Matinas BioPharma Announces Q2 2024 Financial Results and Business Update

Matinas BioPharma Holdings, Inc., a clinical-stage biopharmaceutical company focused on utilizing its lipid nanocrystal (LNC) platform technology, has released its financial results for the second quarter and the first half of 2024, alongside a business update. The company is actively engaged in developing innovative therapies, particularly through its leading LNC-based product, MAT2203, an oral formulation of the antifungal drug amphotericin B.

MAT2203 Developments

Matinas BioPharma has signed a non-binding term sheet granting global licensing rights for the development, manufacturing, and commercialization of MAT2203. This oral formulation targets invasive aspergillosis and possibly other severe fungal infections, especially for patients with limited treatment options. The company is preparing for the ORALTO Phase 3 registration trial, aiming to start this pivotal study soon after finalizing a partnership.

The Compassionate/Expanded Use Access Program for MAT2203 has enrolled 31 patients with serious fungal infections, with six more under consideration. Of these, seven patients have been treated for invasive aspergillosis with positive outcomes. The program has seen 15 patients complete treatment, with eight achieving a complete response and seven showing improvement. Nine patients are undergoing long-term treatment with positive results, and five have recently started treatment. Only two patients have discontinued treatment, one due to intolerance and another due to an unrelated terminal condition.

LNC Platform Progress

The LNC platform has shown promising results in oncology and inflammation. Recent animal studies using LNC-docetaxel in breast, prostate, and lung cancer models have shown varying degrees of tumor growth inhibition with daily oral dosing. Combining LNC-docetaxel with intravenous docetaxel has demonstrated greater tumor inhibition but also resulted in additional weight loss. Ongoing studies are examining methods to enhance the therapeutic index of docetaxel.

Another chemotherapeutic agent, miriplatin, reformulated using the LNC platform, has shown strong cellular uptake and tumor cell-killing capabilities in vitro. Subsequent in vivo studies indicated effective tumor size reduction with significant weight loss. Further research is being conducted to optimize the therapeutic efficacy of LNC-delivered chemotherapeutics.

In the field of inflammation, early encouraging data on orally delivered LNC-formulated small oligonucleotides targeting IL-17A and TNFα have been mixed in follow-up studies. More optimization is needed to identify a potential product candidate.

Financial Overview

For the second quarter of 2024, Matinas reported no revenue, consistent with the same period in 2023. Total expenses for the quarter were $5.8 million, down from $6.2 million in the same quarter of the previous year, primarily due to reduced clinical development, personnel, and administrative costs. The net loss for the second quarter was $5.7 million, or $0.02 per share, compared to a net loss of $6.1 million, or $0.03 per share, in the prior year.

For the first half of 2024, the company also reported no revenue, compared to $1.1 million for the same period in 2023. Total expenses for the first six months were $11.7 million, compared to $12.8 million in the previous year. The net loss for the first half was $11.5 million, or $0.05 per share, similar to the net loss of $11.6 million, or $0.05 per share, reported for the first half of 2023.

Cash Position

As of June 30, 2024, Matinas had $14.3 million in cash, cash equivalents, and marketable securities, up from $13.8 million at the end of 2023. The company raised $10.0 million in gross proceeds through a registered direct offering in April 2024.

Conclusion

Matinas BioPharma continues to advance its LNC platform and MAT2203, aiming to offer better treatment options for patients with invasive fungal infections and exploring broader applications in oncology and inflammation. The company is also focused on optimizing its financial resources to support ongoing and future developments in these critical therapeutic areas.

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