Matinas BioPharma Announces the Termination of MAT2203 Partnership Negotiations and Implements Immediate Workforce Reduction
31 Oktober 2024 - 11:30AM
Matinas BioPharma Holdings, Inc. (NYSE American: MTNB) announces
that negotiations under the previously disclosed non-binding term
sheet regarding global rights to MAT2203, its oral formulation of
amphotericin B, have been terminated following notification from
the prospective partner. As a result, Matinas has implemented an
80% workforce reduction effective immediately, eliminating 15
positions including three members of senior management, and has
ceased all product development activities to conserve cash.
The departing senior executives include Chief
Medical Officer Dr. James Ferguson, Chief Business Officer Thomas
Hoover and Chief Technology Officer Dr. Hui Liu.
The Board intends to retain an advisor to assist
the Company with the potential asset sale of MAT2203, its lead
Phase 3-ready antifungal drug candidate for the treatment of
invasive fungal infections, and will evaluate other alternatives,
including but not limited to winddown and dissolution of the
Company. There can be no assurance that the Company will be able to
sell MAT2203 on favorable terms, or at all.
About MAT2203Matinas
BioPharma’s MAT2203 is a potential oral broad-spectrum treatment
for invasive deadly fungal infections. Although amphotericin B is a
fungicidal agent, it is currently only available through an
intravenous route of administration, which is known to be
associated with several significant safety issues such as renal
toxicity and anemia due to very high circulating levels of
amphotericin B. MAT2203 has the potential to overcome the
significant limitations of the currently available amphotericin B
products due to its targeted oral delivery. Combining comparable
fungicidal activity with targeted delivery results in a lower risk
of toxicity and potentially creates the ideal antifungal agent for
the treatment of invasive fungal infections. MAT2203 was
successfully evaluated in the completed Phase 2 EnACT study in HIV
patients suffering from cryptococcal meningitis, meeting its
primary endpoint and achieving robust survival. MAT2203 was planned
to be further evaluated in a single Phase 3 registration trial as
an oral step-down monotherapy following treatment with AmBisome
(liposomal amphotericin B) compared with the standard of care in
patients with invasive aspergillosis who have limited treatment
options.
About Matinas BioPharmaMatinas
BioPharma is a biopharmaceutical company focused on delivering
groundbreaking therapies using its lipid nanocrystal (LNC) platform
delivery technology.
For more information, please visit
www.matinasbiopharma.com.
Forward-looking StatementsThis
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including
those relating to the sale of MAT2203 and the winddown and
dissolution of the Company, and other statements that are
predictive in nature, that depend upon or refer to future events or
conditions. All statements other than statements of historical fact
are statements that could be forward-looking statements.
Forward-looking statements include words such as "expects,"
"anticipates," "intends," "plans," "could," "believes," "estimates"
and similar expressions. These statements involve known and unknown
risks, uncertainties and other factors which may cause actual
results to be materially different from any future results
expressed or implied by the forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, our ability to
continue as a going concern, our ability to obtain additional
capital to meet our liquidity needs on acceptable terms, or at all,
including the additional capital which will be necessary to
complete the clinical trials of our product candidates; our ability
to successfully complete research and further development and
commercialization of our product candidates; the uncertainties
inherent in clinical testing; the timing, cost and uncertainty of
obtaining regulatory approvals; our ability to protect the
Company’s intellectual property; the loss of any executive officers
or key personnel or consultants; competition; changes in the
regulatory landscape or the imposition of regulations that affect
the Company’s products; and the other factors listed under "Risk
Factors" in our filings with the SEC, including Forms 10-K, 10-Q
and 8-K. Investors are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date of
this release. Except as may be required by law, the Company does
not undertake any obligation to release publicly any revisions to
such forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. Matinas BioPharma’s product candidates are all in a
development stage and are not available for sale or use.
Investor Contact
Alliance Advisors IRJody Cain
Jcain@allianceadvisors.com310-691-7100
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