Magenta Therapeutics Reports Second Quarter Financial Results and Recent Program Highlights
– MGTA-117 Phase 1/2 clinical trial progress continues and remains consistent with earlier observations of target binding, target cell reductions, rapid drug clearance and a favorable tolerability profile; interim clinical data disclosure anticipated in Q4 2022 –
– IND-enabling preclinical studies ongoing for CD45 antibody-drug conjugate; in-life portion of dose-ranging toxicology study complete; program update and development timeline expectations anticipated in Q4 2022 –
– Clinical trial active and enrolling for MGTA-145 stem cell mobilization in sickle cell disease clinical trial; initial data anticipated in Q4 2022 –
– Approximately $139.4 million in cash, cash equivalents and marketable securities at the end of Q2 2022 and maintains guidance that cash reserves are expected to fund operating plan into Q2 2024 –
CAMBRIDGE, Mass., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Magenta Therapeutics (Nasdaq: MGTA), a clinical-stage biotechnology company developing novel medicines designed to bring the curative power of stem cell transplant to more patients, today reported financial results for the second quarter ending June 30, 2022, and recent program highlights.
“We continue to execute across the portfolio while maintaining our prioritized spending and program investment. We look forward to collecting additional data from multiple cohorts in our MGTA-117 Phase 1/2 dose escalation clinical trial and plan to disclose interim results in Q4 2022,” said Jason Gardner, President and Chief Executive Officer of Magenta Therapeutics. “As our CD45 antibody drug conjugate program continues to progress with concept-validating preclinical data, we expect to be able to provide an overview of the program’s clinical development plan and its anticipated timelines later this year as well. Finally, we are excited about initiating the MGTA-145 stem cell mobilization clinical trial in sickle cell disease at leading research hospitals to understand MGTA-145’s potential for better mobilization that could result in better outcomes for patients with this debilitating disease.”
CD45-Antibody Drug Conjugate (ADC): Second Targeted Conditioning Program
MGTA-145 Stem Cell Mobilization and Collection
Research and Development Expenses: Research and development expenses were $11.6 million in the second quarter of 2022, compared to $11.1 million in the second quarter of 2021. The increase was driven primarily by higher preclinical and manufacturing costs to support our IND enabling studies for CD45-ADC, offset by a decrease in costs related to our completed Phase 2 investigator-initiated clinical trial in multiple myeloma patients.
General and Administrative Expenses: General and administrative expenses were $6.5 million for both the second quarter of 2022 and the second quarter of 2021.
Net Loss: Net loss was $17.3 million for the second quarter of 2022, compared to net loss of $16.9 million for the second quarter of 2021.
About Magenta Therapeutics
Magenta is based in Cambridge, Mass. For more information, please visit www.magentatx.com.
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Words such as “anticipate,” “believe,” “continue,” “could,” “designed,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “preliminary,” “will,” “would” and similar expressions are intended to identify forward-looking statements. 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: volatility and uncertainty in the capital markets for biotechnology companies; uncertainties inherent in preclinical and clinical trials, and in the availability and timing of data from ongoing and planned clinical and preclinical trials; the ability to initiate, enroll, conduct or complete ongoing and planned preclinical and clinical trials; vulnerability and/or fragility of, and the presence of underlying disorders in, the patient population for the clinical trials of Magenta’s product candidates, including the MGTA-117 Phase 1/2 clinical trial in patients with relapsed/refractory AML and MDS; the delay of any current or planned preclinical or clinical trials, or the delay in development of Magenta’s product candidates; whether results from preclinical or earlier clinical trials will be predictive of the results of future trials; interactions with regulatory agencies such as the U.S. Food and Drug Administration; the expected timing of submissions for regulatory approval to conduct or continue trials or to market products; Magenta’s ability to successfully demonstrate the safety and efficacy of its product candidates; whether Magenta’s cash resources will be sufficient to fund Magenta’s foreseeable and unforeseeable operating expenses and capital expenditure requirements; and risks, uncertainties and assumptions regarding the impact of the continuing COVID-19 pandemic on Magenta’s business, operations, preclinical activities, clinical trials, strategy, goals and anticipated timelines. These and other risks are described in additional detail in Magenta’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, expected to be filed on or about August 4, 2022, and its other filings made with the Securities and Exchange Commission from time to time. Any forward-looking statements contained in this press release represent Magenta’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Magenta explicitly disclaims any obligation to update any forward-looking statements, except to the extent required by law.