Mirna Therapeutics
05-09-17

Mirna Therapeutics Reports First Quarter 2017 Financial Results

AUSTIN, Texas--(BUSINESS WIRE)-- Mirna Therapeutics, Inc. (Nasdaq:MIRN), a biopharmaceutical company, today reported financial results for the first quarter of 2017 and provided a corporate update.

Following its late 2016 discontinuation of all research and development activities, the Company engaged a financial advisor and has been pursuing activities to evaluate strategic alternatives, including a possible merger or sale of the Company. Further operating cost and workforce reductions were also implemented to reduce overall cash burn.

"We are committed to serving our shareholders' best interests and are continuing our strategic discussions with third parties in an effort to consummate a transaction," said President and CEO Paul Lammers, M.D., M.Sc.

FIRST QUARTER 2017 FINANCIAL RESULTS

About Mirna Therapeutics, Inc.

Mirna is a biopharmaceutical company that has been focused on the development of microRNA-based oncology therapeutics. Mirna's first product candidate, MRX34, the first microRNA mimic to enter clinical development in oncology, was studied as a single agent in a multicenter Phase 1 clinical trial. In September 2016, Mirna voluntarily halted enrollment and dosing in the clinical study following multiple immune-related serious adverse events (SAEs) observed in patients dosed with MRX34 over the course of the trial. Subsequently, the U.S. Food and Drug Administration (FDA) notified the Company that the Investigational New Drug (IND) Application for MRX34 was placed on full clinical hold. The Company has since closed the IND and is currently evaluating strategic alternatives, including the possibility of a merger or sale of the Company.

Forward-Looking Statements

To the extent that statements contained in this press release are not descriptions of historical facts regarding Mirna, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the evaluation of strategic alternatives and our expectations regarding our quarterly cash burn rate. Such forward-looking statements involve substantial risks and uncertainties that could cause our future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. We undertake no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, see our Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC) on May 9, 2017.

 

Mirna Therapeutics, Inc.
Condensed Balance Sheets
(in thousands, except share data)

 
  March 31,   December 31,
2017 2016
Assets (unaudited)
Current Assets:
Cash and cash equivalents $ 17,121 $ 16,432
Short-term marketable securities 40,408 44,066
Prepaid expenses and other current assets 620   882  
Total current assets 58,149 61,380
Property and equipment, net 26 354
Restricted cash 2,433   2,432  
Total assets $ 60,608   $ 64,166  
Liabilities and Stockholders' Equity (Deficit)
Current Liabilities:
Accounts payable $ 371 $ 361
Accrued expenses 4,486   2,400  
Total current liabilities 4,857 2,761
Lease obligations, long-term   1,053  
Total liabilities 4,857   3,814  
 
Stockholders' Equity (Deficit):

Common stock, $0.001 par value; 250,000,000 shares authorized
at March 31, 2017 and December 31, 2016; 20,856,693 and
20,841,393 shares issued and outstanding at March 31, 2017 and
December 31, 2016, respectively

21 21
Additional paid in capital 163,518 163,126
Accumulated deficit (107,771 ) (102,791 )
Other comprehensive loss (17 ) (4 )
Total stockholders' equity 55,751   60,352  
Total liabilities and stockholders' equity $ 60,608   $ 64,166  
 
 

Mirna Therapeutics, Inc.
Condensed Statement of Operations and Comprehensive Loss (unaudited)
(in thousands)

 
     

Three Months Ended
March 31,

2017   2016
Operating expenses:
Research and development $ 242 $ 4,523
General and administrative 2,264 2,130
Restructuring charges 2,557    
Total operating expenses 5,063 6,653
Other income:
Interest income 86   82  
Net loss attributable to common stockholders $ (4,977 ) $ (6,571 )
 

Investors
Mirna Therapeutics, Inc.
Alan Fuhrman, 512-901-0950
afuhrman@mirnarx.com
or
Media
BMC Communications
Brad Miles, 646-513-3125
bmiles@bmccommunications.com

Source: Mirna Therapeutics, Inc.

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