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Mast Therapeutics Reports Third Quarter 2013 Financial Results
Date:11/4/2013

SAN DIEGO, Nov. 4, 2013 /PRNewswire/ -- Mast Therapeutics, Inc. (NYSE MKT: MSTX) today reported financial results for the quarter ended September 30, 2013.

Brian M. Culley, Chief Executive Officer, said: "We continue to focus on EPIC, our pivotal phase 3 study of MST-188 in sickle cell disease.  We almost doubled the number of open clinical sites since the end of the second quarter and are approaching our goal of opening 40 clinical sites in the U.S. Beginning next year, we also plan to open approximately 30 clinical sites outside the U.S."

Mr. Culley continued: "In addition to sickle cell disease, we are evaluating MST-188 in other areas of significant unmet medical need and plan to initiate a 60-patient phase 2 study in acute limb ischemia in early 2014.  This study will determine whether MST-188 improves the effectiveness of existing thrombolytic agents, such as Activase®, a tissue plasminogen activator (tPA) that is approved to treat stroke, heart attack and pulmonary embolism.  If our phase 2 study demonstrates that MST-188 improves the 'clot busting' activity of tPA, we believe it will open the door to developing MST-188 in combination with tPA in all settings in which thrombolytics are used, most notably stroke." 

Third Quarter 2013 Operating ResultsThe Company's net loss for the third quarter of 2013 was $5.3 million, or $0.05 per share (basic and diluted), compared to a net loss of $3.2 million, or $0.07 per share (basic and diluted), for the same period in 2012.

Research and development (R&D) expenses for the third quarter of 2013 were $3.1 million, an increase of $1.4 million, or 87%, compared to $1.7 million for the same period in 2012. The increase was primarily due to increases of $1.3 million in external clinical study fees and expenses and $
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SOURCE Mast Therapeutics, Inc.
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