Business
Moleculin Biotech, Inc. Reports Financial Results for the Quarter Ended June 30, 2020
HOUSTON, Aug. 12, 2020 /PRNewswire/ -- Moleculin Biotech, Inc., (Nasdaq: MBRX) (Moleculin or the Company), a clinical stage pharmaceutical company with a
About this update from Moleculin Biotech, Inc.
[{"type":"text","content":"HOUSTON, Aug. 12, 2020 /PRNewswire/ -- Moleculin Biotech, Inc., (Nasdaq: MBRX) (Moleculin or the Company), a clinical stage pharmaceutical company with a broad portfolio of drug candidates targeting highly resistant tumors and viruses, announced its financial results for the quarter ended June 30, 2020 and provided a business update.\n\n \n \n \n \n \n \n\n \nManagement Discussion\nWalter Klemp, Chairman and CEO of Moleculin, stated, \"Despite the difficult backdrop resulting from the global pandemic, we made tremendous progress across all three of our core technologies, particularly in our infectious disease platform of antimetabolites, bolstered our financial position, and added to our experienced leadership team. Importantly, we were pleased to progress our efforts to combat COVID-19, as WP1122, which is often referred to as a \"prodrug\" of 2-DG and one of our antimetabolites, demonstrated its potential in a number of pre-clinical studies and independent research publications. Independent research found 2-deoxy-D-glucose (\"2-DG\") reduced replication of SARS-CoV-2, the virus that causes COVID-19, by 100% in in vitro testing. A second independent publication at the University of Campinas in São Paulo further demonstrated the potential of WP1122's mechanism of action as it showed SARS-CoV-2 infection is supported by elevated glucose levels and that inhibition of glycolysis with 2-DG effectively eliminated viral load in vitro. Additionally, two rounds of preclinical testing at one independent lab confirmed by a round of in-vitro testing at a second independent lab in a separate virus host cell line continued to demonstrate WP1122's antiviral activity in SARS-CoV-2. We are very encouraged by this early demonstration of efficacy and are now even more motivated to continue to drive its development. Based on guidance from the FDA, we are pursuing additional studies in animal models, which we believe is the critical path to our expected timing, to further assess WP1122's antiviral capability, with the goal of a possible IND filing in 2020, in preparation for beginning a human clinical trial thereafter.\"\nMr. Klemp continued, \"Although we have expanded the scope and focus of our WP1122 program, our lead candidate, Annamycin, a 'next generation anthracycline' demonstrating little to no cardiotoxicity, still remains one of our key p...