Mateon Provides Corporate Update And Reports Third Quarter 2016 Financial Results

SOUTH SAN FRANCISCO, Calif., Nov. 14, 2016 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (Nasdaq:MATN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, today provided a corporate update and reported financial results for the third quarter of 2016.

Recent Corporate Highlights
  • Entered into a collaboration with U.S. Oncology Research for their participation in Mateon's Phase 2/3 FOCUS Study evaluating CA4P in combination with bevacizumab (AvastinĀ®) and chemotherapy for the treatment of patients with platinum-resistant ovarian cancer.
  • Continued to expand the number of U.S. investigator sites participating in the FOCUS Study.
  • Expanded the FOCUS Study into Europe, with sites in Belgium now actively recruiting patients.
  • Completed enrollment in the second cohort and initiated the third cohort of OX1222, an open-label dose-ranging study of OXi4503 in combination with cytarabine, in patients with relapsed/refractory acute myeloid leukemia (AML).
  • Received an issued patent for pre-clinical cathepsin-inhibiting compounds from the U.S. Patent and Trademark Office.
  • Expanded Board of Directors with appointment of two experienced biopharmaceutical executives.

"I am pleased that our most advanced clinical trial, the FOCUS Study, remains on track and now has 20 investigator sites qualified to enroll patients," stated William D. Schwieterman, M.D., Mateon's President and Chief Executive Officer. "Importantly, we are seeking to demonstrate improvement over the current standard of care in platinum-resistant ovarian cancer, and positive results from this trial could ultimately change the treatment paradigm in ovarian cancer, as well as the much broader field of vascular-targeted therapy in a variety of other solid tumor cancers. Therefore, the results of this clinical trial are critical to our goal of creating long-term shareholder value."

Financial Results for the Third Quarter of 2016

For the third quarter of 2016, Mateon reported a net loss of $3.2 million compared to a net loss of $3.6 million for the third quarter of 2015. R&D expenses decreased to $2.1 million in the third quarter of 2016, compared to $2.5 million in the third quarter of 2015, while general and administrative expenses increased to $1.2 million for the third quarter of 2016 compared to $1.1 million for the third quarter of 2015.