Cambridge, Massachusetts, United States (May 27, 2022) — Allarity Therapeutics, Inc. (“Allarity” or the “Company”), a clinical-stage pharmaceutical company developing novel oncology treatments with drug-specific DRPs® companion diagnostics for personalized cancer care, today released its financial results for the first quarter ended March 31, 2022.
Ffirst of all Quarterly financial results
Balance sheet: As of March 31, 2022, Allarity had cash of $14.5 million, compared to $19.6 million as of December 31, 2021.
R&D expenses: Research and development (R&D) expenses were $1.3 million for the three months ended March 31, 2022, compared to $1.3 million for the three months ended March 31, 2021.
Impairment of intangible assets: Impairment of intangible assets amounted to $14.0 million for the three months ended March 31, 2022, compared to nil for the three months ended March 31, 2021.
General and administrative costs: General and administrative (G&A) expenses were $3.0 million for the three months ended March 31, 2022, compared to $1.2 million for the three months ended March 31, 2021.
Net loss: Net loss was $3.1 million for the quarter ended March 31, 2022, compared to $3.1 million for the comparable period of 2021.
About Allarity Therapeutic
Allarity Therapeutics, Inc. (ALLR) is developing medicines for personalized cancer treatment guided by its proprietary and highly validated companion diagnostic technology, DRP® Platform. The Company has a mature portfolio of five drug candidates: stenoparib, a PARP inhibitor in phase 2 development for ovarian cancer; dovitinib, a post-Phase 3 pan-tyrosine kinase inhibitor; IXEMPRA® (Ixabepilone), a microtubule inhibitor approved in the United States for the treatment of second-line metastatic breast cancer and in phase 2 development in Europe for the same indication; and 2X-111, a liposomal formulation of doxorubicin in phase 2 development for metastatic breast cancer and/or glioblastoma multiforme (GBM), which is under discussion for a license overhaul at Smerud Medical Research International AS . LiPlaCis®a liposomal formulation of cisplatin and its accompanying DRP® is developed through a partnership with Chosa ApS, a subsidiary of Smerud Medical Research International, for advanced metastatic breast cancer. The company is headquartered in the United States and has an R&D facility in Hoersholm, Denmark. For more information, please visit the Company’s website at www.Allarity.com
About the Drug Response Predictor – DRP® Companion diagnosis
Allarity uses its drug-specific DRP® select patients who, based on the genetic signature of their cancer, have a high probability of responding to the specific drug. By screening patients before treatment and only treating patients with a sufficiently high DRP® score, the rate of therapeutic response can be significantly increased. DRP® The method relies on the comparison of susceptible and resistant human cancer cell lines, including transcriptomic information from the cell lines combined with clinical tumor biology filters and results from previous clinical trials. PRD® is based on messenger RNA from patient biopsies. DRP® demonstrated its ability to provide a statistically significant prediction of the clinical outcome of drug treatment in cancer patients in 37 of 47 clinical studies reviewed (both retrospective and prospective), including the ongoing prospective phase 2 trials of Stenoparib and IXEMPRA®. DRP® platform, which can be used in all types of cancer and is patented for more than 70 cancer drugs, has been widely published in peer-reviewed literature.
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This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide Allarity’s current expectations or predictions of future events. The words “plans”, “believes”, “continues”, “could”, “estimates”, “expects”, “intends”, “may”, “could”, “plans”, ” possible”, “potential”, “predicted”, “plans”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not prospective. These forward-looking statements include, but are not limited to, all statements under the heading “Milestones Expected in 2022”, statements relating to the company’s NDA submission for dovitinib and its PMA submission for the drug-specific DRP.® companion diagnostic for dovitinib, any statements relating to ongoing clinical trials of stenoparib for the treatment of advanced ovarian cancer or ongoing clinical trials (in Europe) of IXEMPRA® for the treatment of metastatic breast cancer, and statements regarding the efficacy of the Company’s DRP® companion diagnostic platform to predict whether a particular patient is likely to respond to a specific drug. All forward-looking statements contained in this press release are based on management’s current expectations regarding future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. statements. These risks and uncertainties include, but are not limited to, the risk that the results of a clinical study will not necessarily predict the final results and that one or more of the clinical results could change materially as a result of examinations. more complete data and as patients become available, the risk that the results of a clinical study will be subject to interpretation and that additional analyzes will be necessary and/or may contradict these results, obtaining regulatory approval for dovitinib or any of our other therapeutic candidates or, if approved, the successful commercialization of such products, the risk of termination or delay of any of the ongoing or planned clinical trials and/or our development of our product candidates, the risk that results of previously conducted studies may not be repeated or observed in ongoing or future studies involving our product candidates. therapeutics, and the risk that the current COVID-19 pandemic will impact the Company’s current and future clinical trials and the Company’s schedule of preclinical studies and other operations. For a discussion of other risks and uncertainties, and other important factors, each of which could cause our actual results to differ materially from those contained in the forward-looking statements, see the section entitled “Risk Factors” in our Form 10- K for the years ended December 31, 2021 filed today with the Securities and Exchange Commission, available on the Securities and Exchange Commission’s website at www.sec.gov, as well as discussions of potential risks, uncertainties and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. All information contained in this press release is as of the date of publication, and the Company assumes no obligation to update such information except as required by law.
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