- Medicenna (MDNA) has revealed its second quarter 2020 financial and operational results
- The immune-oncology company posted a loss of C$2.35 million for the quarter, or approximately $0.05 per share, compared to a net loss of $1.29 million from the same quarter of 2019
- The company attributed the loss to a lack of reimbursements under the CPRIT grant scheme, compared to the $994,648 reimbursement it received last financial year
- Meanwhile the company has received positive testing results for its MDNA11 and MDNA55 trails
- Medicenna (MDNA) is up 0.2 per cent and is trading at C$4.97 per share
Medicenna (MDNA) has revealed its second quarter 2020 financial and operational results.
The immune-oncology company posted a loss of C$2.35 million for the quarter, or approximately $0.05 per share, compared to a net loss of $1.29 million from the same quarter of 2019.
The company attributed the loss to a lack of reimbursements under the CPRIT grant scheme, compared to the $994,648 reimbursement it received last financial year.
The company’s research and development expenses were also up on the comparative quarter, moving from $828,000 last year to $1,813,105 this year, which were also linked to the CPRIT reimbursement.
Administrative expenses went from $461,000 last year to $732,085, and the company finished the quarter with a tick over $40 million in cash, cash equivalents and securities at the end of the June quarter.
During the quarter, the company submitted its latest results for the MDNA55 project to the US FDA, which showed a 126 per cent increase in median survival rates in patients compared to patients not given the drug.
Meanwhile, the MDNA11 program revealed the results of its non-human primate trials, which showed the drug could potentially induce a 10-fold expansion in cancer-fighting immune cells.
President and CEO of Medicenna, Dr Fahar Merchant said he was very pleased with the progress the company made last quarter. He went on to comment on the MDNA11 program.
“We look forward to the continued development of this program, which will be facilitated by the recent $40 financing.
“Looking forward, our accomplishments last quarter have left us well positioned for the continued achievement of value creating milestones throughout the remainder of the calendar year,” he said.
Medicenna (MDNA) is up 0.2 per cent and is trading at C$4.97 per share at 10:45 am EDT.
