Mateon Report Positive Results for Multiple COVID-19 Drug Candidates

OT-101 and two additional candidates demonstrated viral inhibition activity against coronavirus

AGOURA HILLS, Calif., March 25, 2020 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQB:MATN) (“Mateon”) dedicated to the development of OT-101, a TGF-Beta antisense drug candidate, today provided an update on its rapid antiviral response program targeting coronaviruses, initially targeting COVID-19.  OT-101 continued to show significant activity against coronaviruses and in the new testing results, two additional therapeutic oligonucleotides designed to target COVID-19 also demonstrated potent anti-viral activity.  The candidates were all designed to work synergistically to avoid resistant mutations frequently seen with viral infections. OT-101 and the other candidates work by inhibiting virus binding to its target, thereby stopping the virus from replicating itself and stopping viral induced pneumonia, which often leads to patient complications. The results of the new studies came through joint efforts between Mateon and its partner, Golden Mountain Partners, LLC (GMP), which have teamed up to build an international world class program for rapid response against COVID-19 and future epidemics.      

The Company has begun preparations to submit an Investigational New Drug Application (IND) to the Food and Drug Administration (FDA) for OT-101 against COVID-19 to expedite testing in COVID-19 patients. 

The collaborative effort was able to manufacture and test multiple new therapeutic drug candidates within weeks from time of viral sequencing. The effort was built on the companies experience with the specific antisense backbone and its well described safety profile.  OT-101 is ready to move into clinical testing in COVID-19 patients and the new candidates can be ready shortly thereafter.  The anti-sense program that Mateon has developed has the potential to go from concept to clinic in months, rather than years, which is highly suitable as a rapid response to pandemics.

Dr. Vuong Trieu, President and Chief Executive Officer of Mateon stated: “We are excited about our platform for rapid response against viral epidemics and look forward to working with GMP to further expand on that platform in the US and China.”   

About Mateon

Mateon was created by the recent merger with Oncotelic – a developer of TGF-beta RNA therapeutics- and PoinTR- a cluster computer vision empowered blockchain company creating an immuno-oncology company dedicated to the development of first in class RNA therapeutics as well as small molecule drugs against cancer. The founding team members of Oncotelic were responsible for the development of Celgene’s Abraxane as a chemotherapeutic agent for breast, lung, melanoma, and pancreatic cancer. Abraxane was approved in 2005 and has more than $1B in sales annually. The same team was also responsible for the development of Cynviloq, a next generation Abraxane, which was acquired by NantPharma for $1.3B. Mateon/Oncotelic is seeking to leverage its deep expertise in oncology drug development to improve treatment outcomes and survival of cancer patients with a special emphasis on pediatric cancer patients. For more information, please visit www.oncotelic.com and www.mateon.com.