Business
Marker Therapeutics Reports Second Quarter 2023 Financial Results and Provides Business Update
Executed comprehensive non-dilutive agreement with Cell ReadyTM, resulting in an extended financial runway into the fourth quarter of 2025 Appointed Juan
About this update from Marker Therapeutics, Inc.
[{"type":"text","content":"Executed comprehensive non-dilutive agreement with Cell ReadyTM, resulting in an extended financial runway into the fourth quarter of 2025 Appointed Juan Vera, M.D. as President and Chief Executive Officer and Monic Stuart, M.D., MPH, as Chief Medical Officer to spearhead Marker’s restructuring efforts and guide clinical advancement of Marker’s multiTAA-specific T cell technology Announced encouraging non-clinical data from MT-401 program demonstrating increased anti-tumor activity against an acute myeloid leukemia (AML) cell line after treatment with hypomethylating agents (HMA) Received $2 million of non-dilutive funding from National Institute of Health (NIH) to support MT-401 program for treatment of patients with AML Commenced treatment of first patient with lymphoma with MT-601 multiTAA-specific T cell-based therapy in Phase 1 trial following positive non-clinical data announcement HOUSTON, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Marker Therapeutics, Inc. (Nasdaq: MRKR), a clinical-stage immuno-oncology company focusing on developing next-generation T cell-based immunotherapies for the treatment of hematological malignancies and solid tumor indications, today reported corporate updates and financial results for the second quarter ended June 30, 2023. “The second quarter of 2023 proved to be a highly beneficial time at Marker from an operational and clinical standpoint, and I am excited by our comprehensive strategic advancements,” commented Dr. Juan F. Vera, the new President and Chief Executive Officer of Marker Therapeutics. “Importantly, we extended our cash runway through 2025 by an agreement with Cell Ready, a newly formed contract development and manufacturing organization (CDMO). In exchange for certain cell manufacturing assets, Cell Ready provided Marker with approximately $19 million in cash and Cell Ready will absorb approximately $11 million of Marker’s overhead expense annually while simultaneously ensuring that Marker’s manufacturing and research and development (R&D) needs will be fully met. As a result, we are now able to aggressively and strategically advance our unique multiTAA-specific T cell therapies toward meaningful clinical milestones.” Dr. Vera added, “Our R&D work has yielded non-clinical evidence for our multiTAA-specific T cell programs. In May, we reported compelling, non-clinical data for the MT-601...