Kintara Therapeutics (NASDAQ: KTRA) has announced its financial results for the fiscal year ending June 30, 2021, and offered a corporate update.
Corporate update
Recently the company signed securities purchase agreements with institutional investors focusing on healthcare to raise gross proceeds of $15 million in a registered directed offering. The proceeds offer necessary funds to the ongoing clinical trials and for corporate capital uses. Also, the company boosted patient enrolment in the US through activation of more clinical study centers for glioblastoma patients for its VAL-083 cohort of the GMB AGILE study funded by the Global Coalition for Adaptive Research.
Other highlights include the release of top-line second phase study results affirming VAL-083’s efficacy and safety in two GBM patient groups to support continued VAL-083 evaluation. Also, Kintara advanced REM-001 development for cutaneous metastatic breast cancer (CMBC) treatment that includes steps towards the production of adequate drug quantity to permit commencement and completion of the 15-patient lead in the CMBC trial.
The company’s CEO, Saiid Zarrabian, said, “As we embark on a new fiscal year with a strengthened cash position from our recent financing, I’m extremely pleased with where the Company is positioned on the clinical and corporate development fronts. Moving forward, our diversified, late-stage pipeline has multiple, significant near-term milestones, highlighted by the GCAR GBM AGILE study. We believe this registration study represents an extraordinary opportunity for the Company as it provides an optimal clinical path given its highly accelerated program.”
Kintara reported a net loss of $38.3 million in fiscal 2021
At the end of fiscal 2021, the company has $10.5 million in cash and cash equivalents. Kintara reported a net loss of $38.3 million or $1.6 per share for the year ended June 30, 2021, relative to a net loss of $r9.1 million or $0.87 per share. The widening loss results from non-cash expenses of $16.1 million associated with the purchase of in-process R&D costs related to Adgero Biopharmaceuticals Holdings Inc.’s acquisition.
