BEDMINSTER, N.J., May 14, 2019 (GLOBE NEWSWIRE) -- Matinas BioPharma Holdings, Inc. (NYSE AMER: MTNB), a clinical-stage biopharmaceutical company, today announced its financial results for the quarter ended March 31, 2019 and provided an update on its corporate activities and product pipeline.

“Throughout the first quarter, we made great progress across all aspects of our business, while adding impactful clinical and financial expertise to our management team. Most importantly, we closed on a $32 million financing, led by fundamental healthcare institutional investors, which will fund our operations into the first quarter of 2021. This now enables us to return our focus to executing on our streamlined development plans for MAT9001 which are designed to yield data we believe could differentiate this product from any other prescription-only omega-3 product approved or in development for the treatment of cardiovascular or metabolic conditions. We have secured supply of MAT9001 necessary to conduct our studies through 2020 and eagerly anticipate starting multiple studies with MAT9001 in the coming months,” commented Jerome D. Jabbour, Chief Executive Officer of Matinas.

“Furthermore, on the LNC platform side of our business, we are also now positioned for an important FDA meeting in late June to discuss our NIH-funded development program for our MAT2203 antifungal therapy toward an indication for the treatment of cryptococcal meningitis. Finally, we have continued to advance discussions with key third parties regarding the utilization of our delivery technology in areas of innovative medicine. We believe that these early-stage collaborations could represent a significant opportunity for us moving forward,” added Mr. Jabbour.

FIRST QUARTER 2019 AND SUBSEQUENT HIGHLIGHTS

• Added strategic financial expertise with the appointment of Keith A. Kucinski, CPA, MBA as Chief Financial Officer;
• Signed first LNC platform research evaluation with top global pharmaceutical company in the oligonucleotide space;
• Bolstered team with cardiovascular expert, James J. Ferguson III, M.D., formerly of Amgen, as Chief Medical Officer to assist in leading clinical development of MAT9001;
• Closed $32 million financing led by fundamental healthcare institutional investors;
• FDA Type-C Meeting for MAT2203 scheduled for late June to discuss Phase 2 NIH-funded study in cryptococcal meningitis anticipated to commence in Q3 2019;
• Secured clinical supplies of MAT9001 to support all planned studies through 2020;
• Plans to commence 28-day comparative bridging toxicology study of MAT9001 in Q2 2019; and
• Plans to commence a clinical bioavailability study and comparison of PK parameters for MAT9001 in Q3 2019.

FIRST QUARTER 2019 SUMMARY OF FINANCIAL RESULTS

For the three months ended March 31, 2019, the Company reported a net loss attributable to common shareholders of approximately $4.3 million, or a net loss per share basic and diluted of $0.04, compared to a net loss attributable to common shareholders of approximately $4.3 million, or a net loss per share basic and diluted of $0.05, for the three months ended March 31, 2018.

The Company ended the quarter with cash and cash equivalents of approximately $39.4 million. In March 2019, the Company completed a public offering of its common stock for gross proceeds of $32.4 million, before deducting underwriting discounts and commissions and other estimated offering expenses. Based on Management’s current projections the Company believes that cash on hand is sufficient to fund operations into the first quarter of 2021.

About Matinas BioPharma

Matinas BioPharma is a clinical-stage biopharmaceutical company focused on creating value through the streamlined development of its lead product candidate, MAT9001, for the treatment of cardiovascular and metabolic conditions and the application of its lipid nano-crystal (“LNC”) platform technology to solve complex challenges relating to the safe and effective delivery of small molecules, gene therapies, proteins, peptides and vaccines.