or
platform delivery technology on favorable terms, if at all, and the
ability to obtain required regulatory approval and other statements
that are predictive in nature, that depend upon or refer to future
events or conditions. All statements other than statements of
historical fact are statements that could be forward-looking
statements. Forward-looking statements include words such as
"expects," "anticipates," "intends," "plans," "could," "believes,"
"estimates" and similar expressions. These statements involve known
and unknown risks, uncertainties and other factors which may cause
actual results to be materially different from any future results
expressed or implied by the forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, our ability to obtain
additional capital to meet our liquidity needs on acceptable terms,
or at all, including the additional capital which will be necessary
to complete the clinical trials of our product candidates; our
ability to successfully complete research and further development
and commercialization of our product candidates; the uncertainties
inherent in clinical testing; the timing, cost and uncertainty of
obtaining regulatory approvals; our ability to protect the
Company’s intellectual property; the loss of any executive officers
or key personnel or consultants; competition; changes in the
regulatory landscape or the imposition of regulations that affect
the Company’s products; and the other factors listed under "Risk
Factors" in our filings with the SEC, including Forms 10-K, 10-Q
and 8-K. Investors are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date of
this release. Except as may be required by law, the Company does
not undertake any obligation to release publicly any revisions to
such forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. Matinas BioPharma’s product candidates are all in a
development stage and are not available for sale or use.
Investor and Media Contacts
Peter
VozzoWestwicke443-213-0505peter.vozzo@westwicke.com
Ian CooneyDirector – Investor Relations &
Corporate DevelopmentMatinas Biopharma, Inc.(415)
722-4563icooney@matinasbiopharma.com
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