Kintara Therapeutics boosts cash position in fiscal 1Q to $19.3M as it works on novel cancer therapies

Kintara Therapeutics (NASDAQ:KTRA) Inc said it ended its fiscal first quarter with over $19.3 million in the bank to fund work on its novel cancer therapies.

The cash figure was an increase over the previous quarter, when it finished with $10.5 million.

During the three-month period ended September 30, 2021, Kintara spent $3.8 million on research and development, up from the $1.4 million it spent in the comparable year-ago quarter.

READ: Kintara Therapeutics appoints Robert Hoffman as its new CEO

The firm recently activated additional clinical trial sites for glioblastoma (GBM) patients for the VAL-083 arm of the GBM AGILE registrational study sponsored by the Global Coalition for Adaptive Research (GCAR), leaving it with over 26 activated clinical sites as of August 2021.

Kintara is also advancing development of REM-001 for the treatment of Cutaneous Metastatic Breast Cancer (CMBC), progressing toward manufacturing sufficient quantity of the drug to allow for initiation and completion of the 15-patient confirmatory study.

“Our focus this past quarter was purely on executing the clinical strategy for VAL-083, our first-in-class, potentially transformational therapy for multiple oncology indications, and REM-001, our late-stage photodynamic therapeutic platform,” CEO Robert Hoffman said in a statement.

Hoffman assumed the CEO role in November 2021.

“I’m particularly pleased to report that we have exceeded our expectations regarding the pace of enrollment for the GBM AGILE study and as such, remain confident that we’ll meet the goal of advancing to the final registration stage of the study in the third quarter of calendar 2022,” the new CEO added.

Kintara posted a net loss of $6 million or $0.25 per share for the quarter, an improvement over the $19.5 million ($1.33 per share) in the same year-ago quarter, which the firm attributed to the recognition of $16.1 million of non-cash expenses related to the acquisition of in-process research and development costs associated with the merger with Adgero Biopharmaceuticals in August 2020.

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Story by ProactiveInvestors