Matinas BioPharma Announces the Termination of MAT2203 Partnership Negotiations and Implements Immediate Workforce Reduction
Matinas BioPharma (NYSE American: MTNB) announces the termination of negotiations for global rights to MAT2203, its oral formulation of amphotericin B. In response, the company has implemented an immediate 80% workforce reduction, eliminating 15 positions including three senior management members. The company has ceased all product development activities to conserve cash. The Board plans to retain an advisor to explore potential sale of MAT2203, their Phase 3-ready antifungal drug candidate, and will evaluate other alternatives including possible company winddown and dissolution.
Matinas BioPharma (NYSE American: MTNB) annuncia la cessazione delle trattative per i diritti globali su MAT2203, la sua formulazione orale di anfotericina B. In risposta, l'azienda ha attuato una riduzione immediata del 80% della forza lavoro, eliminando 15 posizioni, tra cui tre membri del management senior. L'azienda ha sospeso tutte le attività di sviluppo prodotto per conservare liquidità. Il Consiglio prevede di mantenere un consulente per esplorare una potenziale vendita di MAT2203, il loro candidato farmaco antifungino pronto per la Fase 3, e valuterà altre alternative, inclusa la possibile chiusura e liquidazione dell'azienda.
Matinas BioPharma (NYSE American: MTNB) anuncia la terminación de las negociaciones para los derechos globales de MAT2203, su formulación oral de anfotericina B. En respuesta, la empresa ha implementado una reducción del 80% de su personal, eliminando 15 puestos, incluidos tres miembros de la alta dirección. La empresa ha detenido todas las actividades de desarrollo de productos para conservar efectivo. La Junta planea retener un asesor para explorar la posible venta de MAT2203, su candidato a fármaco antifúngico listo para Fase 3, y evaluará otras alternativas, incluida una posible disolución y cierre de la empresa.
Matinas BioPharma (NYSE American: MTNB)은 MAT2203의 전 세계 권리에 대한 협상 종료를 발표했습니다. 이에 따라 회사는 즉각적으로 80% 인력 감축을 시행하여 15개 직위, 그 중 3명의 고위 경영진을 포함해 Eliminando 했습니다. 회사는 현금 보존을 위해 모든 제품 개발 활동을 중단했습니다. 이사회는 MAT2203, 3상 준비 완료된 항진균제 후보 물질의 잠재적 판매를 탐색하기 위해 외부 자문을 유지할 계획이며, 회사 종료 및 해산 가능성을 포함한 다른 대안들도 평가할 것입니다.
Matinas BioPharma (NYSE American: MTNB) annonce la cessation des négociations pour les droits mondiaux de MAT2203, sa formulation orale d'amphotéricine B. En réponse, la société a mis en place une réduction immédiate de 80% de son personnel, éliminant 15 postes dont trois membres de la direction. L'entreprise a arrêté toutes les activités de développement de produits pour conserver des liquidités. Le Conseil prévoit de conserver un conseiller pour explorer la vente potentielle de MAT2203, leur candidat médicament antifongique prêt pour la phase 3, et évaluera d'autres alternatives, y compris une éventuelle liquidation de l'entreprise.
Matinas BioPharma (NYSE American: MTNB) kündigt die Beendigung der Verhandlungen über die globalen Rechte an MAT2203, seiner oralen Formulierung von Amphotericin B, an. Als Reaktion darauf hat das Unternehmen eine sofortige Reduzierung der Arbeitskräfte um 80% umgesetzt und 15 Stellen gestrichen, darunter drei Mitglieder des oberen Managements. Das Unternehmen hat sämtliche Produktentwicklungsaktivitäten eingestellt, um Liquidität zu sichern. Der Vorstand plant, einen Berater zu beauftragen, um eine potenzielle Verkauf von MAT2203, dem in der Phase 3 einsatzbereiten Antipilzmedikament, zu prüfen, und wird alternative Optionen, einschließlich einer möglichen Unternehmensauflösung, evaluieren.
- None.
- Partnership negotiations for MAT2203 global rights terminated
- 80% workforce reduction implemented (15 positions eliminated)
- All product development activities ceased
- Three senior executives departing
- Company considering possible winddown and dissolution
- Uncertainty in ability to sell MAT2203 on favorable terms
Insights
This is a severely negative development for Matinas BioPharma. The termination of partnership negotiations for MAT2203, combined with an
BEDMINSTER, N.J., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Matinas BioPharma Holdings, Inc. (NYSE American: MTNB) announces that negotiations under the previously disclosed non-binding term sheet regarding global rights to MAT2203, its oral formulation of amphotericin B, have been terminated following notification from the prospective partner. As a result, Matinas has implemented an
The departing senior executives include Chief Medical Officer Dr. James Ferguson, Chief Business Officer Thomas Hoover and Chief Technology Officer Dr. Hui Liu.
The Board intends to retain an advisor to assist the Company with the potential asset sale of MAT2203, its lead Phase 3-ready antifungal drug candidate for the treatment of invasive fungal infections, and will evaluate other alternatives, including but not limited to winddown and dissolution of the Company. There can be no assurance that the Company will be able to sell MAT2203 on favorable terms, or at all.
About MAT2203
Matinas BioPharma’s MAT2203 is a potential oral broad-spectrum treatment for invasive deadly fungal infections. Although amphotericin B is a fungicidal agent, it is currently only available through an intravenous route of administration, which is known to be associated with several significant safety issues such as renal toxicity and anemia due to very high circulating levels of amphotericin B. MAT2203 has the potential to overcome the significant limitations of the currently available amphotericin B products due to its targeted oral delivery. Combining comparable fungicidal activity with targeted delivery results in a lower risk of toxicity and potentially creates the ideal antifungal agent for the treatment of invasive fungal infections. MAT2203 was successfully evaluated in the completed Phase 2 EnACT study in HIV patients suffering from cryptococcal meningitis, meeting its primary endpoint and achieving robust survival. MAT2203 was planned to be further evaluated in a single Phase 3 registration trial as an oral step-down monotherapy following treatment with AmBisome (liposomal amphotericin B) compared with the standard of care in patients with invasive aspergillosis who have limited treatment options.
About Matinas BioPharma
Matinas BioPharma is a biopharmaceutical company focused on delivering groundbreaking therapies using its lipid nanocrystal (LNC) platform delivery technology.
For more information, please visit www.matinasbiopharma.com.
Forward-looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including those relating to the sale of MAT2203 and the winddown and dissolution of the Company, and other statements that are predictive in nature, that depend upon or refer to future events or conditions. All statements other than statements of historical fact are statements that could be forward-looking statements. Forward-looking statements include words such as "expects," "anticipates," "intends," "plans," "could," "believes," "estimates" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, our ability to continue as a going concern, our ability to obtain additional capital to meet our liquidity needs on acceptable terms, or at all, including the additional capital which will be necessary to complete the clinical trials of our product candidates; our ability to successfully complete research and further development and commercialization of our product candidates; the uncertainties inherent in clinical testing; the timing, cost and uncertainty of obtaining regulatory approvals; our ability to protect the Company’s intellectual property; the loss of any executive officers or key personnel or consultants; competition; changes in the regulatory landscape or the imposition of regulations that affect the Company’s products; and the other factors listed under "Risk Factors" in our filings with the SEC, including Forms 10-K, 10-Q and 8-K. Investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this release. Except as may be required by law, the Company does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Matinas BioPharma’s product candidates are all in a development stage and are not available for sale or use.
Investor Contact
Alliance Advisors IR
Jody Cain
Jcain@allianceadvisors.com
310-691-7100
FAQ
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