- Medicenna Therapeutics Corp. (MDNA) has reported its financial results and operational highlights for the first quarter of the 2022 fiscal year
- The company saw an increased net loss for the quarter year-over-year due to increased research and development expenses
- The company also advanced MDNA55, announcing the peer-reviewed publication of clinical data in May
- Medicenna is a clinical-stage immunotherapy company
- Medicenna Therapeutics Corp. (MDNA) is currently down 2.55 per cent, trading at $2.67 per share
Medicenna Therapeutics Corp. (MDNA) has reported its financial results and operational highlights for the first quarter of the 2022 fiscal year.
“We are off to a strong start in fiscal 2022 and well positioned for continued success with a steady frequency of value creating milestones expected over the coming year,” said Fahar Merchant, president and CEO of Medicenna.
The company saw a net loss of $6.4 million for the quarter, compared to a net loss of $2.4 million in Q1 2021. This increase was mainly due to increased research and development for the company’s MDNA11 program.
MDNA11 is a clinical anti-tumour treatment that is being studied in patients with advanced tumours.
“We are on track to initiate our Phase 1/2 ABILITY Study of MDNA11 in calendar Q3,” said Dr. Merchant. “We aim to clinically demonstrate MDNA11’s best-in-class potential through the ABILITY Study and look forward to providing a preliminary update on safety, PK/PD, and biomarker data by calendar year-end.”
Medicenna also incurred $4.3 million in research and development expenses, compared to $1.8 million year-over-year.
The company also advanced MDNA55, announcing the peer-reviewed publication of clinical data from the Phase 2b trial in May.
“We remain in active discussions in pursuit of a partnership for MDNA55 and continue to leverage the power of our Superkine and BiSKITs platforms to advance the development of additional cytokine-based immunotherapies,” added Dr. Merchant.
Medicenna is a clinical-stage immunotherapy company.
Medicenna Therapeutics Corp. (MDNA) is currently down 2.55 per cent, trading at $2.67 per share as of 11:35 am ET.
