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Emerging Safety and Tolerability Profile Supports Advancement of Program; Plans for Expansion Cohort Initiation on Track
Company Plans to Present Interim Data from the Ongoing XMT-1536 Dose Escalation Study at the ASCO 2019 Annual Meeting
Ended First Quarter 2019 with $137 Million in Cash
CAMBRIDGE, Mass., May 09, 2019 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and a business update for the first quarter ended March 31, 2019.
“We have continued to make important progress in advancing XMT-1536, our first-in-class ADC clinical candidate targeting NaPi2b. We are very pleased with the safety, efficacy, and duration of treatment seen to date in unselected and heavily pretreated ovarian cancer and NSCLC adenocarcinoma patients. This profile provides us with the confidence to move forward with expansion studies in these two indications with high unmet medical need. We look forward to presenting interim data from the dose escalation phase of the study at the upcoming ASCO 2019 annual meeting,” said Anna Protopapas, President and CEO of Mersana Therapeutics. “We also continue to advance our earlier-stage ADC programs and remain on track to disclose our next clinical candidate in the fourth quarter of 2019. With our successfully completed financing, we have the resources necessary to drive these promising programs forward.”
Recent Highlights and Updates
Clinical Program
Discovery & Platform Progress
Corporate Updates
Upcoming Events
2019 Financial Results
Cash, cash equivalents and marketable securities as of March 31, 2019, were $137.3 million, compared to $70.1 million as of December 31, 2018. On March 5, 2019 the Company completed a public equity offering with gross proceeds of $97.8 million. The Company expects that its cash, cash equivalents and marketable securities will enable it to fund its operating plan into at least mid-2021.
First Quarter 2019
Conference Call
Mersana Therapeutics will host a conference call and webcast today at 8:00 a.m. ET to report financial results for the first quarter of 2019 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 1378664. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.
About XMT-1536
XMT-1536 is a Dolaflexin ADC targeting the sodium-dependent phosphate transport protein (NaPi2b) and is comprised of an average of 10-15 DolaLock payload molecules conjugated to XMT-1535, a proprietary humanized anti-NaPi2b antibody. NaPi2b is an antigen highly expressed in the majority of non-small cell lung cancer (NSCLC) adenocarcinoma and ovarian cancer. XMT-1536 is in Phase 1 clinical trials in patients with tumors expressing NaPi2b, including ovarian cancer, NSCLC adenocarcinoma and other cancers. More information on the ongoing Phase 1 clinical trial can be found at clinicaltrials.gov.
About Mersana Therapeutics
Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms and its modular Synthemer scaffold to develop highly targeted drugs with increased tolerability and expanded opportunities to deliver meaningful clinical benefit to cancer patients. Mersana’s lead product candidate, XMT-1536, is in a Phase 1 clinical trial in patients with tumors expressing NaPi2b, including ovarian cancer, NSCLC adenocarcinoma, and other cancers. In addition, multiple partners are using Mersana’s platform to advance their ADC pipelines.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company’s business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release. The Company’s operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company’s results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company’s product candidates and new platforms will take longer and/or cost more than planned and that the identification of new product candidates will take longer than planned, as well as those listed in the Company’s Annual Report on Form 10-K filed on March 8, 2019, with the Securities and Exchange Commission (“SEC”) and subsequent SEC filings. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
Mersana Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
March 31,
2019 |
December 31,
2018 |
||||||||
Cash, cash equivalents and marketable securities | $ | 137,279 | $ | 70,131 | |||||
Working capital (1) | 118,478 | 4,880 | |||||||
Total assets | 149,388 | 78,502 | |||||||
Total stockholders' equity | 124,072 | 8,795 | |||||||
(1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities. |
Mersana Therapeutics, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
(unaudited)
Three months ended | |||||||
March 31, | March 31, | ||||||
2019 | 2018 | ||||||
Collaboration revenue | $ | 41,035 | $ | 3,064 | |||
Operating expenses: | |||||||
Research and development | 15,143 | 12,256 | |||||
General and administrative | 4,443 | 3,571 | |||||
Total operating expenses | 19,586 | 15,827 | |||||
Other income | 452 | 360 | |||||
Net income (loss) | $ | 21,901 | $ | (12,403 | ) | ||
Other comprehensive income (loss): | |||||||
Unrealized gain (loss) on marketable securities | 8 | (13 | ) | ||||
Comprehensive income (loss) | $ | 21,909 | $ | (12,416 | ) | ||
Net income (loss) attributable to common stockholders — basic and diluted |
$ | 21,901 | $ | (12,403 | ) | ||
Net income (loss) per share attributable to common stockholders — basic |
$ | 0.72 |
$ | (0.54 |
) |
||
Net income (loss) per share attributable to common stockholders — diluted |
$ | 0.70 | $ | (0.54 | ) | ||
Weighted-average number of shares of common stock used in net income (loss) per share attributable to common stockholders — basic |
30,299,650 | 22,816,521 | |||||
Weighted-average number of shares of common stock used in net income (loss) per share attributable to common stockholders — diluted |
31,461,696 | 22,816,521 |
Contact:
Investor & Media Contact
Sarah Carmody, 617-844-8577
scarmody@mersana.com