Marvel Biosciences Announces Second Quarter 2022 Financial Results
Calgary, Alberta--(Newsfile Corp. - March 30, 2022) - Marvel Biosciences Corp. (TSXV: MRVL) and its wholly-owned subsidiary, Marvel Biotechnology Inc. (collectively the "Company" or "Marvel") today announced its financial results for the second quarter ended January 31, 2022. For further information on these results, please see the Marvel Biosciences Corp. Condensed Interim Consolidated Financial Statements and Management Discussion & Analysis as filed on SEDAR.
"During the quarter ended January 31, 2022, the Company continued work on its lead asset, MB-204, in advance of upcoming toxicology studies. We are encouraged by all of the pre-clinical data we have received and continue to push forwards taking MB-204 into clinic as quickly as possible," said Rod Matheson, Chief Executive Officer of Marvel Biosciences.
About Marvel Biosciences Corp.
Marvel Biosciences Corp., and its wholly-owned subsidiary, Marvel Biotechnology Inc., is a Calgary-based pre-clinical stage pharmaceutical development biotechnology company that utilizes a "drug redevelopment" approach to drug development. Historically, when a new class of drug is developed, it is optimized for a particular target, but typically only approved for a specific disease. Often, a new disease is identified which involves the same target, however, pending the remaining patent life, the originally approved drug may not have sufficient time left for it to be commercially viable to be developed for the new disease indication. Marvel develops new synthetic chemical derivatives of the original approved drug for the new disease indication. Patent protection is sought as the new potential asset is developed by the Company. The Company believes the business model results in significantly less risk, cost and time to develop its assets compared to traditional biotechnology companies.
Marvel Biotechnology Inc. has currently developed several new chemical entities, using synthetic chemical derivatives of known, off-patent drugs, that inhibit the A2a adenosine receptor with application to neurological diseases (depression & anxiety, Alzheimer's, ADHD), and the non-neurological conditions of cancer and non-alcoholic steatohepatitis. In order to reduce risk and diversify its asset pipeline, the Company has identified several tryptamine inspired compounds that it believes can help promote neuroplasticity but with reduced hallucinatory potential which is a potential liability of tryptamine molecules. These compounds have demonstrated promising anti-depressive activity in animal models.
Virtus Advisory Group
Marvel Biosciences Corp.
Roderick (Rod) Matheson, Chief Executive Officer or
Dr. Mark Williams, President and Chief Science Officer
Tel: 403 770 2468
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All information contained in this news release with respect to the Company and its subsidiary, (collectively, the "Parties") were supplied by Marvel, respectively, for inclusion herein and each parties' directors and officers have relied on each other for any information concerning such Party.
This news release may contain forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the expectations of the Company and include other risks detailed from time to time in the filings made by the Company under securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that the above events on the terms will occur and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
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