We recorded services revenue of
Research and development (“R&D”) expenses increased by approximately
As a result of our mergers with Oncotelic and PointR, we expect to increase R&D and G&A expenses, including the initiation of new clinical trials including those for COVID-19, and therefore believe that research and development expenses will increase for the remainder of 2020 compared to research and development expenses in 2019.
“We are pleased to announce that despite the challenges presented by the COVID-19 situation, we were able to achieve revenue of
“Based on the approval accorded by the shareholders of Mateon, we anticipate the name change of the Company to
We expect the EdgePoint spinoff to be completed on or before year end. We are confident that the EdgePoint spinoff will be successful given the early involvement of luminaries such as IBM, Balaji Baktha - Leading Silicon Valley VC, and Dr.
About Artemisinin as potential treatment for COVID-19
Artemisinin can target multiple viral threats including COVID-19 by suppressing both viral replication and clinical symptoms that arises from viral infection. Viral replication cannot occur without TGF-β. Artemisinin, purified from an herb (Artemisia annua), is able to inhibit TGF-β activity and is able to neutralize SARS-CoV-2 (COVID-19) in vitro at an EC50 of 0.45 ug/ml (Mateon’s test result at
Mateon's Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this communication regarding strategy, future operations, future financial position, prospects, plans and objectives of management are forward-looking statements. Words such as “may”, “expect”, “anticipate” “hope”, “vision”, “optimism”, “design”, “exciting”, “promising”, “will”, “conviction”, "estimate," "intend," "believe", “quest for a cure of cancer”, “innovation-driven”, “paradigm-shift”, “high scientific merit”, “impact potential” and similar expressions are intended to identify forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about future plans, the progress, timing, clinical development, scope and success of future clinical trials, the reporting of clinical data for the company’s product candidates and the potential use of the company’s product candidates to treat various cancer indications. Each of these forward-looking statements involves risks and uncertainties and actual results may differ materially from these forward-looking statements. Many factors may cause differences between current expectations and actual results, including unexpected safety or efficacy data observed during preclinical or clinical studies, clinical trial site activation or enrollment rates that are lower than expected, changes in expected or existing competition, changes in the regulatory environment, failure of collaborators to support or advance collaborations or product candidates and unexpected litigation or other disputes. These risks are not exhaustive; the company faces known and unknown risks, including the risk factors described in the company’s annual report on Form 10-K filed with the
Source: Mateon Therapeutics, Inc.