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Clinical Trial Starts for Biopharma's Antifungal in Cryptococcal Meningitis
Research Report

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The details of this study and a second one are outlined in a ROTH Capital Partners report.

In an Oct. 16 research note, ROTH Capital Partners analyst Jerry Isaacson reported that Matinas BioPharma Holdings Inc. (MTNB:NYSE.American) launched its first clinical trial of MAT2203, for the treatment of cryptococcal meningitis.

MAT2203 is Matinas' oral formulation of the approved antifungal amphotericin B using the biopharma's lipid nanocrystal delivery (LNC). "LNC allows delivery of this drug, which has a difficult adverse effects profile, with fewer side effects, which may allow higher doses and extended use compared to current formulations," Isaacson explained.

He noted that in the study, MAT2203 will be evaluated as both an induction and maintenance therapy for HIV patients with cryptococcal meningitis. In part 1 of the trial, MAT2203 will be tested in HIV-infected patients without cryptococcal pneumonitis to determine the maximum tolerated dose. In part 2, which will be randomized, MAT2203 will be evaluated against intravenous amphotericin B.

Preliminary results could be available by year-end 2019, Isaacson wrote. MAT2203 has orphan drug status as a cryptococcosis treatment and a qualified infectious disease product designation with the U.S. Food and Drug Administration.

Isaacson indicated that a second clinical trial for MAT2203 is planned, and Matinas started screening patients for it, aiming for 70 enrollees. In this study, MAT2203 will be compared to Vascepa. With the trial expected to start in Q1/20, data could be ready by Q4/20.

ROTH has a Buy rating and a $4 per share target price on Matinas. For that valuation, the investment banking firm assumes MAT9001 approval in 2023 and an estimated $400 million in sales in 2029. Matinas' stock is currently trading at around $0.70 per share.


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Disclosures from ROTH Capital Partners, Matinas BioPharma Holdings Inc., Company Note, October 16, 2019

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Matinas BioPharma Holdings, Inc. and Amarin Corporation plc and as such, buys and sells from customers on a principal basis.
A Research Analyst and/or a member of the Analyst's household own(s) debt or equity securities of Matinas BioPharma Holdings, Inc. and Amarin Corporation plc stock.
Shares of Matinas BioPharma Holdings, Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.
Within the last twelve months, ROTH has received compensation for non-investment banking securities-related services from Matinas BioPharma Holdings, Inc.
Within the last twelve months, ROTH has received compensation for investment banking services from Amarin Corporation plc.
Within the last twelve months, ROTH has managed or co-managed a public offering for Amarin Corporation plc.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

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