Madrigal Pharmaceuticals Reports 2020 First Quarter Financial Results and Highlights

About this update from Madrigal Pharmaceuticals, Inc.

[{"type":"text","content":"CONSHOHOCKEN, Pa., May 07, 2020 (GLOBE NEWSWIRE) -- Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL) today announced its first quarter 2020 financial results and highlights:\n “Madrigal continued to make progress toward our clinical development and business objectives during the first quarter of 2020, despite challenges associated with the COVID-19 pandemic. Importantly, we continued to screen and enroll patients in our Phase 3 studies, MAESTRO-NASH and MAESTRO-NAFLD-1,” stated Paul Friedman, M.D., Chief Executive Officer of Madrigal. “We are also pleased that Remy Sukhija has joined Madrigal as Senior Vice President and Chief Commercial Officer. Remy brings extensive commercial experience to Madrigal, having successfully launched multiple products in specialty, primary care and rare disease markets over his 27 years in pharmaceutical/biotech industry. His expertise in product launch, sales and marketing, and market access will be valuable as we continue to execute our Phase 3 clinical programs and continue to explore the market opportunity for resmetirom.” Becky Taub, M.D., CMO and President, Research & Development of Madrigal stated, “In response to the COVID-19 pandemic, and related direction from regulatory agencies, we rapidly implemented guidance to permit more flexible processes at those clinical sites impacted and allow patients to progress through the screening process or continue their enrollment in our Phase 3 NASH studies. Also, as a result of the pandemic and the resulting postponement or cancellation of two significant medical conferences, we were pleased to have the opportunity to announce new data from previous studies, which demonstrate that reductions in liver fat achieved by resmetirom predict NASH resolution and fibrosis improvement. Specifically, as we have showed, once daily oral 80 mg and 100 mg Phase 3 doses of resmetirom deliver at least 50% to more than 60% reductions in liver fat, respectively, and, based on new analyses of Phase 2 data, are associated with a statistically significant 64% NASH resolution (p60% had fibrosis reduction.” Financial Results for the Three Months Ended March 31, 2020 As of March 31, 2020, Madrigal had cash, cash equivalents and marketable securities of $408.5 million, compared to $439.0 million at December 31, 2019. The decrease in cash and marketable securities resulted primaril...

More updates from Madrigal Pharmaceuticals, Inc.