MiRagen says it has cash to last through late 2021

BOULDER — Cancer-drug developer MiRagen Therapeutics Inc. (Nasdaq: MGEN) posted a multi-million dollar loss in the last quarter but expects a runway into late 2021 after securing a critical designation from the U.S. Food and Drug Administration for its lead drug candidate. The Boulder-based Miragen reported revenues of $170,000 for the quarter, a drop of 93% from the same quarter last year after the loss of a prior research and development agreement with a collaborating company. It has yet to get any of its clinical drugs to market approval. The company posted a $6.4 million loss, or 12 cents of loss per share. However, that’s a decline from the $8.9 million loss from the second quarter of 2019. Miragen also landed Orphan Drug Status for its lymphoma drug candidate Cobomarsen from federal drug regulators late last month, which grants the company tax credits, grants and seven years of exclusivity before the drug can be licensed as a generic. A Phase II trial for Cobomarsen is already underway. The company expects to be able to operate through the third quarter of 2021 with current revenues.
Source: BizWest

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