- Medicenna Therapeutics (MDNA) has provided a business update in addition to its second quarter financial and operational results
- The company continues to advance its MDNA11 and MDNA55 Superkine programs through research and testing
- The company ended the second quarter of 2022 with cash, cash equivalents, and marketable securities of $26.7 million
- Research and development expenses increased to $6.3 million and general and administrative expenses increased to $2.0 million
- Medicenna Therapeutics is a Canadian-based immuno-oncology company
- Medicenna Therapeutics Corp. (MDNA) is up 0.74 per cent, trading at $2.05 per share
Medicenna Therapeutics (MDNA) has provided a business update in addition to its second-quarter financial and operational results.
The company continues to advance its MDNA11 and MDNA55 Superkine programs through research and testing.
In September, Medicenna began dosing subjects in the first phase of its two-phase ABILITY Study of MDNA11, the company’s “beta-only” and long-acting IL-2 super-agonist.
Medicenna continues to advance the ABILITY study at trial sites in Australia and, subsequent to the quarter-end, received IND clearance from the U.S. Food and Drug Administration to expand the trial to sites in the United States.
The company also intends to expand the ABILITY study to additional sites in the UK and Canada and expects to complete the remaining regulatory submissions for these jurisdictions in calendar 2021.
In October, a peer-reviewed manuscript highlighted the design of the planned open-label hybrid Phase 3 trial of MDNA55.
“The MDNA55 Phase 3 clinical trial hybrid design was highlighted in a peer-reviewed manuscript published in The Lancet Oncology and we continue to engage in active discussions in pursuit of a strategic partnership for this asset,” said Medicenna’s president and CEO Fahar Merchant.
Medicenna ended the second quarter of 2022 with cash, cash equivalents, and marketable securities of $26.7 million. These funds will allow the company to execute its current planned expenditures through the end of 2022.
The company experienced a higher net loss compared to the previous year, $8.2 million compared to $3.8 million, due to increased research and development expenses, which reached $6.3 million in Q2 2022 compared to $2.2 million in 2020.
The company also generated $0.3 million more in general and administrative expenses due to increased insurance premiums, increased stock-based compensations, and increases in salaries and benefit expenses.
“Our accomplishments over the past few months have laid the foundation towards achieving key milestones that intend to provide the first set of human data of MDNA11,” said Mr. Merchant.
Medicenna Therapeutics is a Canadian-based immuno-oncology company.
Medicenna Therapeutics Corp. (MDNA) is up 0.74 per cent, trading at $2.05 per share as of 3:59 pm ET.
