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Marvel Biosciences Announces Second Quarter 2022 Financial Results
Calgary, Alberta--(Newsfile Corp. - March 30, 2022) - Marvel Biosciences Corp. (TSXV: MRVL) ...
About this update from Marvel Biosciences Corp
[{"type":"text","content":"Marvel Biosciences Announces Second Quarter 2022 Financial ResultsCalgary, Alberta--(Newsfile Corp. - March 30, 2022) - Marvel Biosciences Corp. (TSXV: MRVL) and its wholly-owned subsidiary, Marvel Biotechnology Inc. (collectively the \"Company\" or \"Marvel\") today announced its financial results for the second quarter ended January 31, 2022. For further information on these results, please see the Marvel Biosciences Corp. Condensed Interim Consolidated Financial Statements and Management Discussion & Analysis as filed on SEDAR.\"During the quarter ended January 31, 2022, the Company continued work on its lead asset, MB-204, in advance of upcoming toxicology studies. We are encouraged by all of the pre-clinical data we have received and continue to push forwards taking MB-204 into clinic as quickly as possible,\" said Rod Matheson, Chief Executive Officer of Marvel Biosciences.About Marvel Biosciences Corp.Marvel Biosciences Corp., and its wholly-owned subsidiary, Marvel Biotechnology Inc., is a Calgary-based pre-clinical stage pharmaceutical development biotechnology company that utilizes a \"drug redevelopment\" approach to drug development. Historically, when a new class of drug is developed, it is optimized for a particular target, but typically only approved for a specific disease. Often, a new disease is identified which involves the same target, however, pending the remaining patent life, the originally approved drug may not have sufficient time left for it to be commercially viable to be developed for the new disease indication. Marvel develops new synthetic chemical derivatives of the original approved drug for the new disease indication. Patent protection is sought as the new potential asset is developed by the Company. The Company believes the business model results in significantly less risk, cost and time to develop its assets compared to traditional biotechnology companies.Marvel Biotechnology Inc. has currently developed several new chemical entities, using synthetic chemical derivatives of known, off-patent drugs, that inhibit the A2a adenosine receptor with application to neurological diseases (depression & anxiety, Alzheimer's, ADHD), and the non-neurological conditions of cancer and non-alcoholic steatohepatitis. In order to reduce risk and diversify its asset pipeline, the Company has identified sev...