DALLAS, Nov. 1, 2021 /PRNewswire/ -- Lantern Pharma
(NASDAQ: LTRN), a clinical stage biopharmaceutical company using
its proprietary RADR® artificial intelligence ("A.I.")
platform to transform the cost, pace, and timeline of oncology drug
discovery and development, today provided a business update and
reported financial results for the third quarter ended September 30, 2021.
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"Lantern has continued to advance our portfolio, both clinically
and in new preclinical indications, as well as rapidly expand our
RADR® A.I. platform this past quarter," stated
Panna Sharma, President & CEO of
Lantern Pharma Inc. "Our A.I. driven approach to oncology drug
development will be pivotal in discovering additional indications
for our existing compounds, as well as the identification of
entirely new drug candidates. Our strong balance sheet with
over $73.8 million of cash, cash
equivalents and marketable securities as of September 30, 2021 provides us with a solid
foundation as we execute on our clinical programs and expand our
proprietary RADR® A.I. platform."
Third Quarter 2021 and Subsequent Highlights:
- Achieved over 10 billion data points from highly curated
oncology datasets focused on increasing the performance and scale
of our A.I. platform, RADR®, for oncology drug
development
- LP-184 granted Orphan Drug Designation for the
treatment of glioblastoma multiforme (GBM) and other malignant
gliomas by the U.S. Food and Drug Administration (FDA)
- Announced positive preclinical data in glioblastoma
with LP-184 and expanded GBM research collaboration with Johns
Hopkins University
- LP-184 granted Orphan Drug Designation for the
treatment of pancreatic cancer by the FDA
- Submitted poster presentation on the effectiveness of LP-184 in
pancreatic cancers, which was accepted for
presentation at the AACR Virtual Special Conference: Pancreatic
Cancer
- Presented positive preclinical data for LP-184 in pancreatic
cancers that have either high levels of PTGR1 expression or
deficiencies/mutations in DNA damage repair genes
- Confirmed LP-184 efficacy in the nanomolar range in the
ultra-rare brain cancer, Atypical Teratoid Rhabdoid Tumor (ATRT),
using animal models
- Advanced two new undisclosed programs focused on rare cancers
which are expected to advance into preclinical indications during
2022
- Entered strategic collaboration with Deep Lens to
accelerate patient enrollment for Lantern's planned Phase 2
clinical trial for never-smokers with non-small cell lung cancer
(NSCLC), utilizing LP-300 in combination with chemotherapy
- Entered into a strategic collaboration with Code Ocean to
facilitate the accelerated development of RADR® both
internally and with external collaborators while reducing
development complexity and cost and increasing security and
reproducibility
"We continue to advance our pipeline of drug candidates and made
significant progress across multiple areas of our business during
the third quarter," commented Panna
Sharma, President and CEO of Lantern Pharma. "Specifically,
we reported positive preclinical data for LP-184 in pancreatic
cancer and GBM. LP-184 demonstrated remarkable efficacy, in both
in vivo and ex vivo models, validating the in-silico
predictions generated by our RADR® A.I. platform. Based
upon our highly encouraging preclinical data, the FDA granted
LP-184 Orphan Drug Designations for the treatment of pancreatic
cancer and glioblastoma multiforme and other malignant gliomas.
Our plan is to develop LP-184 for a number of targeted
oncology indications where we can exploit the important mechanistic
insights we have obtained about the compound."
"Earlier today, we announced that our proprietary A.I. platform,
RADR®, has now surpassed 10 billion datapoints powered
by a growing library of algorithms designed specifically to help
solve challenging data and correlation problems in cancer drug
development. This directly advances our stated goal of building the
world's largest A.I. platform for precision oncology drug
development. Our RADR® platform will be pivotal in
uncovering potential new therapeutic opportunities for Lantern and
developing insights into the creation of combination-therapy
programs, both internally and through third-party collaborations to
drive long-term shareholder value. Our goal is to expand
RADR® to over 20+ billion datapoints during 2022. This
will not only open more opportunities for collaborations with
additional biopharma partners, but will also dramatically
accelerate development timelines, derisk key decisions and reveal
new opportunities that may have gone undeveloped — ultimately
leading to additional therapeutic opportunities for patients and
additional sources of value for our investors. By advancing our
clinical pipeline, cultivating new discoveries, and growing our
RADR® platform, we believe we have laid the groundwork for numerous
upcoming catalysts in the quarters and years ahead. "
Anticipated Upcoming Milestones:
- Lantern Pharma to host virtual Key Opinion Leader (KOL) event
on LP-184 for the treatment of pancreatic cancer with Dr.
Igor Astsaturov, an established, NCI
-funded, physician scientist and co-leader of the Marvin &
Conchetta Greenberg Pancreatic Cancer Institute at Fox Chase Cancer
Center and Dr. Kishor G. Bhatia,
Chief Scientific Officer of Lantern Pharma on November 18th, 2021, World Pancreatic
Cancer Day
- Planned launch of 90 patient Phase 2 clinical trial in the US
for LP-300 in NSCLC focused on never-smokers that are chemo naïve
and failed/relapsed on TKI therapy
- Share detailed scientific results from LP-184 collaborative
research program in GBM after presentation at Society of Neuro
Oncology conference November 18-21 in
Boston, MA
- Share results from other studies and preclinical work with
LP-184 in pancreatic, bladder, GBM, ATRT and other tumors over the
next several months
- Launch Phase 1 clinical trial for LP-184 in solid tumors
- Launch Phase 1/2 clinical trial for LP-184 in GBM
- Progress LP-184 in ATRT towards Phase 1/2 clinical trial
- Launch IND enabling studies for ADC program
- Explore potential combinations for LP-184 and LP-300 with other
existing approved drugs for additional targeted cancer
indications
- Strategically grow RADR® A.I. platform to 20 billion
datapoints, including continued expansion in blood cancers and
additional rare cancers under review by our development team
- Explore biopharma licensing and partnership opportunities
Third Quarter 2021 Financial Highlights:
- Balance Sheet: Cash, cash equivalents, and marketable
securities were $73.8 million as of
September 30, 2021, compared to
$19.2 million as of December 31, 2020.
- R&D Expenses: Research and development expenses were
$2.96 million for the three months
ended September 30, 2021, compared to
$0.6 million for the three months
ended September 30, 2020. The
increase was primarily attributable to increased manufacturing
related expenses and expenditures to advance and expand the
Company's product portfolio.
- G&A Expenses: General and administrative expenses were
$1.2 million for the three months
ended September 30, 2021, compared to
$1.1 million for the three months
ended September 30, 2020. The nominal
increase was primarily attributable to increased business and
corporate development expenses, legal and patent related fees, and
general and administrative related stock option expenses.
- Net Loss: Net loss was $4.1
million for the three months ended September 30, 2021, compared to a net loss of
$1.7 million for the three months
ended September 30, 2020.
A copy of the Company's quarterly report on Form 10-Q for the
third quarter ended September 30,
2021 has been filed with the Securities and Exchange
Commission and posted on the Company's website
at https://ir.lanternpharma.com/financial-information.
Conference Call & Webcast:
Monday, November 1, 2021 at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time
- To register for the live webcast, please sign up here:
https://zoom.us/webinar/register/6716351795676/WN_s_xTDUXeRB6Lq55SItCPdQ
- To access the conference by phone: One-tap dial-in:
+19292056099,,99145071949#
- A replay of the conference call will be available on the
investor relations section of the Company's website:
ir.lanternpharma.com
About Lantern Pharma
Lantern Pharma (LTRN) is a
clinical-stage oncology-focused biopharmaceutical company
leveraging its proprietary RADR® A.I. platform and
machine learning to discover biomarker signatures that identify
patients most likely to respond to its pipeline of
genomically-targeted therapeutics. Lantern is currently developing
four drug candidates and an ADC program across eight disclosed
tumor targets, including two phase 2 programs. By targeting drugs
to patients whose genomic profile identifies them as having the
highest probability of benefiting from the drug, Lantern's approach
represents the potential to deliver best-in-class outcomes. More
information is available at: www.lanternpharma.com and Twitter
@lanternpharma.
Forward-looking Statements
This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements include, among other things, statements
relating to: future events or our future financial performance; the
potential advantages of our RADR® platform in
identifying drug candidates and patient populations that are likely
to respond to a drug candidate; our strategic plans to advance the
development of our drug candidates and antibody drug conjugate
(ADC) development program; estimates regarding the development
timing for our drug candidates and ADC development program; our
research and development efforts of our internal drug discovery
programs and the utilization of our RADR® platform
to streamline the drug development process; our intention to
leverage artificial intelligence, machine learning and genomic data
to streamline and transform the pace, risk and cost of oncology
drug discovery and development and to identify patient populations
that would likely respond to a drug candidate; estimates regarding
potential markets and potential market sizes; sales estimates for
our drug candidates and our plans to discover and develop drug
candidates and to maximize their commercial potential by advancing
such drug candidates ourselves or in collaboration with others. Any
statements that are not statements of historical fact (including,
without limitation, statements that use words such as "anticipate,"
"believe," "contemplate," "could," "estimate," "expect," "intend,"
"seek," "may," "might," "plan," "potential," "predict," "project,"
"target," "objective," "aim," "upcoming," "should," "will,"
"would," or the negative of these words or other similar
expressions) should be considered forward-looking statements. There
are a number of important factors that could cause our actual
results to differ materially from those indicated by the
forward-looking statements, such as (i) the impact of the COVID-19
pandemic, (ii) the risk that our research and the research of our
collaborators may not be successful, (iii) the risk that none
of our product candidates has received FDA marketing approval, and
we may not be able to successfully initiate, conduct, or conclude
clinical testing for or obtain marketing approval for our product
candidates, (iv) the risk that no drug product based on our
proprietary RADR A.I. platform has received FDA marketing approval
or otherwise been incorporated into a commercial product, and (v)
those other factors set forth in the Risk Factors section in our
Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and
Exchange Commission on March 10,
2021. You may access our Annual Report on Form 10-K for the
year ended December 31, 2020 under
the investor SEC filings tab of our website
at www.lanternpharma.com or on the SEC's website
at www.sec.gov. Given these risks and uncertainties, we can
give no assurances that our forward-looking statements will prove
to be accurate, or that any other results or events projected or
contemplated by our forward-looking statements will in fact occur,
and we caution investors not to place undue reliance on these
statements. All forward-looking statements in this press release
represent our judgment as of the date hereof, and, except as
otherwise required by law, we disclaim any obligation to update any
forward-looking statements to conform the statement to actual
results or changes in our expectations.
CONTACTS:
Investor Relations
David
Waldman, Crescendo Communications, LLC
IR@lanternpharma.com
212-671-1021
Public Relations
Nicholas
Koulermos, Vice President – 5W Public Relations
lantern@5wpr.com
646-843-1812
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SOURCE Lantern Pharma