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Kintara Therapeutics Announces Fiscal 2023 First Quarter Financial Results and Provides Corporate Update
SAN DIEGO, Nov. 9, 2022 /PRNewswire/ -- Kintara Therapeutics, Inc. (Nasdaq: KTRA) ("Kintara" or the "Company"), a biopharmaceutical company focused on the
About this update from Tuhura Biosciences, Inc.
[{"type":"text","content":"SAN DIEGO, Nov. 9, 2022 /PRNewswire/ -- Kintara Therapeutics, Inc. (Nasdaq: KTRA) (\"Kintara\" or the \"Company\"), a biopharmaceutical company focused on the development of new solid tumor cancer therapies, today announced financial results for its fiscal first quarter ended September 30, 2022 and provided a corporate update.\nCORPORATE HIGHLIGHTS AND RECENT DEVELOPMENTS\nPaused the REM-001 program in Cutaneous Metastatic Breast Cancer (CMBC) to conserve cash which will be used to support the funding of the Company's ongoing international registrational study for VAL-083 in glioblastoma (GBM). By pausing the REM-001 program, the Company expects to save approximately $3.0 million through 2023 (October).Announced that three posters were accepted for data presentation at the 2022 Society for Neuro-Oncology (SNO) Annual Meeting. The 2022 SNO Annual Meeting will be held from November 16 through November 20, 2022 in Tampa, Florida (September).Received a Study May Proceed letter from the United States Food and Drug Administration to begin the Company's 15-patient study evaluating REM-001 for the treatment of CMBC. This study was subsequently paused (August).Entered into a purchase agreement with Lincoln Park Capital Fund, LLC (Lincoln Park) pursuant to which Lincoln Park has committed to purchase up to $20.0 million of shares of the Company's common stock, subject to the satisfaction of the conditions contained in the agreement as well certain limitations contained therein. As of November 8, 2022, the Company has received approximately $1.9 million in net proceeds (August).\"We have prioritized our VAL-083 program in glioblastoma patients and are looking forward to announcing top-line data in the international registrational GBM AGILE Study around the end of 2023,\" commented Robert E. Hoffman, Kintara's President and Chief Executive Officer. \"GBM patients and physicians are in need of additional treatments to combat this deadly disease and we believe VAL-083 may be an additional tool to help this underserved disease.\"\nSUMMARY OF FINANCIAL RESULTS FOR FISCAL YEAR 2023 FIRST QUARTER ENDED SEPTEMBER 30, 2022\nAt September 30, 2022, Kintara had cash and cash equivalents of approximately $7.1 million. During the quarter ended September 30, 2022, Kintara completed the sale of common shares under a purchase agreement with Lincoln Park fo...