Matinas BioPharma (MTNB) Reports In-Line Q4 EPS

March 29, 2021 6:33 AM EDT

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Matinas BioPharma (NYSE: MTNB) reported Q4 EPS of ($0.03), in-line with the analyst estimate of ($0.03).

“2020 was a year of significant progress and timely execution for Matinas, despite the ongoing global pandemic. The completion of the head-to-head ENHANCE-IT trial of LYPDISO vs. Vascepa® and the results which support the potential for LYPDISO to demonstrate a superior cardioprotective effect to Vascepa®, have positioned us to identify and potentially secure a global partner for the continued development of this promising, next-generation drug,” commented Jerome D. Jabbour, Chief Executive Officer of Matinas. “This process provides us the opportunity, as we move forward, to re-focus our internal expertise and financial resources on our LNC platform delivery technology. We believe that the unique capability of our LNC formulations to mimic enveloped viruses and efficiently deliver small and large molecules intracellularly without causing adverse immune responses or damage to cellular membranes, differentiates our technology from any other available intracellular delivery technology being applied today.”

Mr. Jabbour continued, “There are three key areas which highlight tangible progress with the LNC platform. First, DSMB review and cohort progression in the EnACT study of MAT2203 in cryptococcal meningitis is anticipated in the third quarter of 2021 and provides a near-term opportunity to further validate the LNC platform and highlight its ability to facilitate oral bioavailability and then carry molecules effectively across the blood-brain barrier in combating deadly invasive fungal infections. Second, with the support of the Cystic Fibrosis Foundation, we are rapidly advancing our second LNC platform drug, MAT2501 (oral amikacin), into preclinical toxicology and efficacy studies with the ultimate goal of developing the first oral aminoglycoside for the treatment of nontuberculous mycobacterial infections, as well as gram negative bacterial infections. Finally, we continue to make important progress in expanding the utilization of the LNC platform through our collaborations with Genentech and with NIAID in creating an oral formulation of Gilead’s remdesivir. We are also evaluating additional opportunities to expand application of our LNC platform in other innovative areas, such as mRNA and gene therapy. 2021 will be an exciting and potentially transformational year for our Company, and we look forward to continuing to execute on our corporate strategy and keeping investors informed as to our progress.”

For earnings history and earnings-related data on Matinas BioPharma (MTNB) click here.

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