Magenta Therapeutics Reports First Quarter 2019 Financial Results and Recent Business Highlights
-- Dosed first subjects in Phase 1 study of MGTA-145 first-line mobilization therapy --
-- Presented updated Phase 2 clinical data on MGTA-456 cell therapy
in patients with inherited metabolic disorders at
-- Presented preclinical data on E478 stem cell gene therapy
expansion program at
-- Completed public offering of common stock in
“In 2019 we are continuing to advance our portfolio of programs toward
our vision of curing more patients with autoimmune diseases, blood
cancers and genetic diseases. This momentum was reflected in the recent
start of our Phase 1 study of MGTA-145, our first-line therapy for stem
cell mobilization and second clinical program, as well as in the
extended evidence of disease benefit we see in our Phase 2 study of our
MGTA-456 cell therapy in patients with inherited metabolic disorders,”
said
Upcoming Anticipated Milestones:
The Company plans to achieve the following key milestones in 2019:
- Present preclinical data on C100 anti-CD45 targeted conditioning program in autoimmune disease and declare a development candidate
- Present preclinical data on C200 anti-CD117 targeted conditioning program in gene therapy
- Present clinical data from the Phase 1 study of MGTA-145
- Present additional clinical data from the Phase 2 study of MGTA-456 in inherited metabolic disorders (IMDs)
Recent Business Highlights:
Dosed first subjects in Phase 1 clinical trial of MGTA-145 first-line
stem cell mobilization product candidate: In
Updated clinical data for MGTA-456 cell therapy showed continued
signs of durable clinical benefit in patients with IMDs: Magenta
presented updated data from the Phase 2 clinical study of MGTA-456 in
patients with IMDs at the
Preclinical data on E478 stem cell gene therapy expansion program
show significant increase in gene-modified stem cells: At the
Presented nine abstracts at
Financial Results:
Cash Position: Cash, cash equivalents and marketable securities
as of
Research and Development Expenses: Research and development (R&D)
expenses were
General and Administrative Expenses: General and administrative
(G&A) expenses were
Net Loss: Net loss was
About
Headquartered in
Forward-Looking Statement
This press release may contain
forward-looking statements, including express or implied statements
regarding Magenta’s future expectations, plans and prospects, including
projections regarding future revenues and financing performance, our
long-term growth, the anticipated timing of our clinical trials and
regulatory filings, the development of our product candidates and
advancement of our preclinical programs, as well as other statements
containing the words “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” might,” “plan,” “potential,”
“project,” “should,” target,” “will” or “would” and similar expressions
that constitute forward-looking statements under the Private Securities
Litigation Reform Act of 1995. The express or implied forward-looking
statements included in this press release are only predictions and are
subject to a number of risks, uncertainties and assumptions, including,
without limitation: uncertainties inherent in clinical studies and in
the availability and timing of data from ongoing clinical studies;
whether interim results from a clinical trial will be predictive of the
final results of the trial; whether results from preclinical studies or
earlier clinical studies will be predictive of the results of future
trials; the expected timing of submissions for regulatory approval or
review by governmental authorities, including review under accelerated
approval processes; orphan drug designation eligibility; regulatory
approvals to conduct trials or to market products; whether Magenta's
cash resources will be sufficient to fund Magenta's foreseeable and
unforeseeable operating expenses and capital expenditure requirements;
and other risks concerning Magenta's programs and operations are
described in additional detail in its registration statement on Form
| Magenta Therapeutics, Inc. | ||||||||
| STATEMENTS OF OPERATIONS | ||||||||
| (unaudited) | ||||||||
| (In thousands, except share and per share data) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenue | $ | — | $ | — | ||||
| Operating expenses: | ||||||||
| Research and development | 10,537 | 7,849 | ||||||
| General and administrative | 5,813 | 3,457 | ||||||
| Total operating expenses | 16,350 | 11,306 | ||||||
| Loss from operations | (16,350) | (11,306) | ||||||
| Interest and other income, net | 1,516 | 145 | ||||||
| Net loss attributable to common stockholders | $ | (14,834) | $ | (11,161) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.44) | $ | (4.53) | ||||
| Weighted average common shares outstanding, basic and diluted | 33,422,278 | 2,466,353 | ||||||
| BALANCE SHEET DATA | ||||||||
| (unaudited) | ||||||||
| (In thousands) | ||||||||
| March 31, 2019 | December 31, 2018 | |||||||
| Cash, cash equivalents and marketable securities | $ | 127,307 | $ | 142,570 | ||||
| Working capital | 127,157 | 134,902 | ||||||
| Total assets | 147,692 | 157,313 | ||||||
| Stockholders' equity | 134,003 | 145,648 | ||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190509005195/en/
Source:
Magenta Therapeutics:
Manisha Pai, Vice President, Communications &
Investor Relations
617-510-9193
mpai@magentatx.com
