Press Release Details
Magenta Therapeutics Reports Third Quarter 2019 Financial Results and Recent Business Highlights
–Early clinical data from Phase 1 study of MGTA-145 show successful mobilization of target number of cells in 11 of 12 healthy volunteers; updated data to be presented at ASH–
–Reported first-ever successful gene therapy transplant of non-human primates with targeted single-agent CD117-ADC with no chemotherapy; updated data to be presented at ASH –
–Presented successful immune reset results with CD45-ADC in models of multiple autoimmune diseases at ACR–
–Exercised option with
–Received U.S. Food and Drug Administration Regenerative Medicine Advanced Therapies designation for MGTA-456 cell therapy –
–Ended quarter with
“Magenta has a big vision: to bring the curative power of immune reset through stem cell transplant to patients with autoimmune diseases, genetic diseases and blood cancers. At ASH next month, we are looking forward to sharing important new data from across our portfolio. These will include clinical data from our MGTA-145 program, which we are developing as a new first-line standard of care for stem cell mobilization. We will also present the first gene therapy data on our CD117-ADC, which we are developing as a non-genotoxic preparation regimen for gene therapy and transplant,” said
Recent Business Highlights:
First clinical data for MGTA-145 stem cell mobilization program and groundbreaking CD117-ADC gene therapy data to be presented at the
First Magenta preclinical immune reset data presented at the
Exercised option with
Received Regenerative Medicine Advanced Therapies (RMAT) Designation for MGTA-456 in inherited metabolic disorders: In
Appointed Senior Vice President, Head of Translational Sciences; Chief Scientific Officer to transition out of Company: In
Financial Results:
Cash Position: Cash, cash equivalents and marketable securities as of
Research and Development Expenses: Research and development expenses were
General and Administrative Expenses: General and administrative expenses were
Net Loss: Net loss was
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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, without limitation, statements regarding expectations and plans for presenting pre-clinical and clinical data, projections regarding future revenues and financing performance, our long-term growth, cash, cash equivalents and marketable securities, 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 S-1, its Annual Report on Form 10-K filed on
Magenta Therapeutics, Inc. | ||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||
(unaudited) | ||||||||||||
(In thousands, except share and per share data) | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | ||||
Operating expenses: | ||||||||||||
Research and development |
|
16,524 |
|
11,418 |
|
40,494 |
|
28,950 |
||||
General and administrative |
|
6,120 |
|
5,284 |
|
17,838 |
|
13,083 |
||||
Total operating expenses |
|
22,644 |
|
16,702 |
|
58,332 |
|
42,033 |
||||
Loss from operations |
|
(22,644) |
|
(16,702) |
|
(58,332) |
|
(42,033) |
||||
Interest and other income, net |
|
1,654 |
|
687 |
|
4,800 |
|
1,197 |
||||
Net loss |
|
(20,990) |
|
(16,015) |
|
(53,532) |
|
(40,836) |
||||
Accretion of redeemable convertible preferred stock to redemption value |
— | — | — |
|
(88) |
|||||||
Net loss attributable to common stockholders |
$ |
(20,990) |
$ |
(16,015) |
$ |
(53,532) |
$ |
(40,924) |
||||
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.54) |
$ |
(0.49) |
$ |
(1.47) |
$ |
(3.05) |
||||
Weighted average common shares outstanding, basic and diluted |
|
38,824,209 |
|
32,997,346 |
|
36,322,804 |
|
13,396,856 |
BALANCE SHEET DATA | ||||||
(unaudited) | ||||||
(In thousands) | ||||||
September 30, 2019 | December 31, 2018 | |||||
Cash, cash equivalents and marketable securities |
$ |
160,570 |
$ |
142,570 |
||
Working capital |
|
155,601 |
|
134,902 |
||
Total assets |
|
177,233 |
|
157,313 |
||
Stockholders' equity |
|
161,529 |
|
145,648 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20191113005137/en/
Source:
Magenta Therapeutics:
Manisha Pai, Vice President, Communications & Investor Relations
617-510-9193
mpai@magentatx.com