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Share Name | Share Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
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 first quarter of 2017 and provided a corporate update.
Following its late 2016 discontinuation of all research and development activities, the Company engaged a financial advisor and has been pursuing activities to evaluate strategic alternatives, including a possible merger or sale of the Company. Further operating cost and workforce reductions were also implemented to reduce overall cash burn.
“We are committed to serving our shareholders’ best interests and are continuing our strategic discussions with third parties in an effort to consummate a transaction,” said President and CEO Paul Lammers, M.D., M.Sc.
FIRST QUARTER 2017 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 has since closed the IND and is currently evaluating strategic alternatives, including the possibility of a merger or sale of the Company.
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 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 Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC) on May 9, 2017.
Mirna Therapeutics, Inc.Condensed Balance Sheets(in thousands, except share data)
March 31, December 31, 2017 2016 Assets (unaudited) Current Assets: Cash and cash equivalents $ 17,121 $ 16,432 Short-term marketable securities 40,408 44,066 Prepaid expenses and other current assets 620 882 Total current assets 58,149 61,380 Property and equipment, net 26 354 Restricted cash 2,433 2,432 Total assets $ 60,608 $ 64,166 Liabilities and Stockholders’ Equity (Deficit) Current Liabilities: Accounts payable $ 371 $ 361 Accrued expenses 4,486 2,400 Total current liabilities 4,857 2,761 Lease obligations, long-term — 1,053 Total liabilities 4,857 3,814 Stockholders’ Equity (Deficit):Common stock, $0.001 par value; 250,000,000 shares authorizedat March 31, 2017 and December 31, 2016; 20,856,693 and20,841,393 shares issued and outstanding at March 31, 2017 andDecember 31, 2016, respectively
21 21 Additional paid in capital 163,518 163,126 Accumulated deficit (107,771 ) (102,791 ) Other comprehensive loss (17 ) (4 ) Total stockholders’ equity 55,751 60,352 Total liabilities and stockholders’ equity $ 60,608 $ 64,166Mirna Therapeutics, Inc.Condensed Statement of Operations and Comprehensive Loss (unaudited)(in thousands)
Three Months EndedMarch 31,
2017 2016 Operating expenses: Research and development $ 242 $ 4,523 General and administrative 2,264 2,130 Restructuring charges 2,557 — Total operating expenses 5,063 6,653 Other income: Interest income 86 82 Net loss attributable to common stockholders $ (4,977 ) $ (6,571 )
View source version on businesswire.com: http://www.businesswire.com/news/home/20170509006790/en/
InvestorsMirna Therapeutics, Inc.Alan Fuhrman, 512-901-0950afuhrman@mirnarx.comorMediaBMC CommunicationsBrad Miles, 646-513-3125bmiles@bmccommunications.com
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