Matinas BioPharma (MTNB) Reports In-Line Q1 EPS

Matinas BioPharma (NYSE: MTNB) reported Q1 EPS of ($0.03), in-line with the analyst estimate of ($0.03).

“During the past few months, our team has worked diligently to adjust to the impacts of the COVID-19 pandemic. We believe we have taken all appropriate and necessary steps to ensure the safety of clinical trial participants and caregivers, to preserve trial integrity and to ensure successful delivery of clinically meaningful data,” commented Jerome D. Jabbour, Chief Executive Officer of Matinas. “We are pleased to announce today that we expect to resume both the ENHANCE-IT study of MAT9001 and the EnACT study of MAT2203 in June of 2020. With these adjusted timelines, we now anticipate announcing cohort progression in EnACT in the second half of this year and topline data from the ENHANCE-IT study in the first quarter of 2021. We believe each of these studies represent important milestones for our Company, and we remain focused on advancing these clinical studies as rapidly and carefully as possible.”

Mr. Jabbour added, “Overall, the COVID-19 pandemic has not had a material impact on our business, and we remain in a strong financial position. Based on current projections, we have sufficient cash resources to fund our operations into the first half of 2023, well beyond potentially clinically meaningful data points for our clinical stage product candidates.”

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

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