Moleculin Announces it Has No Exposure to Silicon Valley Bank Situation

Rhea-AI Summary

Moleculin Biotech, Inc. (NASDAQ: MBRX) announced on March 13, 2023, that it has no exposure to Silicon Valley Bank (SVB), which has been taken over by the Federal Deposit Insurance Corp. due to liquidity issues. The company confirmed it does not hold any deposits or investments at SVB. Moleculin is a clinical stage pharmaceutical company focused on developing therapies for hard-to-treat tumors and viruses, including its lead drug Annamycin, aimed at relapsed acute myeloid leukemia and soft tissue sarcoma lung metastases. The company's pipeline includes several promising drug candidates targeting various cancers and viral infections.

Positive

• No exposure to Silicon Valley Bank minimizes financial risk.
• Ongoing development of multiple drugs aimed at hard-to-treat tumors and viruses.
• Lead program Annamycin shows potential for treating acute myeloid leukemia.

Negative

• None.

HOUSTON, March 13, 2023 /PRNewswire/ -- Moleculin Biotech, Inc., (Nasdaq: MBRX) (Moleculin or the Company), a clinical stage pharmaceutical company with a growing pipeline, including Phase 2 clinical programs, for hard-to-treat tumors and viruses, today announced that it is aware that the Federal Deposit Insurance Corp. has taken control of Silicon Valley Bank (SVB) due to liquidity concerns. The Company confirms it does not hold any deposits or investments at SVB.

About Moleculin Biotech, Inc.

Moleculin Biotech, Inc. is a clinical stage pharmaceutical company with a growing pipeline, including Phase 2 clinical programs, for hard-to-treat tumors and viruses. The Company's lead program, Annamycin is a next-generation anthracycline designed to avoid multidrug resistance mechanisms with little to no cardiotoxicity. Annamycin is currently in development for the treatment of relapsed or refractory acute myeloid leukemia (AML) and soft tissue sarcoma (STS) lung metastases.

Additionally, the Company is developing WP1066, an Immune/Transcription Modulator capable of inhibiting p-STAT3 and other oncogenic transcription factors while also stimulating a natural immune response, targeting brain tumors, pancreatic and other cancers, and WP1220, an analog to WP1066, for the topical treatment of cutaneous T-cell lymphoma. Moleculin is also engaged in the development of a portfolio of antimetabolites, including WP1122 for the potential treatment of COVID-19 and other viruses, as well as cancer indications including brain tumors, pancreatic and other cancers.

For more information about the Company, please visit www.moleculin.com and connect on Twitter, LinkedIn and Facebook.

Investor Contact:

JTC Team, LLC
Jenene Thomas
(833) 475-8247
MBRX@jtcir.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/moleculin-announces-it-has-no-exposure-to-silicon-valley-bank-situation-301769711.html

SOURCE Moleculin Biotech, Inc.