Myrexis (MYRX) is a biotech focused on developing and commercializing novel treatments for cancer. The company has leveraged a unique understanding of the genetic causes of human disease to generate a strong pipeline of clinical and preclinical product candidates.
The company's oncology program is comprised of two clinical-stage programs and one pre-clinical stage program. Myrexis' pipeline is led by Azixa (verubulin, MPC-6827), a novel small molecule microtubule destabilizing agent which is targeted to the brain. It is in Phase 2b clinical development for the treatment of glioblastoma multiforme. The company's Hsp90 program is comprised of novel, potent, small molecule oncology compounds including MPC-3100, a fully-synthetic and orally bioavailable inhibitor of Hsp90 in Phase 1 clinical development and MPC-0767, a novel L-alanine ester pro-drug of MPC-3100, with improved aqueous solubility. MPC-9528, currently in IND-enabling studies, is the lead pre-clinical candidate in the Company's Cancer Metabolism Inhibitor program. Myrexis is also evaluating MPI-0485520, an orally bioavailable, potent and selective small molecule inhibitor of type I interferon that is being developed for the treatment of autoimmune diseases.
MYRX was trading at $3.52 at the time of this writing. At the end of Q1, the company had $124 million in cash and $6 million in liabilities for a net cash position of $118 million or $4.61 per share. The company believes that with its existing capital resources, it will have adequate funds to maintain its current and planned operations through at least June 30, 2013, although no assurance can be given that changes will not occur that would consume available capital resources before such time and the company may need or want to raise additional financing within this period of time.
June 30, 2013 was 9 quarters away at the end of Q1, which would calculate for a company forecasted average cash burn of approximately $13 million per quarter and would leave about $105 million or $4.10 in cash per share now. At today’s price the R&D pipeline and all of the rest of the company’s assets are free. The company has invested $46.8 million in R&D over the past 7 quarters.
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