Matinas BioPharma Holdings Inc (NYSEAMERICAN:MTNB) reported an increase in R&D expenses to $3.4 million and posted a net loss of $5.8 million. The company holds marketable securities, cash equivalents, and cash of $68 million as of June 30, 2020.
Matinas added patients for MAT9001 ENHANCE-IT Trial. The company expects to release topline data from this clinical trial in Q1 2021. It also resumed enrollment for its EnACT clinical trial of MAT2203 for cryptococcal meningitis.
Begins study after a brief pause
CEO of Matinas BioPharma, Jerome D. Jabbour, said the company is excited to commence the EnACT trial of MAT2203 and ENHANCE-IT trial of MAT9001 after a brief interval because of coronavirus related disruptions. He further said the company continues to achieve significant progress in its business in H1 2020 despite the challenges posed by COVID-19.
Matinas is well-positioned and achieving important milestones and catalysts for its lead drug candidates. The company expects to achieve significant progress in Q4 2020 in its EnACT study. It will reveal topline data from its ENHANCE-IT clinical trial in Q1 2021. The company is also exploring new opportunities and holding discussions for new applications for this distinct and promising delivery technology.
MAT9001 program is targeted to treat patients suffering from metabolic and cardiovascular conditions that comprise hypertriglyceridemia. Matinas developed the proprietary prescription drug – MAT9001 using its 40 years of experience and R&D in omega-3 therapy. Its key ingredients include DPA (docosapentaenoic acid) and EPA (eicosapentaenoic acid). During the development stage, the drug exhibited excellent triglyceride-reducing abilities and absorption. It is the only product based on omega-3 to cure dyslipidemia. The company targets patients with more than 500mg/dl of triglycerides.
Patients with elevated triglycerides will suffer from deadly cardiac events such as strokes and heart attacks. Therefore, Matinas positioned MAT9001 as a tool to improve the patient’s heart’s health and prevent stroke and heart attack.
Matinas resumed enrollment for EnACT study to patients infected with HIV. It dosed several patients randomly in the EnACT phase 2 portion. The company will release update from the cohort of 10 patients (first cohort) to the second cohort of 40 patients in Q4 2020. It will reveal more data from this study in H2 2021.