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Mateon Therapeutics Reports Second Quarter 2018 Financial Results

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SOUTH SAN FRANCISCO, Calif., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQB:MATN), a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, today announced second quarter 2018 financial results. 

For the three months ended June 30, 2018, Mateon reported a net loss of $0.6 million, compared to a net loss of $3.9 million reported for the three months ended June 30, 2017. R&D expenses decreased to $0.3 million for the second quarter of 2018 compared to $3.0 million for the same period in 2017, while general and administrative expenses decreased to $0.6 million for the second quarter of 2018 compared to $0.9 million for the same period in 2017. In the second quarter of 2018, Mateon reported non-operating income of $0.3 million. As of June 30, 2018, Mateon had cash and cash equivalents of $2.0 million.

"Following the closing of our financing transaction in April, we re-initiated enrollment into our study of OXi4503 for relapsed/refractory acute myeloid leukemia and myelodysplastic syndromes. We continue to enroll patients into the trial's sixth cohort, and are approximately halfway to our current ten patient target," said William D. Schwieterman, M.D., Chief Executive Officer of Mateon Therapeutics. "We also are close to finalizing our regulatory submission for a new clinical phase 2a study in patients with advanced melanoma, where we will be using CA4P as an immuno-oncology agent in combination with Opdivo®. We have shown in animal studies that the necrotic tumor cell death induced by CA4P strongly stimulates an anti-tumor immune response when used in combination with checkpoint inhibitors, and are hopeful it will do the same in patients with metastatic melanoma who have failed currently approved treatments."

About Mateon

Mateon Therapeutics, Inc. is a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, with programs in acute myeloid leukemia and immuno-oncology. Mateon is committed to leveraging its product development expertise and intellectual property to bring improved and medically necessary new therapies to cancer patients worldwide.

Safe Harbor Statement

Certain statements in this news release, including, but not limited to, those concerning the use of OXi4503 as a treatment for acute myeloid leukemia and myelodysplastic syndromes, the use of CA4P as an immuno-oncology agent in combination with Opdivo in metastatic melanoma, and the planned clinical trials for these applications are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They can be affected by inaccurate assumptions Mateon might make or by known or unknown risks and uncertainties, including, but not limited to: the sufficiency of the Company's cash resources to continue in business and to conduct and complete future clinical and pre-clinical trials; the uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development or that may be developed in the future. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Mateon's reports to the Securities and Exchange Commission, including Mateon's reports on Forms 10-Q, 8-K and 10-K. However, Mateon undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.

CONTACT 

Matthew M. Loar
Mateon Therapeutics, Inc.
(650) 635-7000
info@mateon.com

FINANCIAL DATA APPEARS BELOW

Balance Sheet Data    
      June 30, 2018   December 31, 2017
       (all amounts in thousands) 
 Assets        
           
   Cash   $   1,966   $   1,115  
   Prepaid expenses and other assets       133       57  
           
   Total assets   $   2,099   $   1,172  
           
 Liabilities and stockholders' equity/(deficit)        
           
   Accounts payable and accrued liabilities   $   1,561   $   1,649  
   Total stockholders' equity/(deficit)       538       (477 )
           
   Total liabilities and stockholders' equity/(deficit) $   2,099   $   1,172  


Statement of Operations Data                
       Three months ended June 30,    Six months ended June 30,
        2018       2017       2018       2017  
       (all amounts in thousands, except per share data) 
 Operating Expenses:                
   Research and development   $   342     $   3,019     $   567     $   5,867  
   General and administrative       556         877         1,126         1,999  
                   
 Total operating expenses       898         3,896         1,693         7,866  
                   
 Loss from Operations       (898 )       (3,896 )       (1,693 )       (7,866 )
                   
   Gain on change in fair value of warrants       250             250      
   Interest income       7         12         8         26  
   Other expense       (1 )       -         (1 )       (2 )
                   
 Net loss and comprehensive loss   $   (642 )   $   (3,884 )   $   (1,436 )   $   (7,842 )
                   
 Basic and diluted net loss per common share                
  attributable to common stock   $   (0.02 )   $   (0.15 )   $   (0.04 )   $   (0.30 )
 Weighted-average number of common shares                
  outstanding       39,409         26,545         33,012         26,545  

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