From GlobeNewswire: 2024-03-29 08:21:00

Molecular Templates, Inc. reported financial results for the fourth quarter and full year ended December 31, 2023. MT-6402, a PD-L1 targeting agent produced durable single-agent activity in heavily pre-treated patients with head and neck cancer. Enrollment continues for MT-8421, a CTLA-4 targeting agent showing promising pharmacodynamic effects.

MT-6402 demonstrated potent monotherapy activity in relapsed or refractory head and neck cancer patients, leading to significant tumor reduction. Initial results from the dose escalation study are encouraging with some patients achieving partial responses or significant reduction in tumor volume. The company recently completed a $9.5 million private placement to support ongoing clinical programs.

MT-8421, another targeted therapeutic agent, is currently in dose escalation study designed to deplete Tregs in the tumor microenvironment. Two out of the three patients enrolled showed evidence of Treg clearance and T-cell activation. Enrollment is ongoing for the next phase in the study. A phase 1 study for CD38+ tumor cells was closed due to slow patient enrollment but showed promise in treating multiple myeloma patients.

A second tranche of a private placement deal was recently entered into, raising $9.5 million in gross proceeds. This funding will be used to support the ongoing clinical programs and development of novel therapeutic agents. Key milestones for 2024 include expanding clinical data on MT-6402 and releasing data from the dose escalation study for MT-8421 in solid tumors.

Molecular Templates plans to present abstract data on MT-6402 targeting PD-L1 expressing tumors at the upcoming American Association for Cancer Research Annual Meeting in April. The company also recently announced the termination of a collaboration agreement with Bristol-Myers Squibb. Despite this, MTEM remains committed to advancing their unique immuno-oncology programs and reducing costs associated with the terminated collaboration. Financially, the company reported a net loss of $3.9 million for the fourth quarter of 2023.



Read more at GlobeNewswire:: Molecular Templates, Inc. Reports Fourth Quarter 2023