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AUSTIN, Texas, Aug. 06, 2020 (GLOBE NEWSWIRE) — Molecular Templates, Inc. (Nasdaq: MTEM, “Molecular Templates,” “MTEM” or “the Company”), a clinical-stage biopharmaceutical aggregation focused on the analysis and development of proprietary targeted biologic therapeutics, engineered adulteration bodies (ETBs), today appear banking after-effects for the added division of 2020.
“Since our aftermost annual update, we presented preclinical abstracts at AACR on four preclinical ETB programs, provided an amend on the advancing Phase I abstraction for MT-5111, and adequate our antithesis area through a new debt adeptness and our ATM,” said Eric Poma, Ph.D., Molecular Templates’ Chief Executive and Chief Scientific Officer. “In the added bisected of 2020, we apprehend to abode acting analytic abstracts from our three MT-3724 Phase 2 studies and added abstracts from the MT-5111 Phase 1 study, and additionally book the IND for MT-6402, our PD-L1-targeted ETB with antigen seeding.”
Company Highlights, Activity Status, and Accessible Milestones
MT-3724 (CD20 ETB)
TAK-169 (CD38 ETB)
MT-5111 (HER2 ETB)
The net accident attributable to accepted shareholders for the added division of 2020 was $31.2 million, or $0.68 per basal and adulterated share. This compares with a net accident attributable to accepted shareholders of $9.2 million, or $0.25 per basal and adulterated share, for the aforementioned aeon in 2019.
Revenues for the added division of 2020 were $6.9 million, compared to $5.4 actor for the aforementioned aeon in 2019. Revenues for the added division of 2020 were comprised of revenues from collaborative analysis and development agreements with Takeda and Vertex, as able-bodied as admission acquirement from CPRIT. Total analysis and development costs for the added division of 2020 were $30.4 million, compared with $10.2 actor for the aforementioned aeon in 2019. Total accepted and authoritative costs for the added division of 2020 were $6.4 million, compared with $4.6 actor for the aforementioned aeon in 2019.
As of June 30, 2020, MTEM’s banknote and investments totaled $91.0 million. With the accession of $50 actor in gross gain aloft through MTEM’s ATM adeptness afterwards the end of the quarter, MTEM expects to be able to armamentarium operations into 2H22.
About Molecular Templates
Molecular Templates is a clinical-stage aggregation focused on the analysis and development of targeted biologic therapeutics. Our proprietary biologic belvedere technology, accepted as engineered adulteration bodies, or ETBs, leverages the citizen analysis of a genetically engineered anatomy of Shiga-like Adulteration A subunit to actualize atypical therapies with almighty and differentiated mechanisms of activity for blight and added austere diseases.
This columnist absolution contains advanced statements for purposes of the Private Balance Litigation Reform Act of 1995 (the “Act”). Molecular Templates disclaims any absorbed or obligation to amend these advanced statements, and claims the aegis of the Act’s Safe Harbor for advanced statements. All statements, added than statements of actual facts, included in this columnist absolution apropos strategy, approaching operations, approaching banking position, approaching revenue, projected expenses, prospects, affairs and objectives of administration are advanced statements. In addition, back or if acclimated in this columnist release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and agnate expressions and their variants, as they chronicle to Molecular Templates may analyze advanced statements. Examples of such statements include, but are not bound to, statements apropos to the development of the MT-3724, MT-5111, TAK-169, and MT-6402; the accepted timing of appointment assorted IND applications and administering studies; the accepted accord and presentation at accessible medical conferences; the advancing furnishings of the COVID-19 communicable on the Company’s advancing analytic studies, accomplishment and preclinical development; and the Company’s acceptance that its proprietary biologic biologic belvedere technology, or ETBs, provides for a differentiated apparatus of activity that may abode some of the limitations associated with currently accessible blight therapeutics.
Forward-looking statements are not guarantees of approaching achievement and absorb risks and uncertainties. Actual contest or after-effects may alter materially from those discussed in the advanced statements as a aftereffect of assorted factors including, but not bound to, the uncertainties inherent in the preclinical and analytic development process; whether the Company’s banknote assets will be acceptable to armamentarium its continuing operations for the periods and/or trials anticipated; the adeptness of the Aggregation to assure its bookish acreage rights; risks from all-around pandemics including COVID-19; and legislative, regulatory, political and bread-and-butter developments, as able-bodied as those risks articular beneath the branch “Risk Factors” in the Company’s filings with the SEC. Any advanced statements independent in this columnist absolution allege alone as of the date hereof, and the Aggregation accurately disclaims any obligation to amend any advanced statement, whether because of new information, approaching contest or otherwise.
Adam CutlerChief Banking [email protected]
Molecular Templates, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except allotment and per allotment data)(unaudited)
Molecular Templates, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except allotment and per allotment data)
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