SAN
DIEGO, Nov. 13, 2023 /PRNewswire/ -- Kintara
Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a
biopharmaceutical company focused on the development of new solid
tumor cancer therapies, today announced financial results for its
fiscal first quarter ended September 30,
2023 and provided a corporate update.
RECENT CORPORATE DEVELOPMENTS
- Announced that preliminary topline results from the
Glioblastoma Adaptive Global Innovative Learning Environment (GBM
AGILE) study showed that VAL-083 did not perform better than the
current standards of care in glioblastoma. These topline results
included preliminary safety data for VAL-083 that was similar to
that of the current standards of care used to treat glioblastoma.
With this study outcome, Kintara is suspending the development of
VAL-083 and turning its focus to its second program, REM-001. In
addition to focusing on its REM-001 program, Kintara will evaluate
a wide range of strategic options aimed at potentially maximizing
shareholder value. (October 2023)
- Awarded a $2.0 million Small
Business Innovation Research (SBIR) grant from the National
Institutes of Health (NIH) to support the clinical development of
REM-001, a second-generation photodynamic therapy (PDT)
photosensitizer agent for the treatment of cutaneous metastatic
breast cancer (CMBC). (June
2023)
"We are looking forward to enrolling the first patient in our 15
patient REM-001 study for cutaneous metastatic breast cancer, a
disease with little or no current treatment options" commented
Robert E. Hoffman, Kintara's
President and Chief Executive Officer. "The majority of study
expenses will be covered by the $2
million National Institutes of Health grant we were awarded
to support the further development of REM-001. We have undertaken
efforts to significantly cut costs and are continuing to evaluate
strategic options with the goal of maximizing shareholder
value."
SUMMARY OF FINANCIAL RESULTS FOR FISCAL YEAR
2023 FIRST QUARTER ENDED SEPTEMBER 30,
2023
As of September 30, 2023, Kintara
had cash and cash equivalents of approximately $0.2 million. In November
2023, the Company has received net proceeds of approximately
1.0 million from the sale of common stock, primarily from its
at-the-market (ATM) facility.
For the three months ended September 30,
2023, Kintara reported a net loss of approximately
$3.0 million, or $1.83 per share, compared to a net loss of
approximately $4.6 million, or
$3.39 per share, for the three months
ended September 30, 2022. The
decreased net losses for the three months ended September 30, 2023 compared to the three months
ended September 30, 2022 was largely
due to lower research and development expenses, primarily lower
clinical development costs. General and administrative costs were
also lower during the same period primarily due to reduced level of
staffing.
Selected Balance
Sheet Data (in thousands)
|
|
|
|
|
|
September
30,
2023
|
|
|
June 30,
2023
|
|
|
|
$
|
|
|
$
|
|
Cash and cash
equivalents
|
|
|
216
|
|
|
|
1,535
|
|
Working capital
(deficiency)
|
|
|
(2,553)
|
|
|
|
188
|
|
Total assets
|
|
|
1,477
|
|
|
|
3,979
|
|
Total stockholders'
equity (deficiency)
|
|
|
(2,026)
|
|
|
|
731
|
|
Selected Statement
of Operations Data (in thousands, except per share
data)
For the three months ended
|
|
|
|
|
|
September
30,
|
|
|
June
30,
|
|
|
|
2023
|
|
|
2023
|
|
|
|
$
|
|
|
$
|
|
Research and
development
|
|
|
1,859
|
|
|
|
3,171
|
|
General and
administrative
|
|
|
1,103
|
|
|
|
1,475
|
|
Other income
|
|
|
-
|
|
|
|
(50)
|
|
Net loss for the
period
|
|
|
(2,962)
|
|
|
|
(4,596)
|
|
Series A Preferred cash
dividend
|
|
|
(2)
|
|
|
|
(2)
|
|
Series C Preferred
stock dividend
|
|
|
(173)
|
|
|
|
(362)
|
|
Net loss for the period
attributable to common stockholders
|
|
|
(3,137)
|
|
|
|
(4,960)
|
|
Basic and fully diluted
weighted average number of shares
|
|
|
1,718
|
|
|
|
1,464
|
|
Basic and fully diluted
loss per share
|
|
|
(1.83)
|
|
|
|
(3.39)
|
|
|
|
|
|
|
|
|
|
|
|
Kintara's financial statements as filed with the U.S. Securities
Exchange Commission can be viewed on the Company's website at:
http://ir.kintara.com/sec-filings.
ABOUT KINTARA
Located in San Diego,
California, Kintara is dedicated to the development of novel
cancer therapies for patients with unmet medical needs. Kintara
develops therapeutics for clear unmet medical needs with reduced
risk development programs. The Company's lead program is
REM-001 Therapy for cutaneous metastatic breast cancer (CMBC).
Kintara has a proprietary, late-stage photodynamic therapy
platform that holds promise as a localized cutaneous, or visceral,
tumor treatment as well as in other potential indications.
REM-001 Therapy, which consists of the laser light source, the
light delivery device, and the REM-001 drug product, has been
previously studied in four Phase 2/3 clinical trials in patients
with CMBC who had previously received chemotherapy and/or failed
radiation therapy. In CMBC, REM-001 has a clinical efficacy to date
of 80% complete responses of CMBC evaluable lesions and an existing
robust safety database of approximately 1,100 patients across
multiple indications.
For more information, please visit www.kintara.com or
follow us on X
at @Kintara_Thera, Facebook and Linkedin.
SAFE HARBOR STATEMENT
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995, including statements regarding the status of the
Company's clinical trials; the topline results of the GBM AGILE
Study; and the Company's review of strategic alternatives. Any
forward-looking statements contained herein are based on current
expectations but are subject to a number of risks and
uncertainties. The factors that could cause actual future results
to differ materially from current expectations include, but are not
limited to, risks and uncertainties relating to the Company's
ability to develop, market and sell products based on its
technology; the status of the Company's clinical trials; the
topline results of the GBM AGILE Study; the expected benefits and
efficacy of the Company's products and technology; the availability
of substantial additional funding for the Company to continue its
operations and to conduct research and development, clinical
studies and future product commercialization; the Company's
business, research, product development, regulatory approval,
marketing and distribution plans and strategies; and global
unrest. These and other factors are identified and described
in more detail in the Company's filings with the SEC, including the
Company's Annual Report on Form 10-K for the year ended
June 30, 2023, the Company's
Quarterly Reports on Form 10-Q, and the Company's Current Reports
on Form 8-K.
CONTACTS
Investors
Robert E. Hoffman
Kintara Therapeutics
rhoffman@kintara.com
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SOURCE Kintara Therapeutics