Kintara Inc begins a new financial year with a strengthened balance sheet

It closed its fiscal year on June 30 with approximately $ 10.5 million in cash and cash equivalents, but recently raised an additional $ 15 million to help fund ongoing clinical studies and fund requirements. business turnover.

Kintara Inc, a biopharmaceutical company focused on developing novel solid tumor cancer therapies, reports that it closed its fiscal year on June 30 with cash and cash equivalents of approximately $ 10.5 million.

In a statement, the company noted that its balance sheet as of September 28 was further strengthened by closing a registered direct offer, market-priced under Nasdaq rules, raising around $ 15 million to help fund clinical studies in courses and work in a company. capital needs.

“As we enter a new fiscal year with a stronger cash position thanks to our recent funding, I am extremely pleased with the company’s position on the clinical development and business fronts,” said Kintara CEO, Saiid Zarrabian.

READ: Kintara reports first results from Phase 2 clinical study of VAL-083 for newly diagnosed GBM patients

“Going forward, our diverse and advanced pipeline has multiple short-term milestones, highlighted by the GCAR GBM AGILE study. We believe that this registration study represents an extraordinary opportunity for the Company as it offers an optimal clinical path given its accelerated program, as evidenced by the launch of patient recruitment at 26 sites in less than eight months, and the point view of cost savings through an FDA-approved registration trial that provides Kintara with the unique opportunity to enroll three distinct GBM patient subtypes. key moment in the development of the Company ”, added Zarrabian.

The GBM AGILE study is a revolutionary, patient-centered, adaptive testing platform for registration evaluating multiple therapies for patients with newly diagnosed and recurrent glioblastoma (GBM), an aggressive brain cancer.

VAL-083 is currently the only therapeutic agent evaluated in all subgroups of GBM AGILE (Newly Diagnosed Methylated MGMT, Newly Diagnosed Unmethylated MGMT, and Recurrent Patients). The study will enroll up to 150 patients in the initial assessment (step 1) for the VAL-083 arm of the study at more than 40 sites in the United States and Canada, with the potential to increase up to 65 clinical trial centers around the world.

The company said it expects the recent funding to provide sufficient funding up to Stage 1, which could move to the final confirmation stage, the potentially NDA-friendly part of the GBM study. AGILE.

On September 22, Kintara published the first results of the Phase 2 study conducted at the MD Anderson Cancer Center which confirmed the safety and efficacy of VAL-083 in two different GBM patient subtypes and supports the continuous evaluation of VAL-083 in the GBM AGILE registration study.

Results of VAL-083 as adjuvant therapy for newly diagnosed GBM patients have been reported demonstrating progression-free survival and overall survival of 10 months and 16.5 months, respectively, in patients with evaluable efficacy.

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