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Share Name | Share Symbol | Market | Type |
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Synlogic Com USD0.001 | NASDAQ:MIRN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.71 | 1.20 | 1.72 | 0 | 01:00:00 |
Mirna Therapeutics, Inc. (Nasdaq: MIRN), a biopharmaceutical company, today reported financial results for the fourth quarter and year ended December 31, 2016 and provided a corporate update.
Following its November 2016 decision to discontinue all research and development activities including the development of MRX34, Mirna began implementing operating cost reductions and organizational restructuring to reduce overall cash burn, including a reduction in its workforce. The Company engaged a financial advisor and has been pursuing activities to identify and evaluate strategic alternatives, including a possible merger or sale of the Company.
“Our strategic process is active and ongoing and we are pursuing discussions with third parties on a range of potential transactions,” said President and CEO Paul Lammers, M.D., M.Sc. “We are committed to serving our shareholders’ best interests through our efforts to identify, evaluate and potentially consummate a transaction that may result from these activities.”
2016 FINANCIAL RESULTS
About Mirna Therapeutics, Inc.
Mirna is a biopharmaceutical company that has been focused on the development of microRNA-based oncology therapeutics. Mirna's first product candidate, MRX34, the first microRNA mimic to enter clinical development in oncology, was studied as a single agent in a multicenter Phase 1 clinical trial. In September 2016, Mirna voluntarily halted enrollment and dosing in the clinical study following multiple immune-related serious adverse events (SAEs) observed in patients dosed with MRX34 over the course of the trial. Subsequently, the U.S. Food and Drug Administration (FDA) notified the Company that the Investigational New Drug (IND) Application for MRX34 was placed on full clinical hold. The Company is currently evaluating opportunities to enhance stockholder value.
Forward-Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Mirna, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the evaluation of strategic alternatives with the goal of enhancing stockholder value, our expectations regarding projected restructuring charges, our expectations regarding the timing of settlement of employee severance and related benefits and our expectations regarding our quarterly cash burn rate. Such forward-looking statements involve substantial risks and uncertainties that could cause our future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 14, 2017.
Mirna Therapeutics, Inc. Condensed Balance Sheets (in thousands, except per share data) December 31, December 31, 2016 2015 Assets Current Assets: Cash and cash equivalents $ 16,432 $ 89,713 Short-term marketable securities 44,066 — Prepaid expenses and other current assets 882 829 Total current assets 61,380 90,542 Property and equipment, net 354 375 Restricted cash 2,432 — Total assets $ 64,166 $ 90,917 Liabilities and Stockholders’ Equity (Deficit) Current Liabilities: Accounts payable $ 361 $ 3,687 Accrued expenses 2,400 2,214 Total current liabilities 2,761 5,901 Lease obligations, long-term 1,053 — Total liabilities 3,814 5,901 Stockholders’ Equity (Deficit):Common stock, $0.001 par value; 250,000,000 shares authorizedat December 31, 2016 and December 31, 2015; 20,841,393 and20,830,555 shares issued and outstanding at December 31, 2016and December 31, 2015, respectively
21 21 Additional paid in capital 163,126 161,518 Accumulated deficit (102,791 ) (76,523 ) Accumulated other comprehensive loss (4 ) — Total stockholders’ equity 60,352 85,016 Total liabilities and stockholders’ equity $ 64,166 $ 90,917 Mirna Therapeutics, Inc. Condensed Statement of Operations and Comprehensive Loss (in thousands)For the Quarter Ended December 31,
For the Year EndedDecember 31,
2016 2015 2016 2015 (unaudited) (unaudited) Operating expenses: Research and development $ 2,341 $ 6,363 $ 13,930 $ 18,947 General and administrative 1,999 2,462 8,118 6,080 Restructuring charges 4,442 — 4,442 — Loss on disposal of assets — — 128 — Total operating expenses 8,782 8,825 26,618 25,027 Other income: Interest income 88 36 350 44 Net loss $ (8,694 ) $ (8,789 ) $ (26,268 ) $ (24,983 ) Less: Accretion and dividends on convertible preferred stock — (101 ) — (4,320 ) Net loss attributable to common stockholders $ (8,694 ) $ (8,890 ) $ (26,268 ) $ (29,303 )
View source version on businesswire.com: http://www.businesswire.com/news/home/20170314006493/en/
InvestorsMirna Therapeutics, Inc.Alan Fuhrman, 512-901-0950afuhrman@mirnarx.comorMediaBMC CommunicationsBrad Miles, 646-513-3125bmiles@bmccommunications.com
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