CAMBRIDGE, Mass., Feb. 28, 2022 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ: MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2021.
“We are executing on a differentiated UpRi development plan with the potential for a BLA submission in 2023 based on UPLIFT data, and we are progressing further development into earlier lines of therapy with UP-NEXT and UPGRADE, all in support of our goal of building UpRi into a foundational therapy in ovarian cancer. Leveraging our three innovative platforms, the advancement of XMT-2056, XMT-1660 and XMT-1592 provides additional opportunities to have a meaningful impact on patient outcomes. Our recently announced Janssen partnership further validates our differentiated Dolasynthen platform and highlights the strategic importance placed by major oncology players on ADC innovation,” said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. “With our enhanced capital position and meaningful clinical progress, we stand well positioned for the future, as we strive to transform Mersana into a commercial stage company with a deep pipeline of first in class molecules.”
Recent Highlights and Anticipated Milestones
Upifitamab Rilsodotin (UpRi), first-in-class Dolaflexin ADC targeting NaPi2b:
XMT-1592, first Dolasynthen ADC targeting NaPi2b:
XMT-1660, Dolasynthen ADC targeting B7-H4:
XMT-2056, the Company’s first Immunosynthen STING-agonist ADC targeting HER2:
Strategic Partnerships:
Strengthened Financial Position:
Upcoming Events
Fourth Quarter 2021 Financial Results
Full Year 2021 Financial Results
Conference Call Details
Mersana Therapeutics will host a conference call today at 8:00 a.m. ET to report financial results for the fourth quarter and full year 2021 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 7999454. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.
About Mersana Therapeutics
Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana’s lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registrational trial in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1/2 umbrella trial evaluating UpRi in combination with other ovarian cancer therapies. XMT-1592, Mersana’s second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana’s customizable and homogeneous Dolasynthen platform and is in the dose exploration portion of a Phase 1 clinical trial. The Company’s early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company’s Immunosynthen platform and targeting a novel epitope of human epidermal growth factor receptor 2 (HER2). In addition, multiple partners are using Mersana’s platforms to advance their ADC pipelines. Mersana Therapeutics was recently named among the 2021 Top Places to Work in Massachusetts by the Boston Globe. The Company routinely posts information that may be useful to investors on the “Investors and Media” section of our website at www.mersana.com.
Forward-Looking Statements
This press release contains “forward-looking” statements and information within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of historical facts and are based on management’s beliefs and assumptions. Forward-looking statements in this press release include statements concerning the Company’s business strategy and the design, progression and timing of its clinical trials or preclinical studies and the release of data from those studies, the completion of enrollment in the UPLIFT trial, the development and potential of our pipeline of innovative ADC candidates, expectations regarding future clinical trial results, including with respect to the timing of the commencement and future disclosures, and the sufficiency of the Company’s cash on hand and funds available through its debt financing agreement with Oxford Finance and Silicon Valley Bank. Forward-looking statements generally can be identified by terms such as “aims,” “anticipates,” “believes,” “contemplates,” “continues,” “could,” “designed to,” “estimates,” “expects,” “goal,” “intends,” “may,” “on track,” “opportunity,” “plans,” “poised for,” “possible,” “potential,” “predicts,” “projects,” “promises to be,” “seeks,” “should,” “strategy,” “target,” “will,” “would” or similar expressions and the negatives of those terms. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things, that the results of the Company’s ongoing or future clinical trials may be inconclusive with respect to the efficacy of the Company’s product candidates, that the Company may not meet clinical endpoints with statistical significance or there may be safety concerns or adverse events associated with its product candidates, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical studies or clinical trials, that the identification, development and testing of the Company’s product candidates and new platforms will take longer and/or cost more than planned, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements, and that the Company’s clinical trials may not be initiated or completed on schedule, if at all, as well as those listed in the Company’s Quarterly Report on Form 10-Q filed on November 9, 2021, with the Securities and Exchange Commission (“SEC”), and subsequent SEC filings that the Company may make in the future.
Mersana Therapeutics, Inc.
Selected Condensed Consolidated Balance Sheet Data
(in thousands)
(unaudited)
December 31, 2021 | December 31, 2020 | ||||||
Cash and cash equivalents | $ | 177,947 | $ | 255,094 | |||
Working capital(1) | 141,375 | 228,577 | |||||
Total assets | 206,111 | 273,399 | |||||
Total stockholders' equity | 121,741 | 228,087 | |||||
(1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities. |
Mersana Therapeutics, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
(unaudited)
Three months ended | Year ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
Collaboration revenue | $ | 11 | $ | 10 | $ | 43 | $ | 828 | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 37,368 | 22,858 | 132,013 | 67,036 | ||||||||||||
General and administrative | 10,674 | 5,914 | 36,888 | 21,902 | ||||||||||||
Total operating expenses | 48,042 | 28,722 | 168,901 | 88,938 | ||||||||||||
Total other income (expense), net | (952 | ) | (82 | ) | (1,202 | ) | 65 | |||||||||
Net loss | $ | (48,983 | ) | $ | (28,844 | ) | $ | (170,060 | ) | $ | (88,045 | ) | ||||
Net loss per share attributable to common stockholders — basic and diluted | $ | (0.68 | ) | $ | (0.42 | ) | $ | (2.41 | ) | $ | (1.43 | ) | ||||
Weighted-average number of common shares used in net loss per share attributable to common stockholders — basic and diluted | 71,921,322 | 68,630,078 | 70,580,949 | 61,485,205 |
Contact:
Investor & Media Contact
James Salierno, 617-498-0020
[email protected]
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