Kintara Therapeutics says it has enough cash to fund its planned operations into the fourth quarter of calendar 2021

Kintara Therapeutics Inc (NASDAQ:KTRA), the cancer-focused biopharma, said it has enough cash to fund its planned operations into the fourth quarter of calendar 2021, as the company posted its second-quarter results on Friday.

Fiscal 2Q to end-December, 2020 was an “important period of progress”, said the company, which is advancing two late-stage, Phase 3-ready therapeutics – VAL-083 for glioblastoma multiforme (GBM) and REM-001 for cutaneous metastatic breast cancer (CMBC).

READ: Kintara Therapeutics stock climbs after Aegis Capital analysts up price target to $7, repeat Buy rating

A major recent milestone was receiving approval from the FDA and Global Coalition for Adaptive Research (GCAR) to participate in the GBM AGILE study – a  registrational trial whereby VAL-083 is being evaluated in all three GBM patient subtypes. Patient recruitment for the VAL-083 arm of the study is underway.

The Phase 2/3 trial, titled GBM AGILE (Glioblastoma Adaptive Global Innovative Learning Environment) is evaluating multiple therapies simultaneously in patients with newly diagnosed and recurrent GBM.

Val-083 is the only therapeutic agent in the trial being evaluated in all three GBM patient subtypes: newly diagnosed methylated MGMT, newly diagnosed unmethylated MGMT and recurrent.

 ”The second quarter of fiscal year 2021 proved to be an important period of progress as we continued to advance to the latter stages of clinical development for VAL-083, our first-in-class small-molecule chemotherapeutic, and REM-001, our photodynamic therapy platform that is maintaining development pace in its confirmatory cutaneous metastatic breast cancer study,” said Saiid Zarrabian, Kintara’s CEO in the results statement.

As of the end of 2020, the company had cash and equivalents of approximately $17.2 million. Together with proceeds from warrant exercises received subsequent to December 31, 2020, it said this is expected to be enough to fund planned operations into the fourth quarter of calendar 2021.

For the three months to December 31, 2020, the group posted a net loss of around $5.4 million, or $0.22 per share, compared to a net loss of around $1.7 million, or $0.15 per share, for the fiscal second quarter a year earlier.

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Story by ProactiveInvestors