1. CAMBRIDGE, Mass., Nov. 23, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that the Company's management team will participate in a fireside chat at the 4th Annual Evercore ISI HealthCONx Conference on Wednesday, December 1, 2021, at 2:40 p.m. ET.

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the event.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical…

    CAMBRIDGE, Mass., Nov. 23, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that the Company's management team will participate in a fireside chat at the 4th Annual Evercore ISI HealthCONx Conference on Wednesday, December 1, 2021, at 2:40 p.m. ET.

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the event.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform and targeting a novel epitope of human epidermal growth factor receptor 2 (HER2). In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577



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  2. CAMBRIDGE, Mass., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present a company overview at the Stifel 2021 Virtual Healthcare Conference on Wednesday, November 17, 2021, at 3:20 p.m. ET.

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the event.

    About Mersana Therapeutics

    Mersana Therapeutics…

    CAMBRIDGE, Mass., Nov. 10, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present a company overview at the Stifel 2021 Virtual Healthcare Conference on Wednesday, November 17, 2021, at 3:20 p.m. ET.

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the event.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform and targeting a novel epitope of human epidermal growth factor receptor 2 (HER2). In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577



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    • Reported updated data from the UpRi ovarian cancer expansion cohort further bolstering confidence in UPLIFT registration strategy
    • Introduced UP-NEXT, a Phase 3 study of UpRi monotherapy maintenance in platinum-sensitive ovarian cancer
    • Presented preclinical data for XMT-2056, a HER2-targeted Immunosynthen STING-agonist ADC, demonstrating robust activity and broad combination potential
    • Ended third quarter with approximately $192 million in cash and equivalents; strengthened financial flexibility with new credit facility of up to $100 million

    CAMBRIDGE, Mass., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates…

    • Reported updated data from the UpRi ovarian cancer expansion cohort further bolstering confidence in UPLIFT registration strategy
    • Introduced UP-NEXT, a Phase 3 study of UpRi monotherapy maintenance in platinum-sensitive ovarian cancer
    • Presented preclinical data for XMT-2056, a HER2-targeted Immunosynthen STING-agonist ADC, demonstrating robust activity and broad combination potential
    • Ended third quarter with approximately $192 million in cash and equivalents; strengthened financial flexibility with new credit facility of up to $100 million

    CAMBRIDGE, Mass., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results for the third quarter ended September 30, 2021 and provided a business update.

    "We have made significant progress towards our vision of building UpRi into a foundational medicine in ovarian cancer and advancing a diverse pipeline addressing areas of high unmet medical need. Over the course of next year, we expect UPLIFT to be fully enrolled, UP-NEXT to be initiated and enrolling, UPGRADE to be charting the path in combinations and to have multiple assets in the clinic addressing a diverse set of targets," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "Our promising pipeline assets are generated by our innovative platforms Dolaflexin, Dolasynthen and Immunosynthen, which act as efficient product engines creating value now and into the future."

    Recent Highlights and Anticipated Milestones

    Upifitamab Rilsodotin (UpRi), first-in-class Dolaflexin ADC targeting NaPi2b:

    • Reported updated interim data in almost 100 patients from the UpRi ovarian cancer expansion cohort. Data continued to demonstrate a clinically meaningful and consistent profile for UpRi with a confirmed objective response rate (ORR) of 34% in the two-thirds of patients with NaPi2b high ovarian cancer. Data continued to show a differentiated tolerability profile for UpRi without the severe neutropenia, neuropathy and ocular toxicities seen with other ADC platforms. These data support the potential for UpRi to demonstrate a clinically meaningful benefit in the ongoing registration-enabling UPLIFT study in platinum-resistant ovarian cancer, a setting in which the single-agent chemotherapy standard of care has an ORR of no more than 12% and carries substantial toxicities.



    • Introduced UP-NEXT, a Phase 3 study of UpRi monotherapy maintenance, informed by FDA feedback. UP-NEXT is designed to establish UpRi as a maintenance agent following treatment with platinum doublets in platinum-sensitive ovarian cancer. Watch-and-wait remains the standard of care for patients who have previously received or are poorly served by existing maintenance agents, as well as patients who achieve only stable disease to platinum doublets. UP-NEXT is designed to provide data to address these unmet needs. The Company plans to provide more details on the final design of UP-NEXT and expects to initiate the study in 2022.



    • UPLIFT, a single-arm registration study in platinum-resistant ovarian cancer, continues to enroll. UPLIFT is enrolling a broader population of patients with platinum-resistant ovarian cancer than other studies in this indication through more flexible inclusion criteria with respect to lines of therapy and underlying comorbidities, the use of a robust diagnostic assay capturing two-thirds of the patients as NaPi2b high for the primary endpoint, as well as a secondary endpoint in the overall population. The Company plans to enroll approximately 100 patients with high NaPi2b expression and up to 180 patients overall and expects the study to be substantially enrolled during the summer of 2022.



    • Enrollment continues in UPGRADE, the Company's Phase 1 combination umbrella study. UPGRADE is a Phase 1 dose-escalation study evaluating the combination of carboplatin with UpRi followed by UpRi continued until progression. The dose escalation portion of the study is intended to determine the recommended Phase 2 dose in combination with carboplatin. The expansion portion of the study is intended to provide proof of concept for a potential new standard of care for platinum-sensitive ovarian cancer earlier in the disease by demonstrating that the combination of platinum and UpRi followed by UpRi continuation could result in improved efficacy and tolerability with the ultimate goal of improved clinical benefit for patients. The study will inform further development of UpRi in this broader and earlier line patient population.



    • Completed enrollment and evaluation of UpRi in the NSCLC adenocarcinoma expansion cohort. The Company observed modest single-agent activity that did not meet its internal threshold for advancement and has decided to deprioritize further clinical evaluation of UpRi in this indication. The safety profile of UpRi in lung adenocarcinoma was generally consistent with the favorable profile observed with UpRi at the 36 mg/m2 dose level selected for further advancement in ovarian cancer.  

    XMT-1592, first Dolasynthen ADC targeting NaPi2b:

    • Phase 1 dose escalation study of XMT-1592 is ongoing. The Company continues dose exploration in order to determine the recommended Phase 2 dose and expects this to continue into 2022. The Company plans to provide further details of the XMT-1592 development plan alongside its 2022 milestones and goals early next year.

    XMT-1660, first-in-class Dolasynthen ADC targeting B7-H4:

    • Investigational New Drug (IND)-enabling studies of XMT-1660 ongoing with Phase 1 studies expected to start in early 2022. B7-H4 is expressed in high unmet need tumors such as breast, endometrial and ovarian. B7-H4 is expressed on both tumor cells and immunosuppressive tumor-associated macrophages (TAMs). This provides the potential for both a direct, cytotoxic antitumor effect as well as for additional payload delivery to the tumor microenvironment that could further contribute to immunogenic cell death, dendritic cell activation, and stimulation of an immune response consistent with the features of the Company's unique DolaLock payload.

    XMT-2056, first-in-class HER2-targeted Immunosynthen STING-agonist ADC:

    • Presented new preclinical data for XMT-2056 at the 2021 AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics (Triple Meeting) in October 2021. In vitro and in vivo studies demonstrate that Immunosynthen STING-agonist ADCs activate the STING pathway in both tumor-resident immune cells and tumor cells, offering the potential for an increased therapeutic index and an advantage over other innate immune activating pathways. The Company developed XMT-2056 based on a differentiated anti-HER2 antibody that binds a novel epitope, providing the opportunity for combinations with well-established anti-HER2 therapies. In preclinical models, XMT-2056 showed efficacy in combination with trastuzumab. In both high and low HER2 models, XMT-2056 demonstrated increased efficacy in comparison to benchmark agents such as a trastuzumab-TLR7/8 agonist ADC as well as a small molecule systemically-administered STING agonist. XMT-2056 was generally well-tolerated in non-human primate studies with no clinical signs and no adverse findings in clinical pathology or histopathology after single and repeat IV doses. The Company plans to initiate a Phase 1 study of XMT-2056 in early 2022.

    Corporate:

    • Increased financial flexibility with additional access to capital. The Company entered into a new credit facility at favorable terms for up to $100 million with Oxford and Silicon Valley Bank of which $60 million is available immediately, with remaining balance primarily available upon achievement of certain pipeline and UpRi related milestones. In connection with this new facility, the Company retired the prior debt financing agreement with Silicon Valley Bank.
    • Strengthened leadership team with key appointments. In August 2021, the Company announced the appointment of Tushar Misra, Ph.D., as Chief Manufacturing Officer. Dr. Misra was most recently EVP, Head of Technical Development & Manufacturing at Laronde and has held senior leadership positions at Wave Life Sciences, Takeda Pharmaceuticals and Sunovion Pharmaceuticals. In October, the Company appointed Mohan Bala, Ph.D., as SVP, Strategic Product Planning & Program Leadership. Dr. Bala was most recently Chief Operating Officer at Constellation Pharmaceuticals and has over 20 years of clinical development and commercialization experience.

    Upcoming Events

    • Mersana plans to present a poster entitled, "STING-agonist ADCs targeting tumor-associated antigens coordinate immune-mediated killing of antigen-negative cancer cells," at the 36th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) during the live poster display session available from November 12 – 13, 2021.
    • Mersana plans to give a corporate presentation at the 2021 Stifel Virtual Healthcare Conference scheduled for November 17, 2021.
    • Mersana plans to participate in a fireside chat at the Evercore ISI 4th Annual HealthconX scheduled for December 1, 2021.

    Third Quarter 2021 Financial Results

    Cash and cash equivalents as of September 30, 2021, were $191.7 million, compared to $255.1 million in cash and cash equivalents as of December 31, 2020. Net cash used in operating activities in the third quarter of 2021 was $36.1 million.

    The Company expects that its available funds will be sufficient to support its operating plan commitments into the first half of 2023.

    • Research and development expenses for the third quarter of 2021 were $35.3 million, compared to $16.5 million for the same period in 2020. The difference was primarily due to an increase in manufacturing, clinical and regulatory expenses, an increase in headcount and advancement of diagnostic development efforts for the NaPi2b biomarker. Non-cash stock-based compensation expense included in these research and development expenses increased by $1.7 million.



    • General and administrative expenses for the third quarter of 2021 were $10.1 million, compared to $5.9 million during the same period in 2020 primarily due to an increase in headcount and consulting and professional fees. Non-cash stock-based compensation expense included in these general and administrative expenses increased by $1.4 million.

    • Net loss for the third quarter of 2021 was $45.5 million, or $0.63 per share, compared to net loss of $22.5 million, or $0.33 per share, for the same period in 2020. Weighted average common shares outstanding for the quarters ended September 30, 2021 and September 30, 2020 were 71,753,004 and 68,419,192, respectively.

    Conference Call Details

    Mersana Therapeutics will host a conference call today at 8:00 a.m. ET to report financial results for the third quarter 2021 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 2116349. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies.XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform and targeting a novel epitope of human epidermal growth factor receptor 2 (HER2). In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical or preclinical studies and the release of data from those studies, the ability of the single-arm UPLIFT cohort to enable registration, the development and potential of our pipeline of innovative ADC candidates, expectations regarding future clinical trial results, including with respect to the timing of the commencement and future disclosures, and the sufficiency of the Company's cash on hand and funds available through its debt financing agreement with Oxford Finance and Silicon Valley Bank. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "designed to," "efforts," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "strategy," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that the results of our ongoing or future clinical studies may be inconclusive with respect to the efficacy of our product candidates, that we may not meet clinical endpoints with statistical significance or there may be safety concerns or adverse events associated with our product candidates, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Quarterly Report on Form 10-Q filed on August 6, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, the severity of additional strains of the virus, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.



    Mersana Therapeutics, Inc.

    Selected Condensed Consolidated Balance Sheet Data

    (in thousands)

    (unaudited)

     September 30, 2021 December 31, 2020
        
    Cash and cash equivalents$191,707  $255,094 
    Working capital(1)155,334  228,577 
    Total assets217,586  273,399 
    Total stockholders' equity155,549  228,087 
        
    (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.                                



    Mersana Therapeutics, Inc.

    Condensed Consolidated Statement of Operations

    (in thousands, except share and per share data)

    (unaudited)

     Three months ended Nine months ended
     September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
            
    Collaboration revenue$11  $11  $32  $817 
    Operating expenses:       
    Research and development35,275  16,546  94,645  44,179 
    General and administrative10,124  5,881  26,214  15,988 
    Total operating expenses45,399  22,427  120,859  60,167 
    Total other income (expense), net(83) (73) (250) 147 
    Net loss$(45,471) $(22,489) $(121,077) $(59,203)
    Net loss per share attributable to common stockholders — basic and diluted$(0.63) $(0.33) $(1.73) $(1.00)
    Weighted-average number of common shares used in net loss per share attributable to common stockholders — basic and diluted71,753,004  68,419,192  70,129,236  59,086,202 

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

     



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  3. CAMBRIDGE, Mass., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Tuesday, November 9, 2021 at 8:00 a.m. ET to report financial results for the third quarter ended September 30, 2021 and provide business updates.  

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 2116349. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    CAMBRIDGE, Mass., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Tuesday, November 9, 2021 at 8:00 a.m. ET to report financial results for the third quarter ended September 30, 2021 and provide business updates.  

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 2116349. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform, and targeting a novel epitope of human epidermal growth factor receptor 2 (HER2). In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  4. CAMBRIDGE, Mass., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President Strategic Product Planning & Program Leadership, Mohan Bala, Ph.D. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Dr. Bala as an inducement material to Dr. Bala entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option…

    CAMBRIDGE, Mass., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President Strategic Product Planning & Program Leadership, Mohan Bala, Ph.D. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Dr. Bala as an inducement material to Dr. Bala entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides for the purchase of up to 112,500 shares of Mersana Therapeutics common stock, at a price of $8.63 per share, the closing price per share of Mersana Therapeutics common stock on the date of grant, and vests over four years, with 25% of the shares vesting on the first anniversary of the Dr. Bala's employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Dr. Bala's continued employment with Mersana Therapeutics through such applicable vesting dates.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC targeting a novel epitope of HER2, developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

     



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  5. CAMBRIDGE, Mass., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Mohan Bala, Ph.D., as SVP, Strategic Product Planning & Program Leadership, effective Monday, October 25, 2021. Dr. Bala will assume strategic product planning responsibilities from Brian DeSchuytner who has been named SVP and Chief Financial Officer. Mr. DeSchuytner will continue to lead finance, business development, corporate strategy and investor relations and remain Mersana's principal financial officer.

    "With over 20 years of clinical…

    CAMBRIDGE, Mass., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Mohan Bala, Ph.D., as SVP, Strategic Product Planning & Program Leadership, effective Monday, October 25, 2021. Dr. Bala will assume strategic product planning responsibilities from Brian DeSchuytner who has been named SVP and Chief Financial Officer. Mr. DeSchuytner will continue to lead finance, business development, corporate strategy and investor relations and remain Mersana's principal financial officer.

    "With over 20 years of clinical development and commercialization experience, Mohan is a seasoned biopharmaceutical executive who brings a deep expertise in overall asset strategy and program management to the Mersana team. Mohan has overseen the advancement of products through early, mid and late-stage clinical development and has helped launch 7 oncology products globally. We are delighted to have Mohan join the Mersana team and welcome his valuable insight as we continue to advance the clinical development of UpRi toward commercialization in ovarian cancer and build out our maturing pipeline of innovative ADC candidates," commented Anna Protopapas, President and CEO of Mersana. "I would like to thank Brian for his leadership of the Product Strategy function at Mersana and his contributions towards building UpRi into a foundational medicine for ovarian cancer with the UPLIFT, UP-NEXT, and UPGRADE studies. As Mersana's diversified first-in-class pipeline grows, Brian will continue to ensure Mersana has the resources, partnerships and infrastructure to deliver against our goals."

    Mohan Bala, Ph.D., was most recently Chief Operating Officer at Constellation Pharmaceuticals, a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapeutics to address patients with cancers associated with abnormal gene expression. While at Constellation, Dr. Bala was responsible for overall asset strategy and program management. Prior to joining Constellation, Dr. Bala served as VP, Development Program Lead at TESARO, where he led cross-functional teams to advance two products to Phase 2 and one product to regulatory filing. He has been involved in multiple successful BLA and MAAs, including the filing of a companion diagnostic. Earlier in his career, Dr. Bala held senior leadership roles at Sanofi, GlaxoSmithKline and Centocor. Dr. Bala holds a Ph.D. in Management Science and an M.B.A from the University of Chicago, and has co-authored over 50 peer reviewed articles published in medical and economics journals.

    "I am delighted to join the Mersana team at such an exciting point in the Company's lifecycle, as we seek to bring UpRi to ovarian cancer patients in desperate need of new therapeutic options and advance our exciting ADC pipeline. I look forward to partnering closely with the clinical development and product strategy teams, and further supporting the Company's mission to discover and develop life-changing ADCs for patients fighting cancer," said Dr. Bala.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC targeting a novel epitope of HER2, developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression of its product candidates and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, expectations regarding future clinical trial results based on data achieved to date, the sufficiency of the Company's cash on hand, and the potential for new or different business development transactions with third parties. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Quarterly Report on Form 10-Q filed on August 6, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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    • Preclinical data demonstrate that XMT-2056 activates the STING pathway in a target-dependent manner in both tumor cells and tumor-resident immune cells and is significantly more efficacious in head-to-head studies than trastuzumab-TLR7/8 agonist ADC and small-molecule systemically-administered STING agonist benchmarks
    • XMT-2056 targets a novel epitope of HER2 with differentiated binding from trastuzumab and pertuzumab, potentially allowing for broad combinability with approved and investigational HER2 therapies

    CAMBRIDGE, Mass., Oct. 07, 2021 (GLOBE NEWSWIRE) --  Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers…

    • Preclinical data demonstrate that XMT-2056 activates the STING pathway in a target-dependent manner in both tumor cells and tumor-resident immune cells and is significantly more efficacious in head-to-head studies than trastuzumab-TLR7/8 agonist ADC and small-molecule systemically-administered STING agonist benchmarks

    • XMT-2056 targets a novel epitope of HER2 with differentiated binding from trastuzumab and pertuzumab, potentially allowing for broad combinability with approved and investigational HER2 therapies

    CAMBRIDGE, Mass., Oct. 07, 2021 (GLOBE NEWSWIRE) --  Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that XMT-2056, its first Immunosynthen STING-agonist ADC candidate, targets a novel epitope of human epidermal growth factor receptor 2 (HER2) and presented new preclinical data during a plenary session at the AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics (Triple Meeting).

    "Previously, across multiple targets and models, we demonstrated that our Immunosynthen ADCs can stimulate the innate immune system in a targeted manner in both tumor cells and tumor-resident myeloid cells – a "one-two punch" resulting in robust efficacy. New head-to-head preclinical data comparing XMT-2056 to TLR7/8-agonist ADC and systemically-administered STING agonist benchmarks further supports the potential advantages of XMT-2056 to offer greater efficacy and a wider therapeutic index," said Timothy B. Lowinger, PhD, Chief Science and Technology Officer of Mersana Therapeutics. "In addition, new data with XMT-2056 in combination with trastuzumab supports our rationale for selecting an antibody that recognizes a novel epitope of HER2, providing broad combination potential with approved and investigational HER2 therapies."

    "STING is a fundamental mechanism yet approaches to date have been unsuccessful at stimulating the innate immune system in a targeted manner. Our Immunosynthen platform not only has the potential to address this limitation but also is designed to allow us to extend our ADC development efforts beyond cytotoxic payloads, which we believe represents a significant advancement in the ADC field," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "We are particularly excited about the potential of XMT-2056 to offer a novel approach to the treatment of HER2-expressing tumors both as a single agent and in combination."   

    Previously reported preclinical data suggest that XMT-2056 offers a highly differentiated approach, enabling tumor-targeted delivery of a STING agonist with improved efficacy and tolerability over a systemically-administered STING agonist benchmark. In vitro and in vivo studies demonstrate that STING-agonist ADCs activate the STING pathway in both tumor-resident immune cells and tumor cells, offering the potential for an increased therapeutic index and an advantage over other innate immune activating pathways.

    The Company has evaluated Immunosynthen ADCs across a wide range of antibodies, targets, tumor models and mouse strains and observed broad efficacy and consistent results demonstrating target-dependent anti-tumor effects and has selected HER2 as the first target for clinical evaluation with XMT-2056. The Company developed a differentiated anti-HER2 antibody that binds a novel epitope distinct from that of trastuzumab and pertuzumab, providing the opportunity for combinations with these well-established anti-HER2 therapies.

    New preclinical data presented today at the Triple Meeting include:

    • XMT-2056 demonstrated increased efficacy in both high and low HER2 SCID mouse models in comparison to benchmark agents such as a trastuzumab-TLR7/8 agonist ADC as well as a small molecule systemically-administered STING agonist.
    • XMT-2056 showed excellent in vivo efficacy as a single agent in a SKOV3 HER2 high model and this efficacy is further enhanced by combining XMT-2056 with a 3 mg/kg dose of trastuzumab.
    • XMT-2056 was generally well-tolerated in NHP studies with no clinical signs and no adverse findings in clinical pathology or histopathology after single and repeat IV doses of 9 mg/kg, at exposures far exceeding those necessary for efficacy in mouse models, indicating the potential for a wide therapeutic index.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC targeting a novel epitope of HER2, developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, the potential benefits of our product candidates, and expectations regarding future clinical trial results based on data achieved to date. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Quarterly Report on Form 10-Q filed on August 6, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577



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  6. CAMBRIDGE, Mass., Sept. 30, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will disclose the target and present new preclinical data for XMT-2056, its first Immunosynthen STING-agonist ADC candidate, in a plenary session at the upcoming AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics.  

    Details of the presentation are as follows:

    Plenary Session Title: Tumor-Targeted Conjugates: A Growing Family
    Presentation Title: XMT-2056: Tumor-targeted Innate Immune Activation via…

    CAMBRIDGE, Mass., Sept. 30, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will disclose the target and present new preclinical data for XMT-2056, its first Immunosynthen STING-agonist ADC candidate, in a plenary session at the upcoming AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics.  

    Details of the presentation are as follows:

    Plenary Session Title: Tumor-Targeted Conjugates: A Growing Family

    Presentation Title: XMT-2056: Tumor-targeted Innate Immune Activation via a STING-agonist Antibody Drug Conjugate

    Date/Time: Thursday, October 7, 2021 from 12:50 – 2:40 p.m. ET

    Presenter: Timothy B. Lowinger, Ph.D., Chief Science & Technology Officer, Mersana Therapeutics

    A replay of the webcasted presentation will be available on October 7th after 4 p.m. ET on the Investors & Media section of the Mersana website at www.mersana.com.



    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577



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  7. CAMBRIDGE, Mass., Sept. 07, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that members of management will present at three upcoming investor conferences. Details are as follows:

    Baird 2021 Global Healthcare Conference
    Format:Fireside Chat
    Date/Time:Tuesday, September 14, 2021, at 8:30 a.m. ET
      
    Morgan Stanley 19th Annual Global Healthcare Conference
    Format:Fireside Chat
    Date/Time:Wednesday, September 15, 2021, at 1:15 p.m. ET
      
    2021 Cantor Virtual Global Healthcare Conference
    Format:Presentation
    Date/Time:Tuesday, September 28, 2021,

    CAMBRIDGE, Mass., Sept. 07, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that members of management will present at three upcoming investor conferences. Details are as follows:

    Baird 2021 Global Healthcare Conference
    Format:Fireside Chat
    Date/Time:Tuesday, September 14, 2021, at 8:30 a.m. ET
      
    Morgan Stanley 19th Annual Global Healthcare Conference
    Format:Fireside Chat
    Date/Time:Wednesday, September 15, 2021, at 1:15 p.m. ET
      
    2021 Cantor Virtual Global Healthcare Conference
    Format:Presentation
    Date/Time:Tuesday, September 28, 2021, at 4:00 p.m. ET

    A live webcast of these events will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the event.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

     



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  8. CAMBRIDGE, Mass., Sept. 01, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced plans to host a live conference call and webcast on Friday, September 10, 2021 at 8:00 a.m. ET to discuss the progress of its clinical development strategy for upifitamab rilsodotin (UpRi) and report updated interim data from the ovarian cancer expansion cohort of the UpRi Phase 1 study. Enrollment in the expansion cohort is complete with 97 patients evaluable for safety and tolerability, of which 75 are RECIST-evaluable at this interim analysis.

    Members…

    CAMBRIDGE, Mass., Sept. 01, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced plans to host a live conference call and webcast on Friday, September 10, 2021 at 8:00 a.m. ET to discuss the progress of its clinical development strategy for upifitamab rilsodotin (UpRi) and report updated interim data from the ovarian cancer expansion cohort of the UpRi Phase 1 study. Enrollment in the expansion cohort is complete with 97 patients evaluable for safety and tolerability, of which 75 are RECIST-evaluable at this interim analysis.

    Members of the Mersana executive team will be joined by lead investigator, Debra L. Richardson, MD Associate Professor and Section Chief of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences Center and the Sarah Cannon Research Institute.

    Conference Call Details

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 1441618. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's clinical strategy for its product candidates, progression and timing of its clinical study and release of data from its clinical study, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that results of the Company's ongoing or future clinical studies may be inconclusive with respect to the efficacy of the Company's product candidates, that the Company may not meet clinical endpoints with statistical significance or there may be safety concerns or adverse events associated with product candidates, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the Company's clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Quarterly Report on Form 10-Q filed on August 6, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic may adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, the spread of variants of COVID-19, including the Delta variant, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  9. CAMBRIDGE, Mass., Aug. 18, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Manufacturing Officer, Tushar Misra, Ph.D. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Mr. Misra as an inducement material to Mr. Misra entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides…

    CAMBRIDGE, Mass., Aug. 18, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Manufacturing Officer, Tushar Misra, Ph.D. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Mr. Misra as an inducement material to Mr. Misra entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides for the purchase of up to 112,500 shares of Mersana Therapeutics common stock, at a price of $11.56 per share, the closing price per share of Mersana Therapeutics common stock on the date of grant, and vests over four years, with 25% of the shares vesting on the first anniversary of the Mr. Misra's employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Mr. Misra's continued employment with Mersana Therapeutics through such applicable vesting dates.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577





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  10. CAMBRIDGE, Mass., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Tushar Misra, Ph.D., as Chief Manufacturing Officer, effective Monday, August 16, 2021. Dr. Misra replaces Michael Kaufman, Ph.D., who is retiring from Mersana after more than five years with the Company. Dr. Kaufman will remain at Mersana to ensure a smooth transition until September 10, 2021.

    "Tushar is a seasoned biopharmaceutical executive with a track record in the scale up of manufacturing processes for small molecules, large-molecules…

    CAMBRIDGE, Mass., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Tushar Misra, Ph.D., as Chief Manufacturing Officer, effective Monday, August 16, 2021. Dr. Misra replaces Michael Kaufman, Ph.D., who is retiring from Mersana after more than five years with the Company. Dr. Kaufman will remain at Mersana to ensure a smooth transition until September 10, 2021.

    "Tushar is a seasoned biopharmaceutical executive with a track record in the scale up of manufacturing processes for small molecules, large-molecules and ADCs as well as the development and management of worldwide commercial supply chains. Through his career, Tushar has been involved in the development of 15 clinical stage molecules and the launch of 5 products. We are very excited to have him join the Mersana team, especially as we continue to advance the clinical development of UpRi for ovarian cancer in both the UPLIFT single-arm registrational strategy and the UPGRADE umbrella combination study and rapidly progress our pipeline of innovative ADC candidates," said Anna Protopapas, President and CEO of Mersana. "I would like to thank Michael for his commitment to Mersana's mission over the past five years. His contributions have been invaluable in advancing our innovative ADC candidate pipeline and building a highly experienced and productive team. I look forward to working with Michael to ensure a seamless transition of leadership and, on behalf of the entire Mersana team, I wish him all the best in his retirement."

    Tushar Misra, Ph.D., was most recently EVP, Head of Technical Development & Manufacturing at Laronde, a platform company developing a novel, engineered form of RNA. While at Laronde, he led the process development and support team for end-to-end manufacturing for preclinical and clinical research. Before that, he was SVP, Technical Operations at Wave Life Sciences. Prior to Wave Life Sciences, Dr. Misra worked at Takeda Pharmaceuticals in several positions of increasing seniority, most recently as VP & Head, Global Oncology and Biologics Operations. While at Takeda, he built world-wide manufacturing and supply chain infrastructure for the company's biologic and oncology commercial products including ADCETRIS® (brentuximab vedotin) and ENTYVIO® (vedolizumab). Earlier in his career, he held senior executive leadership roles in Chemistry and Pharmaceutical Sciences at Sunovion Pharmaceuticals, Inc. (previously Sepracor, Inc.). Dr. Misra received his Ph.D. and M.S. in chemical engineering from the University of Rhode Island and his B.Sc. with honors from the National Institute of Technology, Rourkela, India.

    "I am thrilled to join Mersana and am eager to work with Mersana's experienced manufacturing team as we seek to advance UpRi toward commercialization and build out our maturing pipeline of innovative ADC candidates with the potential to address unmet medical needs across multiple different tumor types," said Dr. Misra.

    Dr. Kaufman commented, "It has been an honor to work with Anna and the entire Mersana team as we collectively advance our mission of discovering and developing life-changing ADCs for patients fighting cancer. I am confident that Tushar is well suited for this position and is supported by our seasoned and capable manufacturing team."

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Quarterly Report on Form 10-Q filed on August 6, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

     

     



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    • Initiated UPGRADE, a Phase 1 platinum combination cohort in platinum-sensitive ovarian cancer

    • Company plans to disclose target and preclinical data for XMT-2056, first Immunosynthen STING-agonist ADC, at AACR-NCI-EORTC

    • Ended second quarter with $227.4M in cash and equivalents

    CAMBRIDGE, Mass., Aug. 06, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results for the second quarter ended June 30, 2021 and provided a business update.

    "We have made significant progress in executing against our goal of establishing…

    • Initiated UPGRADE, a Phase 1 platinum combination cohort in platinum-sensitive ovarian cancer



    • Company plans to disclose target and preclinical data for XMT-2056, first Immunosynthen STING-agonist ADC, at AACR-NCI-EORTC



    • Ended second quarter with $227.4M in cash and equivalents

    CAMBRIDGE, Mass., Aug. 06, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results for the second quarter ended June 30, 2021 and provided a business update.

    "We have made significant progress in executing against our goal of establishing UpRi as a foundational therapy in ovarian cancer. UPLIFT provides the potential to benefit platinum-resistant patients in desperate need of better options. UPGRADE is designed to leverage the differentiated profile of UpRi to evaluate the potential to benefit a substantially larger number of patients for longer periods earlier in the course of disease," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "In parallel, we are continuing to advance our pipeline of innovative ADCs with the exploration of UpRi in lung adenocarcinoma and the continued advancement of XMT-1592, XMT-1660 and XMT-2056."

    Recent Highlights and Anticipated Milestones

    Upifitamab Rilsodotin (UpRi, previously XMT-1536), first-in-class Dolaflexin ADC targeting NaPi2b:

    • Initiated UPGRADE, a Phase 1 combination umbrella study starting with a platinum dose escalation cohort. The Phase 1, open-label, dose-escalation portion of the study is designed to determine the maximum tolerated dose and safety and tolerability of a once-every-four-week administration of UpRi in combination with carboplatin for six cycles followed by UpRi monotherapy in patients with platinum-sensitive ovarian cancer who have received 1-2 prior platinum-based regimens. Patients will not be preselected for NaPi2b expression; however, archival or fresh tissue will be required for retrospective assessment of expression. Upon completion of the dose-escalation portion of the study, the Company plans to initiate the expansion portion to assess both tolerability and efficacy and inform the further development of UpRi in this broad and early line patient population.



    • Initiated UPLIFT, a single-arm registration strategy in platinum-resistant ovarian cancer with new sites starting up in the U.S., European Union and other countries. UPLIFT is enrolling patients with platinum-resistant ovarian cancer who have received up to four lines of therapy. Consistent with the bevacizumab label, patients previously treated with three or four lines of therapy may enroll without regard to prior bevacizumab treatment. There is no exclusion for patients with baseline peripheral neuropathy. Patients may enroll without regard to NaPi2b expression; however, the role of the biomarker will be evaluated. The primary endpoint will be the objective response rate (ORR) in the high NaPi2b population and the secondary endpoints will be the ORR regardless of NaPi2b expression, as well as duration of response and safety. The Company expects to enroll approximately 100 patients with high NaPi2b expression and up to 180 patients overall.



    • Ovarian cancer expansion cohort of Phase 1 UpRi study recently closed enrollment with close to 100 patients enrolled. The Company expects to provide an update on the ovarian cancer expansion cohort this year.



    • NSCLC adenocarcinoma cohort of the expansion portion of Phase 1 study continues to enroll patients. The Company is on track to enroll approximately 45 patients in the expansion phase of the study. The Company plans to disclose top-line data and determine next steps in this indication in the fourth quarter of 2021.

    XMT-1592, first Dolasynthen ADC targeting NaPi2b:

    • Phase 1 dose escalation study of XMT-1592 is ongoing with further exploration of dose and regimen. The Company has exceeded the maximum tolerated dose and continues to further explore dose and schedule. The Company plans to disclose top-line data and outline the development plan in NSCLC adenocarcinoma around the end of the year.

    XMT-1660, first-in-class Dolasynthen ADC targeting B7-H4:

    • Investigational New Drug (IND)-enabling studies of XMT-1660 ongoing with Phase 1 studies expected to start in early 2022. B7-H4 is expressed in high unmet need tumors such as breast, endometrial and ovarian. B7-H4 is expressed on both tumor cells and immunosuppressive tumor-associated macrophages (TAMs). This provides the potential for both a direct, cytotoxic antitumor effect as well as for additional payload delivery to the tumor microenvironment that can further contribute to immunogenic cell death, dendritic cell activation, and stimulation of an immune response consistent with the features of the Company's unique DolaLock payload.

    XMT-2056, first Immunosynthen STING-agonist ADC:

    • IND-enabling studies of XMT-2056 ongoing with Phase 1 studies expected to start in early 2022. The Company plans to disclose the target and share promising preclinical data for XMT-2056 at the upcoming virtual 2021 AACR-NCI-EORTC (Triple Meeting) Molecular Targets and Cancer Therapeutics conference in October 2021 as part of a plenary session on antibody-drug-conjugates.

    Upcoming Events

    • Mersana will participate in a fireside chat at the BTIG Virtual Biotechnology Conference scheduled for August 10, 2021.
    • Mersana will participate in a virtual panel presentation at the 2021 Wedbush PacGrow Healthcare Conference scheduled for August 11, 2021.

    Second Quarter 2021 Financial Results

    Cash and cash equivalents as of June 30, 2021, were $227.4 million, compared to $255.1 million in cash and cash equivalents as of December 31, 2020. Net cash used in operating activities in the second quarter of 2021 was $34.5 million.

    During the three months ended June 30, 2021, the Company sold approximately 2.3 million shares of common stock pursuant to an "at the market" equity offering program and received net proceeds of $33.3 million, at an average price of approximately $15 per share.

    In addition, the Company has the option to draw additional funds through its debt financing agreement with Silicon Valley Bank.

    The Company expects that its available funds will be sufficient to support its operating plan commitments for approximately two years.

    • Research and development expenses for the second quarter of 2021 were approximately $32.0 million, compared to $15.4 million for the same period in 2020. The difference was primarily due to an increase in UpRi manufacturing, clinical and regulatory expenses, an increase in manufacturing activities for preclinical and discovery stage programs, an increase in headcount and advancement of diagnostic development efforts for the NaPi2b biomarker. Non-cash stock-based compensation expense included in research and development expenses increased by $1.7 million, related to growth in headcount and an increase in the valuation of stock-based awards as a result of stock appreciation.
    • General and administrative expenses for the second quarter of 2021 were approximately $8.9 million, compared to $5.2 million during the same period in 2020 primarily due to an increase in headcount and consulting and professional fees. Non-cash stock-based compensation expense included in general and administrative expenses increased by $1.2 million, related to growth in headcount and an increase in the valuation of stock-based awards as a result of stock appreciation.
    • Net loss for the second quarter of 2021 was $40.9 million, or $0.59 per share, compared to net loss of $19.8 million, or $0.33 per share, for the same period in 2020. Weighted average common shares outstanding for the quarters ended June 30, 2021 and June 30, 2020 were 69,616,467 and 60,748,225, respectively.

    Conference Call Details

    Mersana Therapeutics will host a conference call today at 8:00 a.m. ET to report financial results for the second quarter 2021 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 3876353. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the "Investors and Media" section of our website at www.mersana.com.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical or preclinical studies and the release of data from those studies, the ability of the single-arm UPLIFT cohort to enable registration, the development and potential of our pipeline of innovative ADC candidates, expectations regarding future clinical trial results, including with respect to the timing of the commencement and future disclosures, and the sufficiency of the Company's cash on hand and funds available through its debt financing agreement with Silicon Valley Bank. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "designed to," "efforts," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "strategy," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that the results of our ongoing or future clinical studies may be inconclusive with respect to the efficacy of our product candidates, that we may not meet clinical endpoints with statistical significance or there may be safety concerns or adverse events associated with our product candidates, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Quarterly Report on Form 10-Q filed on May 10, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, the severity of additional strains of the virus, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Mersana Therapeutics, Inc.

    Selected Condensed Consolidated Balance Sheet Data

    (in thousands)

    (unaudited)

     June 30, 

    2021
     December 31,

    2020
        
    Cash and cash equivalents$227,388  $255,094  
    Working capital(1)192,960  228,577  
    Total assets253,685  273,399  
    Total stockholders' equity195,513  228,087  
        
    (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.

    Mersana Therapeutics, Inc.

    Condensed Consolidated Statement of Operations

    (in thousands, except share and per share data)

    (unaudited)

     Three months ended Six months ended
     June 30,

    2021
     June 30,

    2020
     June 30,

    2021
     June 30,

    2020
            
    Collaboration revenue$11  $796  $21  $807 
    Operating expenses:       
    Research and development31,955  15,413  59,370  27,632 
    General and administrative8,883  5,171  16,090  10,106 
    Total operating expenses40,838  20,584  75,460  37,738 
    Total other income (expense), net(86) 2  (167) 219 
    Net loss$(40,913) $(19,786) $(75,606) $(36,712)
    Net loss per share attributable to common stockholders — basic and diluted$(0.59) $(0.33) $(1.09) $(0.68)
    Weighted-average number of common shares used in net loss per share attributable to common stockholders — basic and diluted69,616,467  60,748,225  69,303,899  54,368,429 

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  11. CAMBRIDGE, Mass., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that the Company will participate in a virtual panel presentation at the 12th Annual Wedbush PacGrow Healthcare Conference on Wednesday, August 11th, 2021 at 2:20 p.m. ET.

    A live webcast of the panel will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the panel.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical…

    CAMBRIDGE, Mass., Aug. 04, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that the Company will participate in a virtual panel presentation at the 12th Annual Wedbush PacGrow Healthcare Conference on Wednesday, August 11th, 2021 at 2:20 p.m. ET.

    A live webcast of the panel will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the panel.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being evaluated in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

     



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  12. CAMBRIDGE, Mass., July 30, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Friday, August 6, 2021 at 8:00 a.m. ET to report financial results for the second quarter ended June 30, 2021 and provide business updates.  

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 3876353. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About

    CAMBRIDGE, Mass., July 30, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Friday, August 6, 2021 at 8:00 a.m. ET to report financial results for the second quarter ended June 30, 2021 and provide business updates.  

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 3876353. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy, in patients with platinum-resistant ovarian cancer as well as in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  13. CAMBRIDGE, Mass., July 28, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the initiation of patient dosing in UPGRADE, a Phase 1 combination dose escalation umbrella study to evaluate the safety and efficacy of upifitamab rilsodotin (UpRi, previously XMT-1536) in combination with other ovarian cancer therapies. The initial arm of this umbrella study is evaluating carboplatin in combination with UpRi followed by continuation of UpRi monotherapy in patients with platinum-sensitive ovarian cancer.

    "The initiation of UPGRADE is…

    CAMBRIDGE, Mass., July 28, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the initiation of patient dosing in UPGRADE, a Phase 1 combination dose escalation umbrella study to evaluate the safety and efficacy of upifitamab rilsodotin (UpRi, previously XMT-1536) in combination with other ovarian cancer therapies. The initial arm of this umbrella study is evaluating carboplatin in combination with UpRi followed by continuation of UpRi monotherapy in patients with platinum-sensitive ovarian cancer.

    "The initiation of UPGRADE is another important milestone for Mersana as we work to build UpRi into a foundational medicine in the treatment of ovarian cancer," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "To date, UpRi data has demonstrated clinically meaningful activity and a differentiated tolerability profile without severe neutropenia, peripheral neuropathy or ocular toxicity in patients with heavily pretreated platinum-resistant ovarian cancer. The initiation of the UPGRADE umbrella study is a critical first step in evaluating the potential of UpRi in earlier lines of therapy."

    The UPGRADE Phase 1, open-label, dose-escalation portion of the study will determine the maximum tolerated dose (MTD) and safety and tolerability of a once-every-four-week (Q4W) administration of UpRi in combination with carboplatin for six cycles followed by continuation of UpRi monotherapy in patients with platinum-sensitive high-grade serous ovarian cancer following 1-2 prior platinum-based regimens. Patients will not be preselected for NaPi2b expression; however, archival or fresh tissue will be required for retrospective assessment of expression. Upon completion of the dose-escalation portion of the study, the Company plans to initiate the expansion portion to assess both tolerability and efficacy and inform the further development of UpRi in a broader and earlier-line patient population.

    "We are excited to initiate UPGRADE and are beginning with a platinum combination because platinum remains the mainstay therapy in earlier-line platinum-sensitive ovarian cancer. UPGRADE is intended to allow us to assess the advantages of combining with carboplatin for six cycles and replacing paclitaxel, an agent that carries significant toxicities. We will also evaluate the benefit of continuing treatment with UpRi as a single agent beyond the six cycles of combination therapy," said Arvin Yang, M.D., Ph.D., Senior Vice President and Chief Medical Officer of Mersana Therapeutics. "In the future, we plan to evaluate non-platinum-based combinations in this umbrella study to assess the potential of bringing UpRi to patients who do not benefit from platinum. We believe UpRi's differentiated tolerability profile without the overlapping toxicities commonly seen with other ADC platforms may provide a significant advantage as a combination therapy for people living with ovarian cancer."

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy, the design, progression and timing of its clinical trials, and the development and potential of our pipeline of innovative ADC candidates. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "designed to," "efforts," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "strategy," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that the results of our ongoing or future clinical studies may be inconclusive with respect to the efficacy of our product candidates, that we may not meet clinical endpoints with statistical significance or there may be safety concerns or adverse events associated with our product candidates, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-Q filed on May 10, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  14. CAMBRIDGE, Mass., May 26, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present at the Jefferies Virtual Healthcare Conference on Wednesday, June 2, 2021 at 11:00 a.m. ET.   

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop…

    CAMBRIDGE, Mass., May 26, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present at the Jefferies Virtual Healthcare Conference on Wednesday, June 2, 2021 at 11:00 a.m. ET.   

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577



    Primary Logo

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  15. - Initiated UPLIFT single-arm registration strategy for evaluation of UpRi in platinum-resistant ovarian cancer

    - Ended first quarter of 2021 with $228 million in cash

    CAMBRIDGE, Mass., May 10, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results for the first quarter ended March 31, 2021 and provided a business update.

    "The recent initiation of UPLIFT, a single-arm registrational strategy evaluating UpRi in platinum-resistant ovarian cancer, speaks to the team's commitment to achieving key milestones and dedication…

    - Initiated UPLIFT single-arm registration strategy for evaluation of UpRi in platinum-resistant ovarian cancer



    - Ended first quarter of 2021 with $228 million in cash

    CAMBRIDGE, Mass., May 10, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results for the first quarter ended March 31, 2021 and provided a business update.

    "The recent initiation of UPLIFT, a single-arm registrational strategy evaluating UpRi in platinum-resistant ovarian cancer, speaks to the team's commitment to achieving key milestones and dedication to developing therapies for people living with cancer. We believe UpRi has demonstrated promising activity and a differentiated tolerability profile in studies to date in patients with heavily-pretreated ovarian cancer and limited options. UPLIFT has been designed to increase the potential for label differentiation, speed to market, and the probability of success. We also remain on track to initiate the UPGRADE umbrella combination study in the third quarter of 2021 as a first step in bringing UpRi to patients in earlier lines of therapy and establishing UpRi as a foundational medicine in ovarian cancer," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "We are excited to continue this productive year by building out our maturing pipeline of innovative ADC candidates with the potential to address unmet medical needs across multiple different tumor types."

    Recent Highlights and Anticipated Milestones

    Upifitamab Rilsodotin (UpRi, previously XMT-1536), first-in-class Dolaflexin ADC targeting NaPi2b:

    • Initiated UPLIFT, a single-arm registration strategy in platinum-resistant ovarian cancer. In April 2021, the Company announced the initiation of patient dosing in UPLIFT, a single-arm registration strategy evaluating the safety and efficacy of UpRi in patients with platinum-resistant ovarian cancer who have received up to four lines of therapy. Consistent with the bevacizumab label, patients previously treated with three or four lines of therapy may enroll without regard to prior bevacizumab treatment. There is no exclusion for patients with baseline peripheral neuropathy. Patients may enroll without regard to NaPi2b expression; however, the role of the biomarker will be evaluated. The primary endpoint will be the objective response rate (ORR) in the high NaPi2b population and the secondary endpoints will be the ORR regardless of NaPi2b expression, as well as duration of response and safety. UPLIFT is an amendment to the ongoing multinational, multi-center, open label study protocol, and the Company expects to enroll approximately 100 patients with high NaPi2b expression and up to 180 patients overall.



    • In April 2021, the Company announced its plans to use Tumor Proportion Score (TPS) greater than or equal to 75% as the predefined threshold for high NaPi2b expression in UPLIFT.   In the ovarian cancer expansion study data presented to date, TPS ≥ 75% resulted in an objective response rate (ORR) of 39% in high NaPi2b patients relative to an ORR of 28% in the overall population. As part of its diagnostic development plan, the Company evaluated TPS methodology in the expansion portion of the Phase 1 study in ovarian cancer and demonstrated that TPS captures a broad dynamic range of expression values, enriches for response, and offers reproducibility advantages across commercial labs. The Company also disclosed the steps it has taken to develop a robust, predictive and reproducible commercial diagnostic assay which will be used in a prospectively defined retrospective analysis in UPLIFT.



    • UPGRADE combination dose escalation umbrella study in ovarian cancer expected to initiate in the third quarter of 2021. The Company plans to initiate the UPGRADE study in the third quarter of 2021 to evaluate the combination of UpRi with other agents, starting with a platinum combination. The Phase 1, open-label, dose-escalation portion of the study will determine the maximum tolerated dose (MTD) and safety and tolerability of a once-every-four-week (Q4W) administration of UpRi in combination with Q4W administration of carboplatin for six cycles followed by UpRi monotherapy in platinum-sensitive patients with high-grade serous ovarian cancer who have received 1-2 prior platinum-based regimens. Patients will not be preselected for NaPi2b expression; however, archival or fresh tissue will be required for retrospective assessment of expression. Upon completion of the dose-escalation portion of the study, the Company plans to initiate the expansion portion in combination with carboplatin for six cycles followed by UpRi monotherapy to assess feasibility as well as efficacy to inform next steps in this broader and less heavily-pretreated patient population.



    • NSCLC adenocarcinoma cohort of the expansion portion of Phase 1 study continues to enroll patients. The Company is on track to recruit approximately 40 patients in the expansion phase of the study. The Company plans to report interim data in the second half of 2021.

    XMT-1592, first Dolasynthen ADC targeting NaPi2b:

    • Phase 1 dose escalation study of XMT-1592 is ongoing, with interim data anticipated in the second half of 2021. The Company has exceeded the maximum tolerated dose and continues to further explore dose and schedule. The Company plans to disclose interim data in the second half of 2021 and further outline the XMT-1592 development plan in NSCLC in the fourth quarter of 2021.

    XMT-1660, first-in-class Dolasynthen ADC targeting B7-H4:

    • Investigational New Drug (IND)-enabling studies of XMT-1660 ongoing with Phase 1 studies expected to start in early 2022. B7-H4 is expressed in high unmet need tumors such as breast, endometrial and ovarian. B7-H4 is expressed on both tumor cells and immunosuppressive tumor-associated macrophages (TAMs). This provides the potential for both a direct, cytotoxic antitumor effect as well as for additional payload delivery to the tumor microenvironment that can further contribute to immunogenic cell death, dendritic cell activation, and stimulation of an immune response consistent with the features of the Company's unique DolaLock payload. In a poster presented at the Virtual 2021 American Association for Cancer Research (AACR) Annual Meeting in April, the Company presented preclinical data demonstrating XMT-1660's superior efficacy compared to other potential candidate B7-H4 ADCs, covering a range of drug-to-antibody ratios, in multiple triple-negative breast cancer models as well as a ER+/HER2- breast cancer model. These data further support the clinical development of XMT-1660 for the treatment of B7-H4-expressing tumors.

    XMT-2056, first Immunosynthen STING-agonist ADC:

    • IND-enabling studies of XMT-2056 ongoing with Phase 1 studies expected to start in early 2022. In April 2021, the Company presented two posters at AACR highlighting preclinical efficacy of XMT-2056 as well as mechanistic data representative of the Immunosynthen platform. These data demonstrated the differentiation of XMT-2056 and its ability to induce robust anti-tumor immune activity, with only minimal increases in systemic cytokine levels, and a significant benefit over the benchmark IV-administered free STING-agonist in mice. Preclinical mechanistic data suggests that the tumor cell-intrinsic STING pathway can be activated in the presence of cues from immune cells, a potential key differentiator from other innate immune activation approaches. Further, in vitro studies showed that blocking Type III interferons (IFNs) inhibits the production of key cytokines and cancer cell killing induced by STING-agonist ADC treatment, pointing to a potentially important role for Type III IFNs in anti-tumor immune responses downstream of STING pathway activation in tumor cells. The Company plans to disclose the target for the XMT-2056 in the fourth quarter of 2021.

    Corporate

    • Appointed Alejandra Carvajal as Senior Vice President and Chief Legal Officer. Ms. Carvajal was most recently the Chief Legal Officer, General Counsel & Secretary at Momenta Pharmaceuticals, where she led the company's legal operations through both business restructuring and successful execution of an acquisition by Johnson & Johnson for $6.5 billion. She also served as a key strategic legal partner in the company's financing, business development, and contractual decision-making efforts. Prior to joining Momenta, Ms. Carvajal served as the Vice President, General Counsel at Cerulean Pharma. Previously, she worked at Millennium Pharmaceuticals in several positions of increasing seniority.



    • Appointed Allene Diaz to Board of Directors. Ms. Diaz has over thirty years of experience in the pharmaceutical industry most recently serving as Senior Vice President of R&D portfolio management and decision sciences at GlaxoSmithKline. She previously held senior strategic product planning and commercial roles at Tesaro and Merck KGaA. She has contributed to the development, launch and commercialization of multiple global cancer therapies. Ms. Diaz is currently on the board of both BCLS Acquisition Corporation and Allena Pharmaceuticals, having previously served as a non-executive director at Erytech for three years before her current board positions.

    Upcoming Events

    • Mersana will participate in a virtual presentation at the Jefferies Healthcare Conference scheduled for June 1-4, 2021.
    • A Trial in Progress poster detailing the design of the UPLIFT single-arm registration strategy evaluating UpRi in platinum resistant ovarian cancer will be presented at the American Society of Clinical Oncology (ASCO) Virtual Annual Meeting scheduled for June 4-8, 2021.

    First Quarter 2021 Financial Results

    Cash and cash equivalents as of March 31, 2021, were $228.4 million, compared to $255.1 million in cash and cash equivalents as of December 31, 2020. In addition, the Company has the option to draw additional funds through its debt financing agreement with Silicon Valley Bank.

    Net cash used in operating activities in the first quarter of 2021 was $27.0 million. The Company expects that its available funds will be sufficient to support its operating plan commitments for approximately two years.

    • Research and development expenses for the first quarter of 2021 were approximately $27.4 million, compared to $12.2 million for the same period in 2020. The difference was primarily due to an increase in UpRi and XMT-1592 manufacturing, clinical and regulatory expenses, an increase in manufacturing activities for preclinical and discovery stage programs and an increase in headcount. Non-cash stock-based compensation expense included in research and development expenses increased by $1.5 million, primarily related to an increase in the valuation of stock-based awards as a result of stock appreciation.
    • General and administrative expenses for the first quarter of 2021 were approximately $7.2 million, compared to $4.9 million during the same period in 2020 primarily due to an increase in headcount and consulting and professional fees. Non-cash stock-based compensation expense included in general and administrative expenses increased by $0.9 million, primarily related to an increase in the valuation of stock-based awards as a result of stock appreciation.
    • Net loss for the first quarter of 2021 was $34.7 million, or $0.50 per share, compared to net loss of $16.9 million, or $0.35 per share, for the same period in 2020. Weighted average common shares outstanding for the quarters ended March 31, 2021 and March 31, 2020 were 68,987,857 and 47,988,630, respectively.

    Conference Call Details

    Mersana Therapeutics will host a conference call and webcast today at 4:30 p.m. ET to report financial results for the first quarter 2021 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 5046849. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials and the release of data from those trials, the ability of the single-arm UPLIFT cohort to enable registration, the development and potential of our pipeline of innovative ADC candidates, expectations regarding future clinical trial results, including with respect to the timing of the commencement and future disclosures, and the sufficiency of the Company's cash on hand and funds available through its debt financing agreement with Silicon Valley Bank. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "designed to," "efforts," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "strategy," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that the results of our ongoing or future clinical studies may be inconclusive with respect to the efficacy of our product candidates, that we may not meet clinical endpoints with statistical significance or there may be safety concerns or adverse events associated with our product candidates, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Mersana Therapeutics, Inc.

    Selected Condensed Consolidated Balance Sheet Data

    (in thousands)

    (unaudited)

     March 31, 

    2021
     December 31,

    2020
        
    Cash and cash equivalents$228,430  $255,094  
    Working capital(1)197,033  228,577  
    Total assets247,911  273,399  
    Total stockholders' equity197,938  228,087  
        
    (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.

    Mersana Therapeutics, Inc.

    Condensed Consolidated Statement of Operations

    (in thousands, except share and per share data)

    (unaudited)

     Three months ended
     March 31,

    2021
     March 31,

    2020
        
    Collaboration revenue$11   $11  
    Operating expenses:   
    Research and development27,415   12,219  
    General and administrative7,208   4,936  
    Total operating expenses34,623   17,155  
    Total other income (expense), net(81) 218  
    Net loss$(34,693) $(16,926)
    Net loss per share attributable to common stockholders — basic and diluted$(0.50) $(0.35)
    Weighted-average number of common shares used in net loss per share attributable to common stockholders — basic and diluted68,987,857   47,988,630  
          

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  16. CAMBRIDGE, Mass., May 03, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Monday, May 10, 2021 at 4:30 p.m. ET to report financial results for the first quarter ended March 31, 2021 and provide business updates.  

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 5046849. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About

    CAMBRIDGE, Mass., May 03, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Monday, May 10, 2021 at 4:30 p.m. ET to report financial results for the first quarter ended March 31, 2021 and provide business updates.  

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 5046849. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy, in patients with platinum-resistant ovarian cancer as well as in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



    Primary Logo

    View Full Article Hide Full Article
  17. CAMBRIDGE, Mass., April 28, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Legal Officer, Alejandra Carvajal. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Ms. Carvajal as an inducement material to Ms. Carvajal entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides…

    CAMBRIDGE, Mass., April 28, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Legal Officer, Alejandra Carvajal. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Ms. Carvajal as an inducement material to Ms. Carvajal entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides for the purchase of up to 112,500 shares of Mersana Therapeutics common stock, at a price of $16.98 per share, the closing price per share of Mersana Therapeutics common stock on the date of grant, and vests over four years, with 25% of the shares vesting on the first anniversary of the Ms. Carvajal's employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Ms. Carvajal's continued employment with Mersana Therapeutics through such applicable vesting dates.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy, in patients with platinum-resistant ovarian cancer as well as the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



    Primary Logo

    View Full Article Hide Full Article
  18. CAMBRIDGE, Mass., April 26, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Alejandra Carvajal as Senior Vice President and Chief Legal Officer.

    "With our UPLIFT strategy now underway for UpRi and our growing pipeline of product candidates derived from our innovative ADC platforms, we are thrilled to have Alejandra join the team at this time of immense growth," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "Alejandra's twenty-year legal leadership experience, demonstrated…

    CAMBRIDGE, Mass., April 26, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Alejandra Carvajal as Senior Vice President and Chief Legal Officer.

    "With our UPLIFT strategy now underway for UpRi and our growing pipeline of product candidates derived from our innovative ADC platforms, we are thrilled to have Alejandra join the team at this time of immense growth," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "Alejandra's twenty-year legal leadership experience, demonstrated ability to work cross-functionally and sound business judgement will be an invaluable asset to our organization."



    Ms. Carvajal was most recently the Chief Legal Officer, General Counsel & Secretary at Momenta Pharmaceuticals, where she led the company's legal operations through both business restructuring and the successful acquisition by Johnson & Johnson for $6.5 billion. She also served as a key strategic legal partner in the Company's financing, business development and contractual decision-making efforts. Prior to joining Momenta, Ms. Carvajal served as the Vice President, General Counsel at Cerulean Pharma. Previously, Ms. Carvajal worked at Millennium Pharmaceuticals in several positions of increasing seniority, where she was the legal business partner to Millennium's R&D, business development, manufacturing and commercial functions. Ms. Carvajal also held positions earlier in her career at law firms Day, Berry & Howard LLP and Hill & Barlow. She received her Juris Doctorate with honors from the Georgetown University Law Center and holds a bachelor's degree with honors from Harvard University. She is a member of the Commonwealth of Massachusetts Bar.



    "I am excited to join such a dynamic team and am eager to help Mersana deliver on the potential of its novel and groundbreaking pipeline to help patients triumph over cancer," said Ms. Carvajal.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy, in patients with platinum-resistant ovarian cancer as well as the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

      



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  19. CAMBRIDGE, Mass., April 10, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today presented preclinical data from XMT-1660, a B7-H4-targeted Dolasynthen antibody-drug conjugate (ADC), and XMT-2056, an Immunosynthen-based STING-agonist ADC at the Virtual 2021 American Association for Cancer Research Annual Meeting being held from April 10-15th.   

    "The ability of Immunosynthen-based ADCs to activate the innate immune system via STING in tumor cells in addition to tumor-resident immune cells in a targeted manner could offer a significant therapeutic…

    CAMBRIDGE, Mass., April 10, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today presented preclinical data from XMT-1660, a B7-H4-targeted Dolasynthen antibody-drug conjugate (ADC), and XMT-2056, an Immunosynthen-based STING-agonist ADC at the Virtual 2021 American Association for Cancer Research Annual Meeting being held from April 10-15th.   

    "The ability of Immunosynthen-based ADCs to activate the innate immune system via STING in tumor cells in addition to tumor-resident immune cells in a targeted manner could offer a significant therapeutic advantage over ADCs that modulate other immune activating pathways. These data demonstrate that XMT-2056 is highly differentiated from other innate immune activating approaches and has the anti-tumor activity and tolerability to support continued development of this novel STING-agonist ADC candidate," said Timothy B. Lowinger, Ph.D., Chief Science and Technology Officer of Mersana Therapeutics. "Additionally, we presented data showing that XMT-1660 outperformed other B7-H4 ADCs in vivo. The inversely correlated expression of B7-H4 and PD-L1 in breast tumors suggests an opportunity for a B7-H4 Dolasynthen ADC to address patients poorly served by checkpoint inhibitors. We expect to complete IND-enabling studies and advance both XMT-1660 and XMT-2056 into the clinic in early 2022."

    "These encouraging data for both the Dolasynthen and Immunosynthen platforms demonstrate the scientific prowess of the Mersana research team and our commitment to discover and develop life-changing antibody-drug conjugates for patients fighting cancer," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics.

    Details of the posters are as follows:

    Poster Title: XMT-1660, a B7-H4-targeted Dolasynthen antibody-drug conjugate for the treatment of breast cancer

    Poster Number: 907

    Session Category: Experimental and Molecular Therapeutics

    Session Title: Antibody Technologies

    These data show that B7-H4 is a promising target for a Dolasynthen ADC due to its expression and function. B7-H4 is expressed across multiple different tumor types with high unmet medical need, including breast, endometrial and ovarian. XMT-1660 demonstrated robust in vivo activity against multiple triple-negative breast cancer models, as well as an ER+/HER2- breast cancer model, all of which express B7-H4.

    • In the MX-1 triple-negative breast model, XMT-1660 showed complete, durable regressions of tumors at a DolaLock payload dose of 0.15 mg/kg. In contrast, the DAR-2 and DAR-12 ADCs required twice the payload dose for comparable efficacy. XMT-1660 also showed superior efficacy at matched payload doses in the TNBC patient-derived xenograft model HBCx-24, and in the ER+/HER2- breast cancer PDX model HBCx-19 versus comparators.
    • Pharmacokinetics of XMT-1660 as well as the Dolasynthen DAR-2 and Dolaflexin DAR-12 comparator ADCs were evaluated in tumor-bearing mice and all were shown to be highly stable in vivo. Pharmacokinetics and tolerability of XMT-1660 and the Dolasynthen DAR-2 ADC were evaluated in non-human primates at equivalent payload doses. The PK and tolerability profiles were comparable and both ADCs exhibited high stability. These results, together with the superior efficacy of XMT-1660, support the selection of XMT-1660 for further development and for clinical study for the treatment of B7-H4-expressing tumors, such as breast, endometrial and ovarian.

    Poster Title: XMT-2056, a well-tolerated, Immunosynthen-based STING-agonist antibody-drug conjugate which induces anti-tumor immune activity

    Poster Number: 1738

    Session Category: Immunology

    Session Title: Immunomodulatory Agents and Interventions

    These data suggest that XMT-2056, an Immunosynthen STING-agonist ADC, can overcome the limitations of the current therapeutic approaches, enabling tumor-targeted delivery of a STING agonist with improved efficacy and tolerability over a free IV STING agonist. Anti-tumor activity of Immunosynthen STING-agonist ADCs involves targeted activation of the STING pathway in both tumor-resident immune cells and tumor cells, delivering a one-two punch with the potential to increase the therapeutic index.

    • In vitro studies show that XMT-2056 has potent STING activity with >100-fold improvement in activity in comparison to the free STING-agonist payload.
    • XMT-2056 shows excellent in vivo efficacy even after a single IV dose, while having minimal effect on systemic cytokines. A single, low dose administration of XMT-2056 led to sustained tumor regressions in mice in comparison to the IV STING agonist which showed modest activity even at a dose approximately 100 times higher than that of the ADC. In contrast, when comparing the effect on systemic cytokine levels, the IV STING agonist had significantly higher levels compared to the STING-agonist ADC, which supports the hypothesis that a STING-agonist ADC can target STING activation to the tumor microenvironment, leading to improved anti-tumor activity and a significantly greater therapeutic index.
    • In vitro and in vivo studies demonstrate that STING agonist ADCs are able to activate the STING pathway in both tumor-resident immune cells and tumor cells, offering a potential advantage over other innate immune activating pathways.
    • To evaluate the safety profile, XMT-2056 was administered intravenously to non-human primates (NHP) in single and repeat-dose studies at multiple dose levels. XMT-2056 shows favorable pharmacokinetics in NHPs and is well tolerated at a dose level >10-fold higher than required for sustained tumor regression in mice models. Together these data support the clinical development of XMT-2056.

    Poster Title: Tumor cell-intrinsic STING pathway activation leads to robust induction of Type III Interferons and contributes to the anti-tumor activity elicited by STING agonism

    Poster Number: 1773

    Session Category: Immunology

    Session Title: Innate Immunity to Tumors

    STING pathway agonism induces anti-tumor immunity by upregulating a Type I interferon response within the tumor microenvironment. While systemically or intra-tumorally administered free STING agonists are currently being evaluated in the clinic, these data suggest that a STING-agonist ADC, in which the STING agonist is conjugated to an antibody directed to a tumor antigen, can overcome the limitations of the current therapeutic approaches.

    • In vitro studies show that while most cancer cell lines do not respond to STING agonism in standard monoculture conditions, Immunosynthen STING-agonist ADCs do activate STING in the same cancer cells in the presence of immune cell-conditioned media, suggesting that the tumor cell-intrinsic STING pathway can be activated in the presence of cues from immune cells.
    • Nanostring analysis of human tumor xenografts reveal tumor cell specific induction of type III interferons (IFNs) by tumor cell-targeting Immunosynthen STING-agonist ADCs. In vitro studies confirmed the Type III interferon induction at the mRNA and cytokine level. Type III interferon production was markedly reduced in STING knock out cancer cell and immune cell co-cultures, suggesting that the tumor intrinsic STING activation is required for a robust Type III interferon induction in response to STING agonism. In addition, these data show that blocking Type III IFNs with neutralizing antibodies in cancer cell:immune cell co-cultures inhibits the production of key cytokines and cancer cell killing induced by STING-agonist ADC treatment, pointing to a potentially important role for Type III IFNs in anti-tumor immune responses downstream of STING pathway activation in tumor cells.
    • Together these data demonstrate that tumor cell intrinsic STING activation leads to a robust type III interferon induction, which contributes to the anti-tumor activity of tumor cell-targeted STING-agonist ADCs. This study supports the further development of Immunosynthen STING-agonist ADC candidates.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy, in patients with platinum-resistant ovarian cancer as well as the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  20. CAMBRIDGE, Mass., April 09, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced plans to host a conference call and webcast on Friday, April 16, 2021 at 8:00 a.m. ET to discuss the selection of the NaPi2b biomarker cutoff and the commercial diagnostic development path for the ongoing UPLIFT registration strategy in platinum-resistant ovarian cancer. The presentation will review the Company's plan to deliver a robust, predictive and reproducible commercial diagnostic assay.

    To access the call, please dial 877-303-9226 (domestic…

    CAMBRIDGE, Mass., April 09, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced plans to host a conference call and webcast on Friday, April 16, 2021 at 8:00 a.m. ET to discuss the selection of the NaPi2b biomarker cutoff and the commercial diagnostic development path for the ongoing UPLIFT registration strategy in platinum-resistant ovarian cancer. The presentation will review the Company's plan to deliver a robust, predictive and reproducible commercial diagnostic assay.

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 4598737. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy, in patients with platinum-resistant ovarian cancer as well as the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "designed to," "efforts," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "strategy," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  21. CAMBRIDGE, Mass., April 09, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the initiation of patient dosing in UPLIFT, a single-arm registration strategy to evaluate the safety and efficacy of upifitamab rilsodotin (UpRi, XMT-1536) in patients with platinum-resistant ovarian cancer who have received up to four lines of therapy.

    "UpRi has demonstrated clinically meaningful activity, a biomarker-response relationship and a differentiated tolerability profile without severe neutropenia, peripheral neuropathy or ocular toxicity…

    CAMBRIDGE, Mass., April 09, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the initiation of patient dosing in UPLIFT, a single-arm registration strategy to evaluate the safety and efficacy of upifitamab rilsodotin (UpRi, XMT-1536) in patients with platinum-resistant ovarian cancer who have received up to four lines of therapy.

    "UpRi has demonstrated clinically meaningful activity, a biomarker-response relationship and a differentiated tolerability profile without severe neutropenia, peripheral neuropathy or ocular toxicity in heavily pretreated ovarian cancer patients who have limited options and poor prognosis. The UPLIFT strategy is critical to bringing this promising agent to patients waiting for new therapies," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics.

    UPLIFT will evaluate the safety and efficacy of UpRi in patients with platinum-resistant ovarian cancer who have received up to four lines of therapy. Consistent with the bevacizumab label, patients previously treated with three or four lines of therapy may enroll without regard to prior bevacizumab treatment. There is no exclusion for patients with baseline peripheral neuropathy. Patients may enroll without regard to NaPi2b expression; however, the role of the biomarker will be evaluated. The primary endpoint will be the objective response rate (ORR) in the high NaPi2b population and the secondary endpoints will be the ORR regardless of NaPi2b expression, as well as duration of response and safety.

    "We believe this study design, which is an amendment to the ongoing Phase 1 expansion study, allows for significant operational efficiencies and leverages our current momentum in patient enrollment. The study design also allows us the opportunity to fully evaluate the role of the biomarker with endpoints in both the high NaPi2b and overall populations. We are excited to open this cohort to this heavily pretreated patient population with few options," said Arvin Yang, M.D., Ph.D., Senior Vice President and Chief Medical Officer of Mersana Therapeutics.

    The single-arm registration strategy is an amendment to the ongoing multinational, multi-center, open label study protocol, and the Company expects to enroll approximately 100 patients with high NaPi2b expression and up to 180 patients overall.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy, in patients with platinum-resistant ovarian cancer as well as the expansion portion of a Phase 1 proof-of-concept clinical study in patients with NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "designed to," "efforts," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "strategy," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  22. CAMBRIDGE, Mass., March 15, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the publication of two manuscripts in Molecular Cancer Therapeutics, a journal of the American Association for Cancer Research (AACR). The manuscripts describe the preclinical development of the Dolaflexin ADC platform and XMT-1536, now called upifitamab rilsodotin (UpRi), Mersana's first-in-class NaPi2b-targeted ADC developed using this platform.

    The first of these articles, "Dolaflexin: A Novel Antibody-Drug Conjugate Platform Featuring High Drug Loading…

    CAMBRIDGE, Mass., March 15, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the publication of two manuscripts in Molecular Cancer Therapeutics, a journal of the American Association for Cancer Research (AACR). The manuscripts describe the preclinical development of the Dolaflexin ADC platform and XMT-1536, now called upifitamab rilsodotin (UpRi), Mersana's first-in-class NaPi2b-targeted ADC developed using this platform.

    The first of these articles, "Dolaflexin: A Novel Antibody-Drug Conjugate Platform Featuring High Drug Loading and a Controlled Bystander Effect," provides detailed characterization of Dolaflexin, the Company's novel ADC technology which is designed to overcome limitations of the most common ADC platforms with two key features: a higher drug-antibody ratio and a proprietary auristatin with a controlled bystander effect. The proprietary, cell permeable DolaLock payload auristatin F-hydroxypropylamide (AF-HPA) undergoes metabolic conversion to the highly potent but less cell-permeable auristatin F (AF) to balance the bystander effect through drug trapping within target cells and is designed to improve efficacy while avoiding the severe neutropenia, peripheral neuropathy and ocular toxicities commonly observed with other anti-tubulin ADC payloads.

    The second article, "The Dolaflexin-based antibody-drug conjugate XMT-1536 targets the solid tumor lineage antigen SLC34A2/NaPi2b," describes pre-clinical discovery and characterization of UpRi, Mersana's lead clinical-stage Dolaflexin ADC. NaPi2b is a sodium phosphate transporter expressed in a variety of human tumors. The broad expression of NaPi2b in epithelial ovarian cancer and lung adenocarcinoma is described, as is UpRi's ability to selectively target human NaPi2b. In vivo data in preclinical models revealed target expression-dependent activity in a series of NSCLC adenocarcinoma patient derived xenografts (PDX) as well as profound activity in a panel of ovarian adenocarcinoma PDXs. Pharmacokinetic analyses showed approximately dose-proportional exposure across animal species as well as high serum stability of the conjugate, and systemic free AF-HPA and AF concentrations remaining low in all animal species.

    "These studies demonstrate the differentiated design and advantages of the Dolaflexin platform in preclinical studies and its potential for creating a new and improved class of ADCs," said Timothy Lowinger, Ph.D., Chief Science and Technology Officer of Mersana Therapeutics. "In addition, the extensive preclinical data with UpRi, created by conjugating a NaPi2b-targeting antibody with Dolaflexin, gave us the confidence to proceed into the clinic. UpRi has since exhibited promising activity and a favorable tolerability profile in ongoing proof-of-concept studies in heavily pre-treated ovarian cancer patients with significant unmet medical need. We are very proud of the dedication and commitment of our team who have worked tirelessly to bring Dolaflexin and UpRi forward."

    UpRi is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. Mersana intends to initiate a single-arm registration enabling strategy in platinum resistant ovarian cancer (UPLIFT) in the first quarter of 2021 as well as an umbrella combination study in earlier lines of therapy (UPGRADE) in the third quarter of 2021. More information on the ongoing clinical study can be found at clinicaltrials.gov (NCT03319628).

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  23. CAMBRIDGE, Mass., March 11, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Allene Diaz to its board of directors.

    "Allene's breadth of knowledge in strategic product planning, portfolio management and commercialization of cancer therapeutics will be invaluable to Mersana as we focus on building UpRi as a foundational therapy for the treatment of ovarian cancer and building out our maturing pipeline of ADC candidates. With our growing portfolio of product candidates, the strategic choices we make to create…

    CAMBRIDGE, Mass., March 11, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Allene Diaz to its board of directors.

    "Allene's breadth of knowledge in strategic product planning, portfolio management and commercialization of cancer therapeutics will be invaluable to Mersana as we focus on building UpRi as a foundational therapy for the treatment of ovarian cancer and building out our maturing pipeline of ADC candidates. With our growing portfolio of product candidates, the strategic choices we make to create differentiated product labeling and positioning are critical to our vision of discovering and developing life-changing ADC therapies for patients fighting cancer. We are excited to benefit from Allene's experience in bringing transformational agents to patients waiting for new options," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics.

    Ms. Diaz has over thirty years of experience in the pharmaceutical industry most recently serving as Senior Vice President of R&D portfolio management and decision sciences at GlaxoSmithKline. She previously held senior strategic product planning and commercial roles at Tesaro and Merck KGaA. She has contributed to the development, launch and commercialization of multiple global cancer therapies. Earlier in her career she held roles of increasing responsibility at Amylin, Cancervax Corporation, Biogen, Pfizer and Parke-Davis Pharmaceuticals. Ms. Diaz is currently on the board of both BCLS Acquisition Corporation and Allena Pharmaceuticals, having previously served as a non-executive director at Erytech for three years before her current board positions. She holds a B.S. from Florida State University.

    "I am drawn to Mersana's novel and groundbreaking approach to treating patients with cancer. In particular, their lead candidate UpRi has demonstrated significant anti-tumor activity in heavily pre-treated patients with platinum-resistant ovarian cancer, many of whom have failed bevacizumab and PARP inhibitors," said Ms. Diaz. "I am excited to join the board at this important juncture and to work with the Company to advance its pipeline of product candidates derived from its innovative ADC platforms."

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  24. CAMBRIDGE, Mass., March 10, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present data in three poster sessions at the upcoming Virtual 2021 American Association for Cancer Research Annual Meeting being held from April 9-14, 2021.

    Details of the poster displays are as follows:

    Poster Title: XMT-1660, a B7-H4-targeted Dolasynthen antibody-drug conjugate for the treatment of breast cancer
    Abstract Number: 907
    Abstract Summary: These data indicate that XMT-1660, a DAR 6 Dolasynthen ADC, exhibited a superior preclinical…

    CAMBRIDGE, Mass., March 10, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present data in three poster sessions at the upcoming Virtual 2021 American Association for Cancer Research Annual Meeting being held from April 9-14, 2021.

    Details of the poster displays are as follows:

    Poster Title: XMT-1660, a B7-H4-targeted Dolasynthen antibody-drug conjugate for the treatment of breast cancer

    Abstract Number: 907

    Abstract Summary: These data indicate that XMT-1660, a DAR 6 Dolasynthen ADC, exhibited a superior preclinical profile relative to DAR 2 and DAR 12 ADCs and thus support the clinical development of XMT-1660 for the treatment of B7-H4-expressing tumors such as breast cancer and other cancers. These results demonstrate the importance of DAR-ranging studies to identify the optimal ADC for a given target.

    Date: April 10, 2021

    Session Category: Experimental and Molecular Therapeutics

    Session Title: Antibody Technologies

    Poster Title: XMT-2056, a well-tolerated, Immunosynthen-based STING-agonist antibody-drug conjugate which induces anti-tumor immune activity

    Abstract Number: 1738

    Abstract Summary: These data demonstrate that XMT-2056 induced robust anti-tumor immune activity, with only minimal increases in systemic cytokine levels, and exhibited significant benefit over the benchmark IV administered free STING-agonist in mice. Additional studies demonstrate that Immunosynthen ADCs activate the STING pathway in both tumor-resident immune cells and tumor cells, offering a potential advantage over ADCs that modulate other innate immune activating pathways. XMT-2056 was well-tolerated in non-human primates at significantly higher exposure levels than those required for anti-tumor activity in mice and exhibited favorable pharmacokinetics after repeat doses. Together these data support the clinical development of XMT-2056.

    Date: April 10, 2021

    Session Category: Immunology

    Session Title: Immunomodulatory Agents and Interventions

    Poster Title: Tumor cell-intrinsic STING pathway activation leads to robust induction of Type III Interferons and contributes to the anti-tumor activity elicited by STING agonism

    Abstract Number: 1773

    Abstract Summary: The STING pathway induces anti-tumor immunity by upregulating an interferon response within the tumor microenvironment. Data presented in this study demonstrate that cancer cells activate a Type III interferon response downstream of STING pathway activation. Blocking Type III IFNs with neutralizing antibodies in cancer cell:immune cell co-cultures inhibits the production of key cytokines and cancer cell killing induced by STING-agonist ADC treatment. These results indicate that the Type III IFN response in cancer cells plays an important role in the anti-tumor activity induced by STING-agonist ADCs.

    Date: April 10, 2021

    Session Category: Immunology

    Session Title: Innate Immunity to Tumors

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



    Primary Logo

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  25. - UPLIFT, a single-arm registration strategy evaluating upifitamab rilsodotin (UpRi) in platinum-resistant ovarian cancer, on track to begin in Q1 2021

    - Significantly progressed pipeline of ADC candidates from the Company's innovative Dolasynthen and Immunosynthen platforms

    - Ended 2020 with $255 million in cash

    CAMBRIDGE, Mass., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2020.

    "In 2020, we demonstrated…

    - UPLIFT, a single-arm registration strategy evaluating upifitamab rilsodotin (UpRi) in platinum-resistant ovarian cancer, on track to begin in Q1 2021

    - Significantly progressed pipeline of ADC candidates from the Company's innovative Dolasynthen and Immunosynthen platforms

    - Ended 2020 with $255 million in cash

    CAMBRIDGE, Mass., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2020.

    "In 2020, we demonstrated compelling proof of concept for UpRi in heavily pretreated ovarian cancer and advanced our pipeline of highly differentiated DolaLock and Immunosynthen ADCs. We are well positioned for an equally productive 2021 as we focus on building UpRi as a foundational therapy for the treatment of ovarian cancer and building out our robust and maturing pipeline of ADC candidates. For UpRi, we are on track to initiate UPLIFT, our single-arm registration strategy in platinum-resistant ovarian cancer in the first quarter and plan to initiate the UPGRADE combination umbrella study to explore the role of UpRi in earlier stages of the disease in the third quarter of 2021. This is an important first step in a lifecycle management plan in earlier lines of therapy," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "With respect to building out the pipeline, we are planning to report data from the ongoing Phase I expansion cohort of UpRi in lung adenocarcinoma as well as data from the Phase I dose escalation study of XMT-1592 in the second half of 2021. We also intend to progress IND-enabling activities for XMT-1660 and XMT-2056 with the intention of advancing into clinical development in 2022."

    Recent Highlights and Anticipated Milestones

    Upifitamab Rilsodotin (UpRi, XMT-1536), first-in-class Dolaflexin ADC targeting NaPi2b:

    • UPLIFT single-arm registration strategy in platinum-resistant ovarian cancer on track to initiate in first quarter of 2021. Informed by feedback from a meeting with the U.S Food and Drug Administration (FDA), the Company plans to initiate UPLIFT, a single-arm registration strategy to evaluate the safety and efficacy of UpRi in platinum-resistant ovarian cancer patients who have received up to four lines of therapy. Consistent with the bevacizumab label, platinum-resistant ovarian cancer patients previously treated with three or four lines of therapy may enroll without regard to prior bevacizumab treatment. Platinum-resistant ovarian cancer patients who received one or two lines of therapy will be required to have had prior bevacizumab treatment. Patients may enroll without regard to NaPi2b expression; however, the role of the biomarker will be evaluated. The primary endpoint will be the objective response rate (ORR) in the higher NaPi2b population and the secondary endpoints will be the ORR regardless of NaPi2b expression, as well as duration of response and safety. The single-arm registration strategy will be initiated as an amendment to the ongoing multinational, multi-center, open label study protocol, and the Company expects to enroll approximately 100 patients with higher NaPi2b expression and up to 180 patients overall. The Company is on track to finalize the biomarker strategy and the cutoff for the proposed commercial diagnostic in UPLIFT.



    • Reported updated Phase 1 ovarian cancer expansion cohort study data in January 2021. In January 2021, the Company presented updated data with a cutoff of December 3, 2020, which included 72 patients evaluable for safety and 47 patients evaluable for RECIST response in the ongoing expansion portion of the Phase 1 study of UpRi in ovarian cancer. These data continued to demonstrate encouraging antitumor activity in heavily pretreated patients with ovarian cancer, with an ORR of 32% including complete responses and a disease control rate (DCR) of 74% in the higher NaPi2b population. Activity was also observed in the overall population, regardless of NaPi2b expression, with an ORR of 28% and a DCR of 68%. The majority of responses occurred by the first scan, and the median duration of response was approximately five months in the higher NaPi2b population. UpRi's tolerability profile remained consistent with previous data disclosures and continues to demonstrate a differentiated profile without the severe neutropenia, peripheral neuropathy, or ocular toxicity that can be observed for other ADCs. These data suggest the potential to achieve a clinically meaningful benefit in platinum-resistant ovarian cancer, where the single-agent chemotherapy standard of care has an ORR of 4% to 12% and expected overall survival of less than a year.



    • UPGRADE umbrella combination study in ovarian cancer expected to initiate in the third quarter of 2021. The Company plans to initiate the UPGRADE study in the third quarter of 2021 to evaluate the combination of UpRi with other agents, starting with a platinum chemotherapy combination dose escalation cohort. This study is designed to inform the lifecycle management strategy for UpRi in earlier lines of ovarian cancer, including platinum-sensitive disease.



    • NSCLC adenocarcinoma cohort of the expansion portion of Phase 1 study continues to enroll patients. The Company is on track to recruit approximately 40 patients in the expansion phase of the study. The Company plans to report interim data in the second half of 2021.

    XMT-1592, first Dolasynthen ADC targeting NaPi2b:

    • Phase 1 dose escalation study of XMT-1592 enrolling patients with interim data anticipated in the second half of 2021. XMT-1592 is the Company's first clinical candidate created using its new Dolasynthen ADC platform. In preclinical studies, XMT-1592 showed four times greater efficacy in a patient-derived lung tumor model in comparison to UpRi. The Company continues dose escalation and plans to disclose interim data in the second half of 2021 and outline the XMT-1592 development plan in NSCLC in the fourth quarter of 2021.

    XMT-1660, first-in-class Dolasynthen ADC targeting B7-H4:

    • Completion of XMT-1660 IND-enabling studies expected in the fourth quarter of 2021. B7-H4 is expressed in high unmet need tumors such as triple-negative breast cancer, ER-positive breast cancer, and NSCLC. B7-H4 is expressed on both tumor cells and immunosuppressive tumor-associated macrophages (TAMs). This provides the potential for both a direct, cytotoxic antitumor effect as well as for additional payload delivery to the tumor microenvironment that can further contribute to immunogenic cell death, dendritic cell activation, and stimulation of an immune response consistent with the features of the Company's unique DolaLock payload. The Company plans to initiate a Phase 1 dose escalation study of XMT-1660 in early 2022.

    XMT-2056, first Immunosynthen STING-agonist ADC:

    • Completion of XMT-2056 IND-enabling studies expected in the fourth quarter of 2021. In November 2020, the Company introduced XMT-2056 and presented preclinical data that supported the potential differentiation of the Immunosynthen platform from other innate immune stimulatory approaches and its potential applicability across multiple targets and indications. The Company plans to disclose the target for this program in the fourth quarter of 2021 and to initiate a Phase 1 dose escalation study in early 2022.

    Corporate

    • Appointed Chief Human Resources Officer. In January 2021, Mersana announced that Carla Poulson has joined the company as Chief Human Resources Officer. Ms. Poulson was most recently Chief Human Resources Officer at Akcea Therapeutics where she played an integral role in building the organization including recruiting several members of the senior management team. Before that, she served in multiple roles at Vertex Pharmaceuticals for over 10 years including as Head of International Human Resources where she was instrumental in helping build the organization to over two hundred fifty employees in just two years.

    Upcoming Events

    • Mersana will participate in a virtual panel presentation at the Cowen 41st Annual Health Care Conference on Tuesday, March 2, 2021 at 12:50 p.m. ET.
    • Mersana will present preclinical data for XMT-1660, XMT-2056 and its novel Immunosynthen STING-agonist ADC platform in the e-poster session at the American Association for Cancer Research (AACR) Virtual Annual Meeting scheduled for April 10-15, 2021.

    2020 Financial Results

    Cash and cash equivalents as of December 31, 2020, were $255.1 million, compared to $99.8 million in cash, cash equivalents and marketable securities as of December 31, 2019. In addition, the Company has the option to draw additional funds through its debt financing agreement with Silicon Valley Bank.

    Net cash used in operating activities in the fourth quarter of 2020 was $17.3 million. The Company expects that its available funds will be sufficient to support its operating plan commitments for approximately the next two years.

    Fourth Quarter 2020

    • Research and development expenses for the fourth quarter of 2020 were approximately $22.9 million, compared to $12.4 million for the same period in 2019. The difference was primarily due to an increase in UpRi and XMT-1592 clinical expenses, an increase in manufacturing activities for UpRi and discovery stage programs, an increase in headcount, and a non-cash increase in valuation of stock-based awards as a result of stock appreciation. The increase was partially offset by a decrease in preclinical development and manufacturing expenses for XMT-1592.
    • General and administrative expenses for the fourth quarter of 2020 were approximately $5.9 million, compared to $4.2 million during the same period in 2019 primarily due to an increase in consulting and professional fees, an increase in facility-related costs as a result of the extension of the Company's lease, and a non-cash increase in valuation of stock-based awards as a result of stock appreciation.
    • Net loss for the fourth quarter of 2020 was $28.8 million, or $0.42 per share, compared to net loss of $16.2 million, or $0.34 per share, for the same period in 2019. Weighted average common shares outstanding for the quarters ended December 31, 2020 and December 31, 2019, were 68,630,078 and 47,886,144, respectively.

    Full Year 2020

    • Collaboration revenue for the full year 2020 was approximately $0.8 million, compared to $42.1 million for the full year 2019. The decrease in collaboration revenue was primarily a result of the recognition of the remaining deferred revenue under the Takeda agreements of $40.0 million in 2019.
    • Research and development expenses for the full year 2020 were approximately $67.0 million, compared to $55.0 million for the full year 2019. The difference was primarily due to an increase in clinical and regulatory activities for UpRi and XMT-1592, and increase in manufacturing activities for UpRi, an increase in headcount and a non-cash increase in valuation of stock-based awards as a result of stock appreciation and an increase in manufacturing activities for preclinical programs. The increase was partially offset by a decrease in XMT-1592 preclinical development and manufacturing activities and discontinuation of XMT-1522.
    • General and administrative expenses for the full year 2020 were approximately $21.9 million, compared to $17.3 million for the full year 2019, primarily due to an increase in consulting and professional fees, an increase in facility-related costs as a result of the extension of the Company's lease, and a non-cash increase in valuation of stock-based awards as a result of stock appreciation.
    • Net loss for the full year 2020 was $88.0 million, or $1.43 per share, compared to net loss of $28.2 million, or $0.65 per share, for the full year 2019. Weighted average common shares outstanding for the periods ended December 31, 2020 and December 31, 2019, were 61,485,205 and 43,492,113, respectively.

    Conference Call Details

    Mersana Therapeutics will host a conference call and webcast today at 8:00 a.m. ET to report financial results for the fourth quarter and full year 2020 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 2354447. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (UpRi), is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later preclinical or clinical studies, that the identification, development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that our clinical studies may not be initiated or completed on schedule, if at all, as well as those listed in the Company's Annual Report on Form 10-K filed on February 26, 2021, with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Mersana Therapeutics, Inc.

    Selected Condensed Consolidated Balance Sheet Data

    (in thousands)

    (unaudited)

     December 31, 2020 December 31, 2019
        
    Cash, cash equivalents and marketable securities$255,094  $99,790 
    Working capital(1)228,577  77,256 
    Total assets273,399  107,541 
    Total stockholders' equity228,087  78,318 
        
    (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.
     

    Mersana Therapeutics, Inc.

    Condensed Consolidated Statement of Operations

    (in thousands, except share and per share data)

    (unaudited)

     Three months ended Year ended
     December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
            
    Collaboration revenue$10  $42  $828  $42,123 
    Operating expenses:       
    Research and development22,858  12,430  67,036  55,040 
    General and administrative5,914  4,212  21,902  17,283 
    Total operating expenses28,772  16,642  88,938  72,323 
    Total other income (expense), net(82) 354  65  1,992 
    Net loss$(28,844) $(16,246) $(88,045) $(28,208)
    Net loss per share attributable to common stockholders — basic and diluted$(0.42) $(0.34) $(1.43) $(0.65)
    Weighted-average number of common shares used in net loss per share attributable to common stockholders — basic and diluted68,630,078  47,886,144  61,485,205  43,492,113 
                

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  26. CAMBRIDGE, Mass., Feb. 19, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Friday, February 26, 2021 at 8:00 a.m. ET to report financial results for the fourth quarter and year ended December 31, 2020 and provide business updates.

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 2354447. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com

    CAMBRIDGE, Mass., Feb. 19, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Friday, February 26, 2021 at 8:00 a.m. ET to report financial results for the fourth quarter and year ended December 31, 2020 and provide business updates.

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 2354447. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (XMT-1536, UpRi), is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  27. CAMBRIDGE, Mass., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that the Company's management team will participate in a fireside chat on Wednesday, February 24, 2021 at 10:00 a.m. ET at the SVB Leerink 10th Annual Global Healthcare Conference.   

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90-days following the presentation.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage…

    CAMBRIDGE, Mass., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that the Company's management team will participate in a fireside chat on Wednesday, February 24, 2021 at 10:00 a.m. ET at the SVB Leerink 10th Annual Global Healthcare Conference.   

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90-days following the presentation.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, upifitamab rilsodotin (XMT-1536, UpRi), is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577



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  28. CAMBRIDGE, Mass., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Human Resources Officer, Carla Poulson. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Ms. Poulson as an inducement material to Ms. Poulson entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides…

    CAMBRIDGE, Mass., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Human Resources Officer, Carla Poulson. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Ms. Poulson as an inducement material to Ms. Poulson entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides for the purchase of up to 100,000 shares of Mersana Therapeutics common stock, at a price of $21.67 per share, the closing price per share of Mersana Therapeutics common stock on the date of grant, and vests over four years, with 25% of the shares vesting on the first anniversary of the Ms. Poulson's employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Ms. Poulson's continued employment with Mersana Therapeutics through such applicable vesting dates.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  29. CAMBRIDGE, Mass., Jan. 19, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Carla Poulson has joined the company as Chief Human Resources Officer.

    "Carla has substantial experience in organizational and talent development that will be instrumental to Mersana as we scale the Company to accommodate a maturing and expanding pipeline. More importantly, Carla shares Mersana's core values and commitment to an organization focused on scientific rigor and patient needs. I am confident that Carla will have a great impact," said…

    CAMBRIDGE, Mass., Jan. 19, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Carla Poulson has joined the company as Chief Human Resources Officer.

    "Carla has substantial experience in organizational and talent development that will be instrumental to Mersana as we scale the Company to accommodate a maturing and expanding pipeline. More importantly, Carla shares Mersana's core values and commitment to an organization focused on scientific rigor and patient needs. I am confident that Carla will have a great impact," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "On behalf of our entire leadership team, we welcome Carla and are all thrilled to have her joining us."

    Ms. Poulson was most recently Chief Human Resources Officer at Akcea Therapeutics where she played an integral role in building the organization including recruiting several members of the senior management team. Before joining Akcea, she served in multiple roles at Vertex Pharmaceuticals for over 10 years including as Head of International Human Resources where she was instrumental in helping build the organization to over two hundred fifty employees in just two years. Prior to Vertex, she held senior human resources positions at Ahold Corporation, Pepsi Bottling Group and ExxonMobil Corporation. Ms. Poulson holds a Masters in Human Resources & Industrial Relations and a B.S. in Industrial/Organizational Psychology, both from the University of Illinois.

    "Mersana has a promising pipeline, a talented team and a strong culture. I am excited to be joining the organization at this time with the initiation of the UPLIFT registration strategy as well as the advancement of the rest of the pipeline," said Ms. Poulson. "I look forward to joining the team as we seek to advance our programs and bring them to patients with cancers in areas of high unmet need."

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include XMT-1660, a B7-H4 targeting ADC, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials and expectations regarding future clinical trial results based on data achieved to date. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing or early clinical results may not be predictive of the results or success of ongoing or later clinical trials, regulatory changes, particularly with respect to the change in the U.S. presidential administration, the FDA's review of the protocol for our study of the single-arm UPLIFT cohort, and that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

     



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  30. CAMBRIDGE, Mass., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present a company overview at the 39th Annual J.P. Morgan Conference being held virtually on Wednesday, January 13, 2021 at 5:20 p.m. ET.   

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90-days following the presentation.

    About Mersana Therapeutics
    Mersana…

    CAMBRIDGE, Mass., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present a company overview at the 39th Annual J.P. Morgan Conference being held virtually on Wednesday, January 13, 2021 at 5:20 p.m. ET.   

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90-days following the presentation.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include XMT-1660, a B7-H4 targeting ADC, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

     



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    • Following successful FDA meeting, the Company plans to initiate UPLIFT, a single-arm registrational strategy to evaluate XMT-1536 in platinum-resistant ovarian cancer, in Q1 2021

    • Data from the ovarian cancer expansion cohort of the XMT-1536 Phase 1 study continued to show consistent activity and tolerability in a heavily-pretreated population

    • XMT-1660, a first-in-class ADC targeting B7-H4, expected to complete IND-enabling studies in Q4 2021

    • Ended Q4 2020 with approximately $255 million in cash, funding the Company's anticipated operating plan commitments for at least the next two years

    CAMBRIDGE, Mass., Jan. 05, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering…

    • Following successful FDA meeting, the Company plans to initiate UPLIFT, a single-arm registrational strategy to evaluate XMT-1536 in platinum-resistant ovarian cancer, in Q1 2021



    • Data from the ovarian cancer expansion cohort of the XMT-1536 Phase 1 study continued to show consistent activity and tolerability in a heavily-pretreated population



    • XMT-1660, a first-in-class ADC targeting B7-H4, expected to complete IND-enabling studies in Q4 2021



    • Ended Q4 2020 with approximately $255 million in cash, funding the Company's anticipated operating plan commitments for at least the next two years

    CAMBRIDGE, Mass., Jan. 05, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today provided corporate and pipeline updates and announced its goals and anticipated milestones for 2021.

    The Company will host a virtual Analyst and Investor event today at 10:00 a.m. ET, during which members of the Mersana executive team will provide an update on the XMT-1536 registration pathway informed by FDA feedback and further studies planned to evaluate XMT-1536 in earlier lines of ovarian cancer. The Company will also present preclinical data for XMT-1660, a first-in-class ADC targeting B7-H4, and outline the Company's goals and anticipated milestones for 2021. The Company will be joined by investigator Debra L. Richardson, MD, Associate Professor and Section Chief, Division of Gynecologic Oncology at the OU Health Stephenson Cancer Center and the Sarah Cannon Research Institute, who will review the updated data from the ovarian cancer expansion cohort of the XMT-1536 Phase 1 expansion study.

    "2021 promises to be another transformative year for Mersana's pipeline. Our focus will be to initiate the UPLIFT single-arm registration strategy for XMT-1536 in platinum-resistant ovarian cancer and to initiate the UPGRADE combination umbrella study with the goal of informing the path into earlier lines of ovarian cancer therapy. The updated data being presented today show encouraging response rates in late-stage ovarian cancer patients and tolerability further supporting the potential of this therapy to be foundational for the treatment of ovarian cancer," said Anna Protopapas, President and CEO of Mersana Therapeutics. "Additionally, both the non-small cell lung cancer cohort of the Phase I expansion study of XMT-1536 and the XMT-1592 Phase 1 dose escalation study continue to actively enroll patients with interim data for both studies expected in the second half of this year. We will also work to advance XMT-1660, our first-in-class ADC targeting B7-H4, and XMT-2056, our first Immunosynthen STING-agonist ADC development candidate, through IND-enabling studies."

    "We are very pleased with the continued activity and tolerability of XMT-1536 in heavily-pretreated patients with ovarian cancer without the severe neutropenia, peripheral neuropathy and ocular toxicity seen in other ADCs," said Arvin Yang, M.D., Ph.D., Senior Vice President and Chief Medical Officer of Mersana Therapeutics. "Based on these data and feedback from the FDA we plan to initiate a single-arm registrational strategy this quarter through an amendment to the ongoing Phase I study protocol. We believe this study design will allow for significant operational efficiencies and leverages continued momentum in patient enrollment."

    UPLIFT Single-Arm Registration Strategy Studying XMT-1536 in Platinum-Resistant Ovarian Cancer

    Informed by feedback from a meeting with the FDA, the Company plans to initiate UPLIFT, a single-arm registration strategy, to evaluate the safety and efficacy of XMT-1536 in platinum-resistant ovarian cancer patients who have received up to four lines of therapy. Platinum-resistant ovarian cancer patients previously treated with three or four lines of therapy may enroll without regard to prior bevacizumab treatment. Platinum-resistant ovarian cancer patients who received one or two lines of therapy will be required to have had prior bevacizumab treatment. Patients may enroll without regard to NaPi2b expression; however, the role of the biomarker will be evaluated. The primary endpoint will be the objective response rate (ORR) in the higher NaPi2b patient population and the secondary endpoints will be the ORR regardless of NaPi2b expression, as well as duration of response and safety. The single-arm registration strategy will be initiated as an amendment to the ongoing multinational, multi-center, open label study protocol and the Company expects to enroll approximately 180 patients.  

    Updated Expansion Study Data for XMT-1536

    Today's update focuses on the ovarian cancer expansion cohort of the XMT-1536 Phase 1 study which is enrolling heavily pre-treated patients with ovarian cancer who have received up to four prior lines of therapy. With a data cutoff of December 3, 2020, these data include 72 patients evaluable for safety and 47 patients evaluable for RECIST response.

    Key findings include:

    • Adverse event profile consistent with previously reported expansion data
      • The most frequently reported treatment-related adverse events (TRAEs) were generally Grade 1-2 fatigue, nausea, transient AST elevation without associated changes in bilirubin or cases of Hy's law, and transient thrombocytopenia.
      • 31% of patients experienced a dose reduction, delay, or discontinuation due to a treatment-related adverse event.
      • Serious adverse events occurred in 39% of patients regardless of relatedness with the most common related SAEs occurring in more than 2 patients of pyrexia (4), vomiting (3), abdominal pain (2), pneumonitis (2).
      • There were no reported cases of severe neutropenia, peripheral neuropathy or ocular toxicity.



    • Anti-tumor activity in platinum-resistant and platinum-refractory ovarian cancer previously treated with bevacizumab, PARP inhibitors, or both.



    • Activity observed in higher NaPi2b expressing population



      • 31 patients with higher NaPi2b expression were evaluable for response, with 2 achieving confirmed complete responses (CRs) and 8 achieving confirmed partial responses (PRs) for an ORR of 32% (10/31). Additionally, 13 patients achieved stable disease (SD) for a disease control rate (DCR) of 74% (23/31).
      • The median duration of response was estimated at 5 months in patients with higher NaPi2b expression.
      • A trend toward higher response rate as well as deeper and more durable responses in patients with higher NaPi2b expression supports the continued development of a NaPi2b diagnostic assay.
    • Activity observed in overall population, regardless of NaPi2b expression
      • Among all 47 patients evaluable for response, 3 additional patients achieved PRs for an ORR of 28% (13/47). 6 additional patients achieved SD for a DCR of 68% (32/47).
      • 69% of responses were observed by the first scan.
      • 67% of patients showed reduction in target lesions.

    Corporate

    Cash and cash equivalents as of December 31, 2020, were approximately $255 million. The Company expects that its current cash and cash equivalents will enable it to fund its current anticipated operating plan commitments for at least the next two years. In addition, the Company has the option to draw additional funds through the debt financing agreement with Silicon Valley Bank.

    2021 Goals and Anticipated Milestones

    XMT-1536, first-in-class Dolaflexin ADC targeting NaPi2b:

    • UPLIFT single-arm registration strategy studying XMT-1536 in platinum-resistant ovarian cancer expected to initiate in first quarter of 2021: The single-arm cohort, informed by FDA feedback, will evaluate the safety and efficacy of XMT-1536 in approximately 180 patients with platinum-resistant ovarian cancer. This study is intended to support the initial registration of XMT-1536.



    • UPGRADE umbrella combination study in ovarian cancer expected to initiate in the third quarter of 2021: The Company plans to initiate the UPGRADE study to evaluate the combination of XMT-1536 with other agents, starting with a platinum chemotherapy combination dose escalation cohort. This study is designed to inform the lifecycle management strategy for XMT-1536 in earlier lines of ovarian cancer, including platinum-sensitive disease.



    • The Company plans to report updated interim data from the NSCLC adenocarcinoma expansion cohort of the XMT-1536 Phase 1 study in the second half of 2021: The Company has increased enrollment in parallel with the opening of international sites that had been delayed because of COVID-19 and continues to recruit patients in the expansion phase of the study.

    XMT-1592, first Dolasynthen ADC targeting NaPi2b:

    • The Company plans to report interim XMT-1592 Phase 1 dose escalation data in the second half of 2021: XMT-1592 is the Company's first clinical candidate created using its new Dolasynthen ADC platform. In preclinical studies, XMT-1592 showed four times greater efficacy in a patient-derived lung tumor model in comparison to XMT-1536, the Company's Dolaflexin ADC that has already shown promising activity when targeted to NaPi2b in the clinic. The Company continues to dose escalate and plans to disclose interim dose escalation data in the second half of 2021 and outline the XMT-1592 development plan in the fourth quarter of 2021.

    XMT-1660, first-in-class Dolasynthen ADC targeting B7-H4:

    • Completion of XMT-1660 IND-enabling studies expected in the fourth quarter of 2021: Investigational New Drug (IND)-enabling studies are ongoing for XMT-1660, a first-in-class B7-H4 ADC candidate. B7-H4 is expressed on both tumor cells and immunosuppressive tumor-associated macrophages (TAMs). This expression provides the potential for both a direct, cytotoxic antitumor effect as well as for additional payload delivery to the tumor microenvironment that can further contribute to immunogenic cell death, dendritic cell activation, and stimulation of an immune response consistent with the features of the Company's unique DolaLock payload. The Company plans to initiate a Phase 1 dose escalation study of XMT-1660 in 2022.

    XMT-2056, first Immunosynthen STING-agonist ADC candidate:

    • Completion of XMT-2056 IND-enabling studies expected in the fourth quarter of 2021: In November 2020, the Company introduced XMT-2056 and presented preclinical data that supported the potential differentiation of the Immunosynthen platform from other innate immune stimulatory approaches and its potential applicability across multiple targets. The Company plans to disclose the target for this program in the fourth quarter of 2021 and initiate a Phase 1 dose escalation study in 2022.

    Webcast and Conference Call Details

    A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at https://ir.mersana.com/events-and-presentations. Analyst and Investors may ask a question during the live Q&A by dialing (855) 940-5308 (toll-free domestic) or (929) 517-9745 (international) and providing the Conference ID 6265117.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early-stage programs include XMT-1660, a first-in-class B7-H4 targeting ADC, as well as XMT-2056, a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials, the ability of the single-arm UPLIFT cohort to enable registration, and expectations regarding future clinical trial results based on data achieved to date, and the sufficiency of the Company's cash on hand. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "opportunity," "plans," "poised for," "possible," "potential," "predicts," "projects," "promises to be," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



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  31. CAMBRIDGE, Mass., Dec. 17, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a virtual Analyst and Investor event on Tuesday, January 5, 2021 from 10:00 a.m. to 12:00 p.m. ET. The event will showcase the following agenda:   

    • Debra L. Richardson, MD, Associate Professor and Section Chief, Division of Gynecologic Oncology at the OU Health Stephenson Cancer Center and the Sarah Cannon Research Institute, will review updated data from the ovarian cancer cohort of the Phase 1 expansion study evaluating XMT-1536, the…

    CAMBRIDGE, Mass., Dec. 17, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a virtual Analyst and Investor event on Tuesday, January 5, 2021 from 10:00 a.m. to 12:00 p.m. ET. The event will showcase the following agenda:   

    • Debra L. Richardson, MD, Associate Professor and Section Chief, Division of Gynecologic Oncology at the OU Health Stephenson Cancer Center and the Sarah Cannon Research Institute, will review updated data from the ovarian cancer cohort of the Phase 1 expansion study evaluating XMT-1536, the Company's first-in-class ADC candidate targeting NaPi2b.
    • Mersana's management team will detail the Company's plans for the registration-enabling study of XMT-1536 in platinum-resistant ovarian cancer and outline its objectives for longer-term life cycle management studies to evaluate the potential of XMT-1536 in platinum-sensitive ovarian cancer.
    • Mersana's management team will disclose preclinical data supporting the development of the Company's first-in-class B7-H4 DolaLock ADC development candidate.
    • Mersana's management team will outline the Company's anticipated 2021 goals and milestones for its clinical and early-stage ADC programs.

    Webcast and Conference Call Details

    A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at https://ir.mersana.com/events-and-presentations. Analyst and Investors may ask a question during the live Q&A by dialing (855) 940-5308 (toll-free domestic) or (929) 517-9745 (international) and providing the Conference ID 6265117.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577



    Primary Logo

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  32. CAMBRIDGE, Mass., Dec. 02, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Medical Officer, Arvin Yang, M.D., Ph.D. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Dr. Yang as an inducement material to Dr. Yang's entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides…

    CAMBRIDGE, Mass., Dec. 02, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Medical Officer, Arvin Yang, M.D., Ph.D. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Dr. Yang as an inducement material to Dr. Yang's entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides for the purchase of up to 200,000 shares of Mersana Therapeutics common stock, at a price of $25.48 per share, the closing price per share of Mersana Therapeutics common stock on the date of grant, and vests over four years, with 25% of the shares vesting on the first anniversary of the Dr. Yang's employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Dr. Yang's continued employment with Mersana Therapeutics through such applicable vesting dates.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



    Primary Logo

    View Full Article Hide Full Article
  33. CAMBRIDGE, Mass., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Arvin Yang, M.D., Ph.D., as Senior Vice President and Chief Medical Officer effective immediately. Dr. Yang succeeds Dirk Huebner, M.D., who has stepped down as Chief Medical Officer but will remain with the Company until January 15, 2021, to assist with a smooth transition.

    "We are excited to welcome Arvin to our leadership team as we enter this next crucial and exciting stage for Mersana," said Anna Protopapas, President and Chief…

    CAMBRIDGE, Mass., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Arvin Yang, M.D., Ph.D., as Senior Vice President and Chief Medical Officer effective immediately. Dr. Yang succeeds Dirk Huebner, M.D., who has stepped down as Chief Medical Officer but will remain with the Company until January 15, 2021, to assist with a smooth transition.

    "We are excited to welcome Arvin to our leadership team as we enter this next crucial and exciting stage for Mersana," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "Arvin's deep experience in leading late-stage global registration trials combined with his early stage and immuno-oncology experience will be instrumental in guiding the advancement of XMT-1536 into the planned fast-to-market registration-enabling study as well as driving the rest of Mersana's first-in-class innovative pipeline."

    Dr. Yang spent over a decade at Bristol Myers Squibb in various roles with increasing responsibility for the clinical development of oncology and immuno-oncology therapies. Most recently, he was Vice President and Head of Clinical Hematology, where he was responsible for the clinical development of the late stage hematology pipeline. Before that, he was Vice President and Development Lead for Melanoma and GU cancers, and played a critical role in the global approval of nivolumab and nivolumab plus ipilimumab combinations in a number of indications. Earlier, he was responsible for the nivolumab and ipilimumab life-cycle clinical development plans including those in gynecological cancers. Finally, he has held leadership roles overseeing a pipeline of early clinical programs as well as roles in medical affairs. Dr. Yang received his M.D. and Ph.D. from Rutgers Robert Wood Johnson Medical School and completed training in internal medicine at Beth Israel Deaconess, Harvard Medical School and in oncology at Memorial Sloan-Kettering Cancer Center.

    "Mersana's XMT-1536 is poised to make a meaningful difference for people living with ovarian cancer. I am excited about the opportunity to work with the talented Mersana team to bring this important medicine to patients," said Dr. Yang. "I am equally excited about the potential of the NaPi2b target in non-small cell lung cancer adenocarcinoma, Mersana's robust pipeline of early-stage candidates developed using innovative and differentiated ADC platforms, and the potential of these candidates to make a significant impact in the lives of people living with cancer."

    "I would also like to take this opportunity to thank Dirk for his many contributions at Mersana. Over the past two years, Dirk has played a significant role in bringing XMT-1536 to proof of concept in ovarian cancer and in building a strong clinical development team. I wish him all the best in his future endeavors," added Anna Protopapas.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "poised," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577



    Primary Logo

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    • Immunosynthen ADCs activate the STING pathway in both tumor-resident immune cells and in the tumor cells, resulting in robust anti-tumor activity and offering a differentiated approach from other innate immune activators 

    CAMBRIDGE, Mass., Nov. 11, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that preclinical mechanistic data from its novel Immunosynthen STING-Agonist ADC platform is available as a live e-poster in the virtual poster hall at the 35th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) taking…

    • Immunosynthen ADCs activate the STING pathway in both tumor-resident immune cells and in the tumor cells, resulting in robust anti-tumor activity and offering a differentiated approach from other innate immune activators 

    CAMBRIDGE, Mass., Nov. 11, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that preclinical mechanistic data from its novel Immunosynthen STING-Agonist ADC platform is available as a live e-poster in the virtual poster hall at the 35th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) taking place from November 9-14, 2020.

    "These data highlight the novel research undertaken by our scientists to elucidate the mechanism of activation of the STING pathway in the tumor. It has been widely believed that the STING pathway is silenced in cancer cells; however, these data show that the anti-tumor activity of STING-agonist ADCs involves the activation of the STING pathway in both tumor-resident immune cells and in tumor cells, both in an antigen binding-dependent manner. This targeted one-two punch provides the potential for enhanced anti-tumor activity with a STING-agonist ADC when compared to other innate immune pathways that activate only the immune cells" said Timothy B. Lowinger, Ph.D., Chief Science and Technology Officer of Mersana Therapeutics.

    "Building on our expertise in ADC design and optimization, we have developed the Immunosynthen STING-Agonist ADC platform and have validated its potential across multiple targets," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "We look forward to providing a more thorough overview of the platform as well as our pipeline of Immunosynthen STING-agonist ADCs during our webinar on November 16, 2020."

    This preclinical research demonstrates that the anti-tumor activity of STING-agonist ADCs involves the activation of the STING pathway in tumor cells as well as tumor-resident immune cells. This dual-targeted delivery is achieved through target receptor internalization into tumor cells, and Fcγ receptor (FcγR)-mediated internalization into immune cells, facilitated by ADC binding to the tumor antigen.

    The contribution of both cell types to efficacy was demonstrated by evaluating STING pathway activation by, and anti-tumor activity of ADCs harboring either wild type (wt) or mutant Fc (deficient in FcγR binding), in both wt and STING knockout (ko) cancer cells, using immune cell – tumor cell co-cultures and in vivo tumor models. Together, these findings demonstrate the direct contribution of STING activation of both immune cells and tumor cells to the antitumor activity of Immunosynthen ADCs.

    Details of the poster display are as follows:

    Poster Title: Tumor cell-intrinsic STING pathway is activated in the presence of cues from immune cells and contributes to the anti-tumor activity of tumor cell-targeted STING agonist antibody-drug conjugates

    Abstract Number: 620

    E-poster Available: 9 a.m. – 5 p.m. ET, November 11-14, 2020.

    Location: Virtual Poster Hall

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

    Primary Logo

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  34. CAMBRIDGE, Mass., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced plans to host a live webinar on Monday, November 16, 2020 at 8:00 a.m. ET highlighting its novel Immunosynthen STING-agonist ADC platform.

    The presentation will review the therapeutic rationale for the development of STING-agonist ADCs including preclinical mechanistic data showing STING activation in both tumor cells and tumor-resident immune cells, the development and optimization of the Immunosynthen platform, and preclinical data supporting the Company's…

    CAMBRIDGE, Mass., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced plans to host a live webinar on Monday, November 16, 2020 at 8:00 a.m. ET highlighting its novel Immunosynthen STING-agonist ADC platform.

    The presentation will review the therapeutic rationale for the development of STING-agonist ADCs including preclinical mechanistic data showing STING activation in both tumor cells and tumor-resident immune cells, the development and optimization of the Immunosynthen platform, and preclinical data supporting the Company's Immunosynthen ADC pipeline as well as the Investigational New Drug timeline for the Company's first development candidate.   

    The live webcast event can be accessed from the Investors & Media section of the Mersana website at www.mersana.com. To access the event by phone, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 3123546.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogenous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC") and subsequent SEC filings. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

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    • Presented additional data from XMT-1536 Phase 1 study at ESMO demonstrating compelling and consistent activity and tolerability profile in ovarian cancer
    • Received FDA Fast Track Designation for XMT-1536 for patients with heavily-pretreated ovarian cancer
    • Ended Q3 2020 with $271 million in cash

    CAMBRIDGE, Mass., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the third quarter ended September 30, 2020.

    "During the quarter, we presented an update from the ovarian cancer…

    • Presented additional data from XMT-1536 Phase 1 study at ESMO demonstrating compelling and consistent activity and tolerability profile in ovarian cancer

    • Received FDA Fast Track Designation for XMT-1536 for patients with heavily-pretreated ovarian cancer
    • Ended Q3 2020 with $271 million in cash

    CAMBRIDGE, Mass., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the third quarter ended September 30, 2020.

    "During the quarter, we presented an update from the ovarian cancer cohort of the XMT-1536 Phase 1 study at ESMO, which showed continued significant anti-tumor activity in very late-stage ovarian cancer patients with response rates far exceeding standard of care and a differentiated tolerability profile. We are very encouraged by the potential of this promising therapy for people with ovarian cancer, and we look forward to providing an additional update on this program at an Analyst and Investor day around year-end," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "We've also made great progress in advancing a deep pipeline of therapies derived from our multiple innovative ADC platforms. XMT-1592, a Dolasynthen ADC targeting NaPi2b, is actively enrolling patients in a Phase 1 dose escalation study. We've continued to advance our B7-H4 and first Immunosynthen STING-agonist ADC development candidates and look forward to sharing the data sets supporting the clinical development of these promising molecules."

    Recent Highlights and Updates

    Clinical Programs

    • Reported positive incremental interim data from the ovarian cancer cohort of the XMT-1536 Phase 1 expansion study at the European Society of Medical Oncology (ESMO) Virtual Congress. These data showed a safety profile consistent with previously reported expansion data without severe neutropenia, peripheral neuropathy, or ocular toxicities; continued promising antitumor activity in ovarian cancer with 2/29 (7%) who achieved confirmed complete responses (CRs) and 8/29 (28%) who achieved confirmed partial responses (PRs) for an objective response rate (ORR) of 34%; and continued support for a NaPi2b biomarker-based patient selection strategy based on depth, time on study and quality of response. The Company has exceeded its recruitment goal of 40-45 patients in the ovarian cancer cohort of the XMT-1536 Phase 1 expansion study and will continue to enroll patients throughout the remainder of 2020.



    • XMT-1536 granted Fast Track Designation underscoring the high unmet medical need in ovarian cancer. In August 2020, the U.S. Food and Drug Administration (FDA) granted Fast Track Designation for XMT-1536 for the treatment of patients with platinum-resistant high-grade serous ovarian cancer who have received up to three prior lines of systemic therapy or patients who have received four prior lines of systemic therapy regardless of platinum status.



    • Mersana plans to host a virtual Analyst and Investor Day event to provide an update on the ovarian cancer cohort of the XMT-1536 Phase 1 expansion study and the path forward in ovarian cancer around year end. The Company anticipates that the year-end disclosure will include efficacy data from approximately 40-45 RECIST evaluable patients, safety data from approximately 65-70 patients, and approximately three months of patient follow up since the last data cutoff date of August 18, 2020. In addition, the Company will review its plans for the registration-enabling study and outline its lifecycle management strategy for XMT-1536.



    • New international sites added to support enrollment of the NSCLC adenocarcinoma patient cohort of the XMT-1536 Phase 1 expansion study. In the third quarter of 2020 the Company saw an increase in enrollment in the lung cancer cohort in parallel with the recent opening of international sites that had been delayed because of COVID-19. The Company will continue to recruit the expansion cohort and expects to discuss its data disclosure plans for the NSCLC adenocarcinoma patient cohort in early January 2021.



    • Phase 1 dose escalation study of XMT-1592, a Dolasynthen ADC targeting NaPi2b, proceeding to higher dose levels. XMT-1592 is the Company's first clinical candidate created using its new Dolasynthen ADC platform. In preclinical studies, XMT-1592 showed four times greater efficacy in a patient-derived lung tumor model in comparison to XMT-1536, the Company's Dolaflexin ADC that has already shown success when targeted to NaPi2b in the clinic. The Company continues to dose escalate and expects to discuss its data disclosure plans for XMT-1592 in early January 2021.

    Discovery & Platform Progress

    • Mersana to present preclinical data supporting its first Immunosynthen development candidate in November 2020. Immunosynthen, the Company's novel STING-agonist ADC platform, has generated preclinical data across multiple targets and models showing complete regression of tumors in vivo after a single, well-tolerated dose, consistent with increased cytokine expression and immune cell infiltration within the tumor, and immune memory. The Company plans to present additional preclinical mechanistic data supporting the targeted dual activation of the STING pathway in tumor cells and tumor-resident immune cells at the Society for Immunotherapy of Cancer (SITC) virtual meeting in November. In addition, the Company will host a webinar on November 16, 2020 where it plans to review the therapeutic rationale for the development of STING-agonist ADCs including preclinical mechanistic data showing STING activation in both tumor cells and tumor-resident immune cells, the development and optimization of the Immunosynthen platform, and preclinical data supporting the Company's Immunosynthen ADC pipeline as well as the Investigational New Drug timeline for the Company's first development candidate.



    • Mersana on track disclose its first-in-class ADC targeting B7-H4 development candidate and supporting data around year end. B7-H4 is expressed on both tumor cells and immunosuppressive tumor-associated macrophages (TAMs). This provides the potential for both a direct, cytotoxic antitumor effect as well as for additional payload delivery to the tumor microenvironment that can further contribute to immunogenic cell death, dendritic cell activation, and stimulation of an immune response consistent with the features of the Company's unique DolaLock payload. IND-enabling studies are ongoing, and the Company plans to disclose its development candidate and supporting data at a virtual Analyst and Investor Day around year end.

    Corporate

    • New addition to Executive Management Team. In August 2020, the Company announced the appointment of Chuck Miller as Senior Vice President of Regulatory Affairs. Mr. Miller was most recently Vice President of Regulatory Strategy and Labeling at TESARO, Inc before its acquisition by GSK. Prior to that, he worked as Executive Director of Regulatory Affairs at Cubist, before its acquisition by Merck.



    • Refinancing of SVB Debt Agreement. In August 2020, the Company entered into a second amendment of its debt agreement with Silicon Valley Bank. The amendment provides for an increased commitment amount and an extension of the interest-only payment period into 2022. The Company is no longer required to maintain a minimum liquidity ratio.

    Upcoming Events

    • Mersana will give a corporate presentation at the 29th Annual Credit Suisse Virtual Healthcare Conference scheduled for Thursday, November 11, 2020 at 11:00 a.m. ET.
    • Mersana will present preclinical data from its novel Immunosynthen STING-agonist ADC platform at the 35th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) as an on-demand poster display available from November 11 – 14, 2020.
    • Mersana will host an Immunosynthen STING-Agonist ADC Platform webinar on Monday, November 16, 2020 at 8:00 a.m. ET.

    Third Quarter 2020 Financial Results

    Cash and cash equivalents as of September 30, 2020, were $270.9 million, compared to $99.8 million in cash, cash equivalents and marketable securities as of December 31, 2019. Net cash used in operating activities in the third quarter of 2020 was $20.2 million.

    The Company expects that its cash and cash equivalents will enable it to fund its current operating plan commitments for more than two years. In addition, the Company has the option to draw additional funds through the debt financing agreement with Silicon Valley Bank.

    • Collaboration revenue for the third quarter of 2020 was immaterial, compared to $0.8 million for the same period in 2019. The decrease in collaboration revenue was primarily a result of the completion of research services associated with a target included in the Merck KGaA agreement in the third quarter of 2019.
    • Research and development expenses for the third quarter of 2020 were approximately $16.5 million, compared to $13.7 million for the same period in 2019. The difference was primarily due to an increase in manufacturing activities for XMT-1536 and our discovery stage programs, an increase in XMT-1536 and XMT-1592 clinical expenses, increased headcount and an increased valuation of stock-based awards, an increase in consulting and professional fees and advancement of companion diagnostics development efforts for the NaPi2b biomarker. The increase was partially offset by a decrease in preclinical development and manufacturing expenses for XMT-1592 and discontinuation of XMT-1522.
    • General and administrative expenses for the third quarter of 2020 were approximately $5.9 million, compared to $4.4 million during the same period in 2019 primarily due to an increase in consulting and professional fees, an increase in valuation of stock-based awards, and an increase in facility-related costs as a result of the extension of the Company's lease in March 2020.
    • Net loss for the third quarter of 2020 was $22.5 million, or $0.33 per share, compared to a net loss of $16.8 million, or $0.35 per share, for the same period in 2019. Weighted average common shares outstanding for the quarters ended September 30, 2020 and September 30, 2019, were 68,419,192 and 47,833,607, respectively.

    Conference Call Details

    Mersana Therapeutics will host a conference call and webcast today at 8:00 a.m. ET to report financial results for the third quarter of 2020 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 7953159. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.



    Mersana Therapeutics, Inc.

    Selected Condensed Consolidated Balance Sheet Data

    (in thousands)

    (unaudited)

      September 30,

    2020
     December 31,

    2019
           
    Cash, cash equivalents and marketable securities$270,936 $99,790
    Working capital (1) 253,864  77,256
    Total assets 290,128  107,541
    Total stockholders' equity 253,308  78,318
           
           
    (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.
     

    Mersana Therapeutics, Inc.

    Condensed Consolidated Statement of Operations

    (in thousands, except share and per share data)

    (unaudited)

     Three months ended Nine months ended
     September 30, September 30, September 30, September 30,
      2020   2019   2020   2019 
                
    Collaboration revenue$11  $844  $817  $42,081 
    Operating expenses:           
    Research and development 16,546   13,701   44,179   42,610 
    General and administrative 5,881   4,436   15,988   13,072 
    Total operating expenses 22,427   18,137   60,167   55,682 
    Other income (expense), net (73)  501   147   1,639 
    Net loss

    $


    (22,489


    )
     

    $


    (16,792


    )
     

    $
    (59,203) 

    $
    (11,962)
    Other comprehensive income (loss):           
    Unrealized gain (loss) on marketable securities (2)  17   (25)  36 
    Comprehensive loss$(22,491) $(16,775) $(59,228) $(11,926)
    Net loss per share attributable to common stockholders — basic and diluted$(22,489) $(16,792) $(59,203) $(11,962)
    Net loss per share attributable to common stockholders – basic and diluted$(0.33) $(0.35) $(1.00) $(0.28)
    Weighted-average number of common shares used in net loss per share attributable to common stockholders — basic and diluted 68,419,192   47,833,607   59,086,202   42,011,340 
                    

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

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  35. CAMBRIDGE, Mass., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present at the 29th Annual Credit Suisse Virtual Healthcare Conference on Wednesday, November 11, at 11:00 a.m. ET.   

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the presentation.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage…

    CAMBRIDGE, Mass., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present at the 29th Annual Credit Suisse Virtual Healthcare Conference on Wednesday, November 11, at 11:00 a.m. ET.   

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the presentation.



    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

    Primary Logo

    View Full Article Hide Full Article
  36. CAMBRIDGE, Mass., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Monday, November 9, 2020 at 8:00 a.m. ET to report financial results for the third quarter ended September 30, 2020 and provide business updates.

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 7953159. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com

    CAMBRIDGE, Mass., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Monday, November 9, 2020 at 8:00 a.m. ET to report financial results for the third quarter ended September 30, 2020 and provide business updates.

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 7953159. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

    View Full Article Hide Full Article
  37. CAMBRIDGE, Mass., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present preclinical data from its novel Immunosynthen STING-agonist ADC platform at the 35th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) taking place virtually from November 9-14, 2020.   

    Details of the poster display are as follows:

    Poster Title: Tumor cell-intrinsic STING pathway is activated in the presence of cues from immune cells and contributes to the anti-tumor activity of tumor cell-targeted STING agonist antibody-drug…

    CAMBRIDGE, Mass., Oct. 14, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present preclinical data from its novel Immunosynthen STING-agonist ADC platform at the 35th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) taking place virtually from November 9-14, 2020.   

    Details of the poster display are as follows:

    Poster Title: Tumor cell-intrinsic STING pathway is activated in the presence of cues from immune cells and contributes to the anti-tumor activity of tumor cell-targeted STING agonist antibody-drug conjugates

    Abstract Number: 620

    E-poster Available: 9 a.m. – 5 p.m. ET, November 11-14, 2020.

    Location: Virtual Poster Hall

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

    View Full Article Hide Full Article
  38. - Maintained 34% objective response rate and 79% disease control rate, including two complete responses 

    - XMT-1536 continues to be generally well-tolerated with no new safety signals

    - Data to be presented and discussed during a conference call today at 8 a.m. ET

    CAMBRIDGE, Mass., Sept. 17, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported updated interim safety, tolerability and efficacy data for the ovarian cancer cohort of the ongoing expansion portion of the Phase 1 study evaluating XMT-1536, its first-in-class…

    - Maintained 34% objective response rate and 79% disease control rate, including two complete responses 

    - XMT-1536 continues to be generally well-tolerated with no new safety signals

    - Data to be presented and discussed during a conference call today at 8 a.m. ET

    CAMBRIDGE, Mass., Sept. 17, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported updated interim safety, tolerability and efficacy data for the ovarian cancer cohort of the ongoing expansion portion of the Phase 1 study evaluating XMT-1536, its first-in-class ADC candidate targeting NaPi2b, as part of the 2020 European Society of Medical Oncology (ESMO) Virtual Congress. The Company will host a conference call and webcast today at 8:00 a.m. ET, during which investigator Erika Hamilton, MD, Director of the Breast Cancer and Gynecologic Cancer Research Program from the Sarah Cannon Research Institute at Tennessee Oncology, and members of the Mersana executive team will present and discuss these data.

    "These data further support the continued development of XMT-1536, our first-in-class Dolaflexin ADC targeting NaPi2b, which has recently been granted FDA Fast Track Designation. We are eager to advance XMT-1536 into registration-enabling studies based on its observed antitumor activity and favorable safety profile in an ovarian cancer population with a very poor prognosis and limited treatment options," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "Additionally, we look forward to presenting more comprehensive and mature results from the ongoing expansion cohort around the end of this year."

    This interim analysis focused on the ovarian cancer cohort of the Phase 1 expansion study, including heavily pre-treated patients with platinum-resistant or refractory ovarian cancer, fallopian tube or primary peritoneal cancer who have received up to three lines of prior therapy, and in some cases four lines of prior therapy regardless of platinum status. With a data cutoff of August 18, 2020 these data include 47 patients. These data include additional follow up on the 27 ovarian cancer patients previously presented at the American Society of Clinical Oncology (ASCO) virtual program in May of 2020 as well as 20 new patients who entered the study between May 1, 2020 and August 18, 2020.

    Key findings include:



    Safety profile consistent with previously reported expansion data and no new safety signals observed
     oThe most frequently reported treatment-related adverse events (TRAEs) were generally Grade 1-2 fatigue, nausea, decreased appetite, vomiting and transient AST elevation without associated changes in bilirubin or cases of Hy's law.
     oThere were no reported cases of severe neutropenia, peripheral neuropathy or ocular toxicity.
        
    Continued, significant anti-tumor activity in platinum-resistant and platinum-refractory ovarian cancer and in ovarian cancer previously treated with bevacizumab, PARP inhibitors, or both
     oOf the 29 patients that were evaluable for response, 2/29 (7%) achieved confirmed complete responses (CRs) and 8/29 (28%) achieved confirmed partial responses (PRs) for an objective response rate (ORR) of 34%. Additionally, 13/29 (45%) patients achieved stable disease (SD); the disease control rate (DCR) was 23/29 (79%).
      70% of responses were observed within two cycles and 100% of responses were observed within four cycles. Responses appeared to deepen over time, including responses in patients receiving reduced dose levels.
      The majority of responders had prior treatment with bevacizumab, PARP inhibitors, or both. Both patients with confirmed CRs had prior treatment with bevacizumab and PARP inhibitors.
      Reduction in tumor volume was observed in the majority of patients achieving a best response of stable disease.
      
    Data continue to support a NaPi2b biomarker-based patient selection strategy based on depth, time on study and quality of response
     o50% of patients with higher NaPi2b expression are ongoing in the study while only 33% of patients with lower Napi2b expression are ongoing in study. Median duration of response was not yet reached in the 7 patients with ovarian cancer with higher NaPi2b expression.
     oThe Company expects to define the patient selection strategy based on the total data set from patients treated with XMT-1536.

    Conference Call Details

    Mersana Therapeutics will host a conference call and webcast today at 8:00 a.m. ET to discuss these data. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 5731456. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

    Primary Logo

    View Full Article Hide Full Article
  39. Company to Host Conference Call and Webcast Featuring Study Investigator, Erika Hamilton, MD on September 17, 2020 at 8:00 a.m. ET -

    CAMBRIDGE, Mass., Sept. 10, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present updated interim data from the ovarian cancer cohort of the ongoing Phase 1 expansion study evaluating XMT-1536, its first-in-class ADC candidate targeting NaPi2b. These data will be presented in an on-demand e-poster display at the 2020 European Society of Medical Oncology (ESMO) Virtual Congress…

    Company to Host Conference Call and Webcast Featuring Study Investigator, Erika Hamilton, MD on September 17, 2020 at 8:00 a.m. ET -

    CAMBRIDGE, Mass., Sept. 10, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present updated interim data from the ovarian cancer cohort of the ongoing Phase 1 expansion study evaluating XMT-1536, its first-in-class ADC candidate targeting NaPi2b. These data will be presented in an on-demand e-poster display at the 2020 European Society of Medical Oncology (ESMO) Virtual Congress and will be available beginning Thursday, September 17, 2020.

    Details of the e-poster display are as follows:

    Poster Title: Safety and Efficacy of XMT-1536 in Ovarian Cancer: A Subgroup Analysis from the Phase I Expansion Study of XMT-1536, a NaPi2b Antibody-Drug Conjugate

    Abstract Number: 2365

    Presentation Number: 836P

    E-poster Available: Thursday, September 17, 2020 at 9:00 a.m. CEST (3:00 a.m. ET)



    Mersana will also host a live conference call and webcast featuring study investigator, Erika Hamilton, MD, Director of the Breast Cancer and Gynecologic Cancer Research Program from the Sarah Cannon Research Institute at Tennessee Oncology on Thursday, September 17, 2020 at 8:00 a.m. ET. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 5731456. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

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  40. CAMBRIDGE, Mass., Sept. 03, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that management will present at two upcoming investor conferences. Details are as follows:   

    Baird 2020 Virtual Global Healthcare Conference
    Forum: Fireside Chat
    Date/Time: Thursday, September 10, 2020, at 10:15 a.m. ET

    Cantor Virtual Global Healthcare Conference 2020
    Forum: Presentation
    Date/Time: Tuesday, September 15, 2020, at 3:20 p.m. ET

    A live webcast of the presentations will be available on the Investors & Media section of Mersana's website at…

    CAMBRIDGE, Mass., Sept. 03, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that management will present at two upcoming investor conferences. Details are as follows:   

    Baird 2020 Virtual Global Healthcare Conference

    Forum: Fireside Chat

    Date/Time: Thursday, September 10, 2020, at 10:15 a.m. ET

    Cantor Virtual Global Healthcare Conference 2020

    Forum: Presentation

    Date/Time: Tuesday, September 15, 2020, at 3:20 p.m. ET

    A live webcast of the presentations will be available on the Investors & Media section of Mersana's website at www.mersana.com. Archived replays will be available for approximately 90 days following the presentation.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

    Primary Logo

    View Full Article Hide Full Article
  41. CAMBRIDGE, Mass., Sept. 02, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President of Regulatory Affairs, Chuck Miller. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Mr. Miller as an inducement material to Mr. Miller entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides for the purchase…

    CAMBRIDGE, Mass., Sept. 02, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President of Regulatory Affairs, Chuck Miller. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Mr. Miller as an inducement material to Mr. Miller entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides for the purchase of up to 120,000 shares of Mersana Therapeutics common stock, at a price of $19.16 per share, the closing price per share of Mersana Therapeutics common stock on the date of grant, and vests over four years, with 25% of the shares vesting on the first anniversary of the Mr. Miller's employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Mr. Miller's continued employment with Mersana Therapeutics through such applicable vesting dates.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

    View Full Article Hide Full Article
  42. CAMBRIDGE, Mass., Aug. 31, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Chuck Miller as Senior Vice President of Regulatory Affairs.

    "Chuck has over 25 years of regulatory affairs, program leadership, and product development experience and his addition to the team comes at an important time for Mersana. Chuck has been instrumental in the submission of regulatory filings for multiple products that have transformed patient outcomes. His expertise with both early and late-stage product development, product…

    CAMBRIDGE, Mass., Aug. 31, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the appointment of Chuck Miller as Senior Vice President of Regulatory Affairs.

    "Chuck has over 25 years of regulatory affairs, program leadership, and product development experience and his addition to the team comes at an important time for Mersana. Chuck has been instrumental in the submission of regulatory filings for multiple products that have transformed patient outcomes. His expertise with both early and late-stage product development, product approvals and life-cycle management will be invaluable as we continue to advance XMT-1536 and our robust and maturing pipeline of ADC candidates with the potential to provide meaningful benefits for cancer patients," said Anna Protopapas, president and chief executive officer of Mersana Therapeutics. "We are very pleased to have him on our team."

    Mr. Miller was most recently Vice President of Regulatory Strategy and Labeling at TESARO, Inc before its acquisition by GSK. While at TESARO he was part of the research and development leadership team that provided strategic direction and management of development teams across the entire portfolio. He was instrumental in the approval of ZEJULA® (niraparib) in multiple indications and geographies. Previously, he worked as Executive Director of Regulatory Affairs at Cubist, before its acquisition by Merck. At Cubist he was the Global Regulatory Lead for the ZERBAXA® (ceftolozane/tazobactam) product development team and the lead responsible for teams managing lifecycle development of DIFICID® (fidaxomicin), CUBICIN® (daptomycin) and other drug candidates from Phase 1-3. He has also worked in regulatory strategy and affairs at Vertex Pharmaceuticals, Idenix Pharmaceuticals and Acambis Inc. Mr. Miller holds a B.A. in Biochemistry and Molecular Biology from Boston University.

    "It is incredibly exciting to join the Mersana leadership team at such a pivotal time for the Company. Just this year Mersana has already demonstrated strong proof of concept for XMT-1536 in ovarian cancer, initiated patient enrollment in the Phase 1 dose escalation study for XMT-1592 and progressed earlier programs into late-stage discovery," said Mr. Miller. "I share the vision of advancing clinically meaningful treatments for patients living with cancer and I am looking forward to working with the team."

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

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  43. CAMBRIDGE, Mass., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation for XMT-1536, for the treatment of patients with platinum-resistant high-grade serous ovarian cancer who have received up to three prior lines of systemic therapy or patients who have received four prior lines of systemic therapy regardless of platinum status.

    "We are very encouraged by the FDA's decision to grant us Fast Track Designation for our lead program XMT-1536…

    CAMBRIDGE, Mass., Aug. 11, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation for XMT-1536, for the treatment of patients with platinum-resistant high-grade serous ovarian cancer who have received up to three prior lines of systemic therapy or patients who have received four prior lines of systemic therapy regardless of platinum status.

    "We are very encouraged by the FDA's decision to grant us Fast Track Designation for our lead program XMT-1536, which has shown very encouraging activity and tolerability in our Phase 1 study in ovarian cancer to date. We believe this recognition underscores the high unmet medical need for a treatment for patients with platinum-resistant ovarian cancer," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "With this designation in hand, we plan to be able to quickly advance through the administrative steps of XMT-1536's development and bring forth a therapy for these patients as soon as possible."

    The FDA's Fast Track program is designed to facilitate the development and expedite the review of drugs that treat serious conditions and fill unmet medical needs. A drug granted Fast Track Designation may be eligible for several benefits, including more frequent meetings and communications with the FDA and, if certain criteria are met, the potential for Accelerated Approval, Priority Review or Rolling Review of a Biologics License Application (BLA).

    About XMT-1536

    XMT-1536, a first-in-class ADC targeting the sodium-dependent phosphate transport protein NaPi2b, utilizes the Dolaflexin platform to deliver an average of 10-12 DolaLock payload molecules per antibody. The NaPi2b antigen is broadly expressed in ovarian cancer and non-small cell lung cancer (NSCLC) adenocarcinoma. XMT-1536 is in an ongoing Phase 1 proof-of-concept clinical trial in patients with tumors expressing NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. More information on the ongoing Phase 1 clinical trial can be found at clinicaltrials.gov (NCT03319628).

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws. These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

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  44.  - Presented positive interim expansion cohort data from XMT-1536 Phase 1 study at ASCO demonstrating a 35% objective response rate, including 10% complete response rate and 80% disease control rate in ovarian cancer

    - Initiated patient dosing in a Phase 1 dose escalation study of XMT-1592, a NaPi2b-targeted Dolasynthen ADC

    - Raised $240 million in gross proceeds from ATM and public offering; projected to fund current operating plan commitments for more than two years

    CAMBRIDGE, Mass., Aug. 07, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical…

     - Presented positive interim expansion cohort data from XMT-1536 Phase 1 study at ASCO demonstrating a 35% objective response rate, including 10% complete response rate and 80% disease control rate in ovarian cancer

    - Initiated patient dosing in a Phase 1 dose escalation study of XMT-1592, a NaPi2b-targeted Dolasynthen ADC

    - Raised $240 million in gross proceeds from ATM and public offering; projected to fund current operating plan commitments for more than two years

    CAMBRIDGE, Mass., Aug. 07, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the second quarter ended June 30, 2020.

    "Mersana is in a strong position to deliver on our vision of significantly advancing the ADC field for the benefit of patients in need. In just the first half of 2020, we have demonstrated strong proof of concept with XMT-1536 in ovarian cancer patients who have few options, initiated patient enrollment in the Phase 1 dose escalation study for XMT-1592, progressed our earlier programs into late-stage discovery and strengthened our balance sheet. We are working to rapidly advance XMT-1536 into registration-enabling studies and look forward to presenting a more comprehensive data disclosure around the end of the year as well as providing an incremental interim update on the ovarian cancer patient data at ESMO," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "Additionally, we look forward to disclosing our B7-H4 DolaLock candidate and first STING-agonist ADC candidate from our Immunosynthen platform in the second half of the year."

    Recent Highlights and Updates

    Clinical Programs

    • Reported positive interim data from expansion portion of the XMT-1536 Phase 1 study at the American Society of Clinical Oncology (ASCO) 2020 Virtual Scientific Program. In May 2020, the Company reported interim safety, tolerability and efficacy data from the ongoing expansion portion of the Phase 1 study evaluating XMT-1536, its first-in-class ADC candidate targeting NaPi2b, in patients with ovarian cancer and non-small cell lung (NSCLC) adenocarcinoma. These data show a safety profile without severe neutropenia, peripheral neuropathy, or ocular toxicities; promising antitumor activity in ovarian cancer with 2/20 (10%) achieving confirmed complete responses (CRs) and 5/20 (25%) achieving confirmed partial responses (PRs) for an objective response rate (ORR) of 35%; and continued support for a NaPi2b biomarker-based patient selection strategy.

       
    • Mersana plans to provide a comprehensive data disclosure from the ovarian cancer cohort of the expansion portion of the XMT-1536 Phase 1 study around year-end. The Company now expects to exceed its recruitment goal in ovarian cancer of 40-45 patients and will continue to enroll patients throughout the remainder of 2020. The year-end disclosure will include additional ovarian cancer patients, longer patient follow up as well as the Company's plans for registration-enabling and lifecycle management studies for XMT-1536.

       
    • Mersana plans to provide an incremental interim update on the ovarian cancer cohort of the expansion portion of the XMT-1536 Phase 1 study at the upcoming European Society of Medical Oncology (ESMO) Virtual Congress to be held September 19-21, 2020. The Company's abstract was accepted for an e-poster presentation at the ESMO Virtual Congress 2020 on September 17, 2020. The Company plans to discuss these data during a live conference call and webcast featuring study investigator, Erika Hamilton, MD, Director of the Breast Cancer and Gynecologic Cancer Research Program from the Sarah Cannon Research Institute at Tennessee Oncology on Thursday, September 17, 2020 at 8:00 a.m. ET. The ESMO presentation will include additional follow up from the ovarian cancer patients presented at ASCO as well as an incremental number of patients who entered the study after the ASCO disclosure cutoff of May 1, 2020.



    • NSCLC adenocarcinoma patient cohort from the expansion portion of the XMT-1536 Phase 1 study continues to enroll patients. The Company has efforts ongoing to increase enrollment in the lung cancer expansion cohort including initiating recruitment at international sites that had been put on hold for several months because of COVID-19. The Company will continue to evaluate its progress in enrollment and provide updates on its future quarterly calls which will include the timing of a data disclosure for this expansion cohort.

       
    • Initiated Phase 1 dose escalation study of XMT-1592, a Dolasynthen ADC targeting NaPi2b. In May 2020, the Company announced the initiation of patient dosing in a Phase 1 dose escalation study evaluating XMT-1592, its Dolasynthen ADC targeting NaPi2b. XMT-1592 is the Company's first clinical candidate created using its new Dolasynthen ADC platform. In preclinical studies, XMT-1592 has shown four times greater efficacy in a patient-derived lung tumor model in comparison to XMT-1536, the Company's Dolaflexin ADC that has already shown success when targeted to NaPi2b in the clinic. Upon completion of the dose-escalation portion of the study, the Company will determine the path forward to further assess the safety and activity of XMT-1592 in the expansion portion of the study.

       
    • Presented preclinical data on XMT-1592 demonstrating excellent activity, tolerability and pharmacokinetics, at the American Association for Cancer Research (AACR) 2020 Virtual Annual Meeting. In June 2020, the Company presented XMT-1592 preclinical data showing improved in vivo activity, pharmacokinetics and clinical pathology relative to its stochastically conjugated ADC counterpart. These data also show that XMT-1592 induced sustained tumor regressions in an NSCLC adenocarcinoma patient-derived xenograft.

    Discovery & Platform Progress

    • Presented preclinical data on multiple Immunosynthen STING-agonist ADCs, showing complete tumor regressions after a single dose, excellent tolerability and immune memory, at the AACR 2020 Virtual Annual Meeting. In June 2020, the Company presented data showing target-dependent anti-tumor immune responses in vitro and in vivo after a single, well-tolerated dose, across multiple targets and in multiple preclinical models. These data also show that the Immunosynthen STING-agonist ADCs were more active (over 100-fold increased potency) with significantly lower induction of systemic cytokines when compared to intravenously administered unconjugated (free) agonist, demonstrating its potential to confer an improved therapeutic index. In addition, potent ADC-mediated tumor regression led to durable immunological memory in an immune competent model. Disclosure of the Company's first Immunosynthen candidate remains on track for the second half of 2020.

       
    • First-in-class ADC targeting B7-H4 on track for candidate selection in the second half of 2020. B7-H4 is expressed on both tumor cells and immunosuppressive tumor-associated macrophages (TAMs).  This provides the potential for both a direct, cytotoxic antitumor effect as well as for additional payload delivery to the tumor microenvironment that can further contribute to immunogenic cell death, dendritic cell activation, and stimulation of an immune response consistent with the features of the Company's unique DolaLock payload. IND-enabling studies are ongoing, and the Company remains on track to disclose its development candidate and supporting data in the second half of 2020.

    Corporate

    • Raised $65.2 million in gross proceeds from ATM facility. In April 2020, Mersana raised gross proceeds of $65.2 million through its At-the-Market (ATM) facility. Following this transaction, Mersana established a new ATM equity offering program which allows it to sell up to $100.0 million. As of June 30, 2020, the Company had not sold any shares under the new ATM.

       
    • Raised $174.8 million in gross proceeds from public offering. In June 2020, Mersana closed an underwritten registered public offering of 9,200,000 shares of its common stock at the public offering price of $19.00 per share, which included the exercise in full of the underwriters' option to purchase additional shares of common stock.

    Upcoming Events

    • Mersana will participate in a fireside chat at the BTIG Virtual Biotech Conference scheduled for August 11, 2020.
    • Mersana will give a corporate presentation at the Wedbush PacGrow Virtual Healthcare Conference scheduled for August 12, 2020.
    • Mersana will give a corporate presentation at the Baird Healthcare Conference scheduled for September 10, 2020.

    Second Quarter 2020 Financial Results

    Cash, cash equivalents and marketable securities as of June 30, 2020, were $291.4 million, compared to $99.8 million as of December 31, 2019. Net cash used in operating activities in the second quarter of 2020 was $15.9 million.

    In addition, the Company has the option to draw additional funds of up to $15.0 million through the existing debt financing agreement with Silicon Valley Bank. The Company expects that its cash, cash equivalents and marketable securities will enable it to fund its current operating plan commitments for more than two years.

    • Collaboration revenue for the second quarter of 2020 was $0.8 million, compared to $0.2 million for the same period in 2019. The increase in collaboration revenue was primarily a result of the completion of research services associated with a target included in the Merck KGaA agreement.
    • Research and development expenses for the second quarter of 2020 were approximately $15.4 million, compared to $13.8 million for the same period in 2019. The difference was primarily due to an increase in XMT-1536 and XMT-1592 clinical and regulatory expenses, a milestone payment related to the initiation of XMT-1592 patient dosing, XMT-1536 manufacturing, and advancement of companion diagnostics development efforts for the NaPi2b biomarker. The increase was partially offset by a decrease in preclinical development and manufacturing expenses for XMT-1592 and termination of XMT-1522.
    • General and administrative expenses for the second quarter of 2020 were approximately $5.2 million, compared to $4.2 million during the same period in 2019 primarily due to an increase in the valuation of stock-based awards granted to employees, resulting in a higher non-cash stock compensation expense.
    • Net loss for the second quarter of 2020 was $19.8 million, or $0.33 per share, compared to a net loss of $17.1 million, or $0.36 per share, for the same period in 2019. Weighted average common shares outstanding for the quarters ended June 30, 2020 and June 30, 2019, were 60,748,225 and 47,708,085, respectively.

    Conference Call Details

    Mersana Therapeutics will host a conference call and webcast today at 8:00 a.m. ET to report financial results for the second quarter of 2020 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 1081289. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Mersana Therapeutics, Inc.

    Selected Condensed Consolidated Balance Sheet Data

    (in thousands)

    (unaudited)

     June 30,

    2020
     December 31,

    2019
          
    Cash, cash equivalents and marketable securities$291,378 $99,790
    Working capital (1) 272,481  77,256
    Total assets 310,517  107,541
    Total stockholders' equity 273,564  78,318
          
          
    (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.
     

    Mersana Therapeutics, Inc.

    Condensed Consolidated Statement of Operations

    (in thousands, except share and per share data)

    (unaudited)

     Three months ended Six months ended
     June 30, June 30, June 30, June 30,
      2020   2019   2020   2019
                
    Collaboration revenue$796  $202  $807  $41,237
    Operating expenses:           
    Research and development 15,413   13,766   27,632   28,909
    General and administrative 5,171   4,192   10,106   8,635
    Total operating expenses 20,584   17,958   37,738   37,544
    Other income (expense), net 2   685   219   1,137
    Net income (loss)$(19,786) $(17,071) $(36,712) $4,830
    Other comprehensive income (loss):           
    Unrealized gain on marketable securities 6   11   (23)  19
    Comprehensive income (loss)$(19,780) $(17,060) $(36,735) $4,849
    Net income (loss) per share attributable to common stockholders — basic and diluted$

    (19,786




    )
     $

    (17,071




    )
     $(36,712) $4,830
    Net income (loss) per share attributable to common stockholders - basic$(0.33) $(0.36) $(0.68) $0.12
    Net income (loss) per share attributable to common stockholders - diluted$(0.33) $(0.36) $(0.68) $0.12
    Weighted-average number of common shares used in net income (loss) per share attributable to common stockholders — basic 60,748,225   47,708,085   54,368,429   39,051,958
    Weighted-average number of common shares used in net income (loss) per share attributable to common stockholders — diluted 60,748,225   47,708,085   54,368,429   40,184,374
                   

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

    Primary Logo

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  45. CAMBRIDGE, Mass., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that management will present at two upcoming investor conferences. Details are as follows:   

    BTIG Virtual Biotechnology Conference 2020
    Forum: Fireside Chat
    Date/Time: Tuesday, August 11, 2020, at 1:00 p.m. ET

    2020 Wedbush PacGrow Healthcare Virtual Conference
    Forum: Presentation
    Date/Time: Wednesday, August 12, 2020, at 1:45 p.m. ET

    A live webcast of the presentations will be available on the Investors & Media section of Mersana's website at www.mersana.com

    CAMBRIDGE, Mass., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that management will present at two upcoming investor conferences. Details are as follows:   

    BTIG Virtual Biotechnology Conference 2020

    Forum: Fireside Chat

    Date/Time: Tuesday, August 11, 2020, at 1:00 p.m. ET

    2020 Wedbush PacGrow Healthcare Virtual Conference

    Forum: Presentation

    Date/Time: Wednesday, August 12, 2020, at 1:45 p.m. ET

    A live webcast of the presentations will be available on the Investors & Media section of Mersana's website at www.mersana.com. Archived replays will be available for approximately 90 days following the presentation.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

    Primary Logo

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  46. CAMBRIDGE, Mass., July 31, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Friday, August 7, 2020 at 8:00 a.m. ET to report financial results for the second quarter ended June 30, 2020 and provide business updates. 

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 1081289. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com

    CAMBRIDGE, Mass., July 31, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Friday, August 7, 2020 at 8:00 a.m. ET to report financial results for the second quarter ended June 30, 2020 and provide business updates. 

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 1081289. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

     

    Primary Logo

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    • Preclinical data on XMT-1592, a NaPi2b-targeted site-specific and homogeneous Dolasynthen ADC, demonstrate excellent activity, tolerability and pharmacokinetics

    • Preclinical data on multiple Immunosynthen STING-agonist ADCs show complete tumor regressions after a single dose, excellent tolerability and immune memory

    CAMBRIDGE, Mass., June 22, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today presented preclinical data for XMT-1592, its clinical stage Dolasynthen ADC targeting NaPi2b, as well as progress on its Immunosynthen STING-agonist…

    • Preclinical data on XMT-1592, a NaPi2b-targeted site-specific and homogeneous Dolasynthen ADC, demonstrate excellent activity, tolerability and pharmacokinetics



    • Preclinical data on multiple Immunosynthen STING-agonist ADCs show complete tumor regressions after a single dose, excellent tolerability and immune memory

    CAMBRIDGE, Mass., June 22, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today presented preclinical data for XMT-1592, its clinical stage Dolasynthen ADC targeting NaPi2b, as well as progress on its Immunosynthen STING-agonist ADC platform at the American Association for Cancer Research (AACR) 2020 Virtual Annual Meeting.

    "The advancement of XMT-1592 is another example of our commitment to innovation in the ADC field and to extending our leadership in NaPi2b-targeted therapy. The ongoing Phase 1 study aims to clinically validate the advantages represented by the preclinical data shown in the AACR poster," said Timothy B. Lowinger, Ph.D., Chief Science and Technology Officer of Mersana Therapeutics. "With Immunosynthen, we are leveraging our expertise to extend the benefits of ADCs into the realm of immuno-oncology with the aim of stimulating the innate immune system in a targeted, safe and effective manner. These data demonstrate that across multiple targets, antibodies and pre-clinical models, the Immunosynthen STING-agonist ADC platform delivers robust, target-dependent anti-tumor effects at well-tolerated doses and induces tumor-specific immune memory and other hallmarks of immune activation. We remain on track to select our first Immunosynthen STING-agonist ADC development candidate in the second half of 2020."

    "We've made significant progress with our differentiated Dolasynthen and Immunosynthen ADC platforms to advance our pipeline," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "These novel platforms, together with our clinically validated Dolaflexin platform, represent significant breakthroughs in the ADC field. Our vision is to continue to leverage these platforms to deliver meaningful therapies to patients in need."   

    Details of the posters are as follows:

    Poster Title: XMT-1592, a Site-Specific Dolasynthen-Based NaPi2b-Targeted Antibody-Drug Conjugate for the Treatment of Ovarian Cancer and Lung Adenocarcinoma

    Poster Number: 2894

    Date: June 22, 2020 at 9:00 a.m. ET and on demand

    Session Type: Poster Session

    XMT-1592 is an ADC created using Dolasynthen, Mersana's proprietary, customizable and homogeneous platform designed to precisely optimize an ADC for a given target, drug-to-antibody ratio (DAR) and antibody. XMT-1592 is currently in an ongoing Phase 1 dose escalation study to determine the maximum tolerated dose (MTD) in patients with non-small cell lung cancer (NSCLC) adenocarcinoma and ovarian cancer. This poster evaluates the benefits of site-specific bioconjugation of Dolasynthen by reporting in vitro and in vivo comparisons of XMT-1592 to a stochastically conjugated version of the ADC. XMT-1592 shows improved in vivo activity, pharmacokinetics and clinical pathology relative to its stochastic counterpart. These data also show that XMT-1592 induced sustained tumor regressions in an NSCLC adenocarcinoma patient-derived xenograft.

    Poster Title: Systemic Administration of STING-Agonist Antibody-Drug Conjugates Elicit Potent Anti-Tumor Immune Responses with Minimal Induction of Circulating Cytokines

    Poster Number: 6706

    Date: June 22, 2020 at 9:00 a.m. and on demand

    Session Type: Poster Session

    These data presented today show that Immunosynthen represents a novel STING-agonist ADC platform for the systemic administration of a therapeutic agent with targeted immune-stimulatory effects. These data show target-dependent anti-tumor immune responses in vitro and in vivo as a single well-tolerated dose for multiple targets in multiple preclinical models. The data also show that the STING-agonist ADC was more active (over 100-fold increased potency) with limited induction of systemic cytokines when compared to intravenously administered unconjugated (free) agonist, suggesting it may confer an improved therapeutic index. In addition, potent ADC-mediated tumor regression led to durable immunological memory in an immune competent model.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020, with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody

    617-844-8577

    Primary Logo

    View Full Article Hide Full Article
  47. CAMBRIDGE, Mass., June 02, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc., (NASDAQ:MRSN) a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the closing of its underwritten registered public offering of 9,200,000 shares of its common stock at the public offering price of $19.00 per share, which includes the exercise in full of the underwriters' option to purchase additional shares of common stock. The total gross proceeds to Mersana from the offering, before deducting underwriting discounts and commissions and offering expenses, are approximately $174.8 million.

    Cowen and SVB Leerink acted…

    CAMBRIDGE, Mass., June 02, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc., (NASDAQ:MRSN) a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the closing of its underwritten registered public offering of 9,200,000 shares of its common stock at the public offering price of $19.00 per share, which includes the exercise in full of the underwriters' option to purchase additional shares of common stock. The total gross proceeds to Mersana from the offering, before deducting underwriting discounts and commissions and offering expenses, are approximately $174.8 million.

    Cowen and SVB Leerink acted as joint bookrunning managers for the offering. Wedbush PacGrow acted as lead manager and Baird and H.C. Wainwright & Co. acted as co-managers for the offering.

    The shares of common stock described above were offered by Mersana pursuant to a shelf registration statement on Form S-3 (File No. 333-238140), as well as a related registration statement on Form S-3MEF filed with the Securities and Exchange Commission (SEC) pursuant to Rule 462(b) under the Securities Act of 1933, as amended. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on May 28, 2020. The final prospectus supplement relating to the offering was filed with the SEC on May 29, 2020 and copies of the final prospectus supplement and the accompanying prospectus may be obtained from: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 Attention: Prospectus Department, by telephone at (833) 297-2926, or by email at ; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, by telephone at 800-808-7525, ext. 6132 or by email at . Electronic copies of the final prospectus supplement and the accompanying prospectus are also available on the website of the SEC at www.sec.gov.

    This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of shares of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020 with the SEC and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577

    Primary Logo

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  48. CAMBRIDGE, Mass., May 28, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the pricing of an underwritten public offering of 8,000,000 shares of common stock at a price to the public of $19.00 per share. Gross proceeds to Mersana from the offering are expected to be $152.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Mersana. In addition, Mersana has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock, at the public offering…

    CAMBRIDGE, Mass., May 28, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the pricing of an underwritten public offering of 8,000,000 shares of common stock at a price to the public of $19.00 per share. Gross proceeds to Mersana from the offering are expected to be $152.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Mersana. In addition, Mersana has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares of common stock, at the public offering price less underwriting discounts and commissions. All shares are being sold by Mersana. The offering is expected to close on June 2, 2020, subject to the satisfaction of customary closing conditions.

    Cowen and SVB Leerink are acting as joint bookrunning managers for the offering. Wedbush PacGrow is acting as lead manager and Baird and H.C. Wainwright & Co. are acting as co-managers for the offering.

    Mersana intends to use the net proceeds from the offering to support clinical development of XMT-1536 and XMT-1592, to progress Mersana's next ADC product candidates into Phase 1 clinical development, to progress Mersana's early platform development and the balance to fund working capital, capital expenditures and other general corporate purposes.

    The shares of common stock described above are being offered by Mersana pursuant to an effective shelf registration statement on Form S-3 (File No. 333-238140), as well as a related registration statement on Form S-3MEF filed with the Securities and Exchange Commission (SEC) pursuant to Rule 462(b) under the Securities Act of 1933, as amended. A preliminary prospectus supplement related to the offering was filed with the SEC on May 28, 2020. The final prospectus supplement related to the offering will be filed with the SEC. When available, you may obtain copies of the final prospectus supplement and the accompanying prospectus from: Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 Attention: Prospectus Department, by telephone at (833) 297-2926, or by email at ; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, by telephone at 800-808-7525, ext. 6218 or by email at . Electronic copies of the final prospectus supplement and the accompanying prospectus will also be available on the website of the SEC at www.sec.gov.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    Certain statements contained in this press release, including those relating to the expected proceeds from the offering, the use of proceeds from the offering and the expected closing of the offering, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties associated with the consummation of the proposed offering and general economic conditions, including as a result of the ongoing COVID-19 pandemic, and other risks identified from time to time in the reports we file with the SEC, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and the preliminary prospectus supplement and accompanying prospectus related to the offering on file with the SEC, which are available at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577

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  49. CAMBRIDGE, Mass., May 28, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present at the Jefferies Virtual Global Healthcare Conference on Wednesday, June 3, at 9:00 a.m. ET.  

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the presentation.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical…

    CAMBRIDGE, Mass., May 28, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that Anna Protopapas, President and Chief Executive Officer, will present at the Jefferies Virtual Global Healthcare Conference on Wednesday, June 3, at 9:00 a.m. ET.  

    A live webcast of the presentation will be available on the Investors & Media section of Mersana's website at www.mersana.com. An archived replay will be available for approximately 90 days following the presentation.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact
    Sarah Carmody
    617-844-8577
     

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  50. CAMBRIDGE, Mass., May 28, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it intends to offer and sell shares of its common stock in an underwritten public offering of 5 million shares of its common stock. All shares being offered are to be sold by Mersana. As part of the offering, Mersana intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering, at the public offering price less underwriting discounts and commissions.

    Cowen and SVB…

    CAMBRIDGE, Mass., May 28, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it intends to offer and sell shares of its common stock in an underwritten public offering of 5 million shares of its common stock. All shares being offered are to be sold by Mersana. As part of the offering, Mersana intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering, at the public offering price less underwriting discounts and commissions.

    Cowen and SVB Leerink are acting as joint bookrunning managers for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

    Mersana intends to use the net proceeds from the offering to support clinical development of XMT-1536 and XMT-1592, to progress Mersana's next ADC product candidates into Phase 1 clinical development, to progress Mersana's early platform development and the balance to fund working capital, capital expenditures and other general corporate purposes.

    The shares of common stock described above are being offered by Mersana pursuant to an effective shelf registration statement on Form S-3 (File No. 333-238140), which was declared effective by the Securities and Exchange Commission (SEC) on May 15, 2020. The offering will be made only by means of a preliminary prospectus supplement and accompanying prospectus, copies of which may be obtained, when available, from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 Attention: Prospectus Department, by telephone at (833) 297-2926, or by email at , and SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, Massachusetts 02110, by telephone at 800-808-7525, ext. 6218 or by email at . Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    Certain statements contained in this press release, including those relating to the terms of the offering and expected use of proceeds from the sale of common stock, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties associated with the consummation of the proposed offering and general economic conditions, including as a result of the ongoing COVID-19 pandemic, and other risks identified from time to time in the reports we file with the SEC, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and the preliminary prospectus supplement and accompanying prospectus related to the offering to be filed with the SEC, which are available at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of the statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577
     

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  51. CAMBRIDGE, Mass., May 15, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present preclinical data for XMT-1592, its Dolasynthen ADC candidate targeting NaPi2b, and its Immunosynthen STING-agonist ADC platform at the American Association for Cancer Research (AACR) 2020 Virtual Annual Meeting being held from June 22 – June 24, 2020.   

    Details of the posters are as follows:

    Poster Title: XMT-1592, a Site-Specific Dolasynthen-Based NaPi2b-Targeted Antibody-Drug Conjugate for the Treatment of Ovarian Cancer and Lung…

    CAMBRIDGE, Mass., May 15, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present preclinical data for XMT-1592, its Dolasynthen ADC candidate targeting NaPi2b, and its Immunosynthen STING-agonist ADC platform at the American Association for Cancer Research (AACR) 2020 Virtual Annual Meeting being held from June 22 – June 24, 2020.   

    Details of the posters are as follows:

    Poster Title: XMT-1592, a Site-Specific Dolasynthen-Based NaPi2b-Targeted Antibody-Drug Conjugate for the Treatment of Ovarian Cancer and Lung Adenocarcinoma
    Abstract Number: 7067
    Poster Number: 2894
    Date: June 22, 2020
    Session Type: Poster Session
    Session Category: Experimental and Molecular Therapeutics
    Session Title: Antibody Drug Conjugates

    Poster Title: Systemic Administration of STING Agonist Antibody-Drug Conjugates Elicit Potent Anti-Tumor Immune Responses with Minimal Induction of Circulating Cytokines
    Abstract Number: 6258
    Poster Number: 6706
    Date: June 22, 2020
    Session Type: Poster Session
    Session Category: Immunology
    Session Title: Immunomodulatory Agents and Interventions 3

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577

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  52. CAMBRIDGE, Mass., May 14, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the initiation of patient dosing in a Phase 1 dose escalation study evaluating XMT-1592, its Dolasynthen ADC targeting NaPi2b. XMT-1592 is the Company's first clinical candidate created using its new customizable and homogenous Dolasynthen ADC platform.

    "XMT-1592 has shown a differentiated preclinical profile, particularly in NSCLC where we saw a four-fold increase in efficacy over XMT-1536, consistent with increased exposure to the DolaLock payload in…

    CAMBRIDGE, Mass., May 14, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the initiation of patient dosing in a Phase 1 dose escalation study evaluating XMT-1592, its Dolasynthen ADC targeting NaPi2b. XMT-1592 is the Company's first clinical candidate created using its new customizable and homogenous Dolasynthen ADC platform.

    "XMT-1592 has shown a differentiated preclinical profile, particularly in NSCLC where we saw a four-fold increase in efficacy over XMT-1536, consistent with increased exposure to the DolaLock payload in the tumor, and we look forward to working to validate the clinical differentiation of this candidate," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "XMT-1592 also has the potential to further extend our leadership position in NaPi2b-expressing malignancies, and we are very pleased to have reached this important 2020 goal of advancing this promising ADC candidate into the clinic."

    This Phase 1, open-label, dose-escalation study is designed to determine the maximum tolerated dose (MTD) of XMT-1592 in patients with non-small cell lung cancer (NSCLC) adenocarcinoma and ovarian cancer. Upon completion of the dose-escalation portion of the study, the Company will determine the path forward to further assess the safety and activity of XMT-1592 in the expansion portion of the study.

    About XMT-1592
    XMT-1592 is an ADC targeting NaPi2b-expressing tumors. XMT-1592 was created with the Dolasynthen platform, retaining the Company's proprietary NaPi2b antibody and auristatin DolaLock payload with controlled bystander effect plus the added benefits of site-specific conjugation, precise drug-to-antibody ratio, and even greater hydrophilicity for further enhanced drug-like properties and tumor exposure. In preclinical studies, Dolasynthen has shown four times greater efficacy in a patient-derived lung tumor model in comparison to Dolaflexin, a platform that has already shown success when targeted to NaPi2b.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. XMT-1592, Mersana's second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana's customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING-agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on track," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020 and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577

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  53. CAMBRIDGE, Mass., May 13, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present interim data from the ongoing Phase 1 expansion evaluating XMT-1536, its first-in-class ADC candidate targeting NaPi2b, in patients with ovarian cancer and non-small cell lung (NSCLC) adenocarcinoma. The data will be presented in a poster session featuring study investigator, Debra L. Richardson, MD, Associate Professor of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences Center and the Sarah…

    CAMBRIDGE, Mass., May 13, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will present interim data from the ongoing Phase 1 expansion evaluating XMT-1536, its first-in-class ADC candidate targeting NaPi2b, in patients with ovarian cancer and non-small cell lung (NSCLC) adenocarcinoma. The data will be presented in a poster session featuring study investigator, Debra L. Richardson, MD, Associate Professor of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences Center and the Sarah Cannon Research Institute at the American Society of Clinical Oncology (ASCO) 2020 Virtual Scientific Program being held from May 29 – May 31, 2020.

    Details of the poster session and accompanying summary presentation by Dr. Richardson are as follows:

    Poster Title: Phase I expansion study of XMT-1536, a novel NaPi2b-targeting antibody-drug conjugate (ADC): Preliminary efficacy, safety, and biomarker results in patients with previously treated metastatic ovarian cancer (OC) or non-small cell lung cancer (NSCLC).
    Abstract Number: 3549
    Date: Friday, May 29, 2020
    Poster Available: 8:00 a.m. ET
    Session: Developmental Therapeutics— Molecularly Targeted Agents and Tumor Biology

    The poster will include safety, tolerability and efficacy for new patients treated with 36 mg/m2 and 43 mg/m2. Further, these interim data will also report on the relationship between response and biomarker expression. With a cutoff of May 1, 2020, the ASCO presentation will include 20 RECIST-evaluable ovarian cancer patients and 4 RECIST-evaluable NSCLC patients. Biomarker expression data will be available for the majority of evaluable patients. Additional patients are enrolled in the study but have not yet reached the RECIST evaluation timepoint.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogeneous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on target," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020 and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577

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  54. CAMBRIDGE, Mass., May 13, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced plans to host a live conference call and webcast on Wednesday, May 27, 2020 at 8:00 a.m. ET to report interim data from the ongoing XMT-1536 Phase 1 dose expansion in patients with ovarian cancer and non-small cell lung (NSCLC) adenocarcinoma. Members of the Mersana executive team will be joined by investigator, Debra L. Richardson, MD, Associate Professor of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences…

    CAMBRIDGE, Mass., May 13, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced plans to host a live conference call and webcast on Wednesday, May 27, 2020 at 8:00 a.m. ET to report interim data from the ongoing XMT-1536 Phase 1 dose expansion in patients with ovarian cancer and non-small cell lung (NSCLC) adenocarcinoma. Members of the Mersana executive team will be joined by investigator, Debra L. Richardson, MD, Associate Professor of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences Center and the Sarah Cannon Research Institute.

    These data will include safety, tolerability and efficacy for new patients treated with 36 mg/m2 and 43 mg/m2. Further, these interim data will also report on the relationship between response and biomarker expression. With a cutoff date of May 1, 2020, the presentation will include 20 RECIST-evaluable ovarian cancer patients and 4 RECIST-evaluable NSCLC patients. Biomarker expression data will be available for the majority of evaluable patients. Additional patients are enrolled in the study but have not yet reached the RECIST evaluation timepoint.

    Conference Call Details
    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 7785868. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogenous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "on target," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC"), the Company's Quarterly Report on Form 10-Q filed on May 8, 2020 and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577

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  55. Recently presented promising XMT-1536 Phase 1 dose escalation data and established maximum tolerated dose, subsequently raising $65M of gross proceeds from the Company's ATM facility

    Company to present interim data from the ongoing XMT-1536 Phase 1 dose expansion on a conference call on May 27, 2020 and at the upcoming American Society of Clinical Oncology (ASCO) 2020 virtual scientific program

    CAMBRIDGE, Mass., May 08, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the first…

    Recently presented promising XMT-1536 Phase 1 dose escalation data and established maximum tolerated dose, subsequently raising $65M of gross proceeds from the Company's ATM facility

    Company to present interim data from the ongoing XMT-1536 Phase 1 dose expansion on a conference call on May 27, 2020 and at the upcoming American Society of Clinical Oncology (ASCO) 2020 virtual scientific program

    CAMBRIDGE, Mass., May 08, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the first quarter ended March 31, 2020.

    "The Phase 1 dose escalation study demonstrates that XMT-1536 is well tolerated, without the severe neutropenia, peripheral neuropathy, or ocular toxicity commonly seen with other ADC platforms, and delivers confirmed responses and durable stable disease in heavily-pretreated patients. We will provide an early look at the Phase 1 dose expansion data on a conference call and at the upcoming ASCO virtual scientific program and remain on track to reach our goal of progressing XMT-1536 through proof of concept and into registration-enabling studies," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "The COVID-19 crisis has certainly caused disruption, and we are immensely thankful to those healthcare professionals on the front lines who continue to support patients during these uncertain times. Despite the impact of this crisis, we have continued to advance all our novel ADC programs. We will move forward guided by the knowledge that cancer patients with significant unmet medical need are still waiting for clinically meaningful treatment options."

    Recent Highlights and Updates

    Clinical Programs

    • Reported updated data from XMT-1536 Phase 1 dose escalation. On March 30, 2020, the Company reported updated efficacy and safety data in heavily pretreated patients with ovarian cancer and non-small cell lung cancer (NSCLC) adenocarcinoma. These data showed that XMT-1536 was generally well tolerated at doses up to 43 mg/m2 and induced confirmed responses and durable stable disease in both ovarian cancer and NSCLC adenocarcinoma with a favorable trend towards higher response rates in patients with higher NaPi2b expression. As disclosed in its conference call on March 30, 2020, the Company has established 43 mg/m2 as the maximum tolerated dose and the dose escalation portion of the study is no longer enrolling patients.
       
    • XMT-1536 Phase 1 interim expansion abstract accepted for poster session at upcoming ASCO 2020 virtual scientific program. Mersana plans to present interim data from the ongoing expansion on a live conference call and webcast featuring study investigator, Debra L. Richardson, MD, Associate Professor of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences Center and the Sarah Cannon Research Institute, on Wednesday, May 27, 2020 at 8:00 a.m. ET and at the upcoming ASCO virtual scientific program scheduled for May 29 – 31, 2020. These data will include safety, tolerability and efficacy for patients treated with 36 mg/m2 and 43 mg/m2. Further, these interim data will also report on the current status of the relationship between response and biomarker expression. With a cutoff of May 1, 2020, the ASCO presentation will include 20 RECIST-evaluable ovarian cancer patients and 4 RECIST-evaluable NSCLC patients. Biomarker expression data will be available for the majority of evaluable patients. Additional patients are enrolled in the study but have not yet reached the RECIST evaluation timepoint. Study sites continue to enroll, and patients continue to be monitored under FDA-recommended mitigation strategies for COVID-19.
       
    • Second clinical candidate, XMT-1592, a Dolasynthen ADC targeting NaPi2b, remains on track to enter the clinic in the second quarter of 2020. In preclinical studies, XMT-1592 has shown four times greater efficacy in a patient-derived lung tumor model in comparison to Dolaflexin, a platform that has already shown success when targeted to NaPi2b. The Phase 1 study will seek to clinically validate the differentiation of XMT-1592 by using the Company's NaPi2b experience to efficiently progress this candidate through dose escalation. The Company plans to present XMT-1592 preclinical data at the American Association for Cancer Research (AACR) Virtual Annual Meeting scheduled for June 22 – 24, 2020.

    Discovery & Platform Progress

    • First-in-class ADC targeting B7-H4 on track for candidate selection in the second half of 2020. B7-H4 is expressed on both tumor cells and immunosuppressive tumor-associated macrophages (TAMs).  This provides the potential for both a direct, cytotoxic antitumor effect as well as for additional payload delivery to the tumor microenvironment that can further contribute to immunogenic cell death, dendritic cell activation and stimulation of an immune response consistent with the features of the Company's unique DolaLock payload. IND-enabling studies are ongoing, and the Company plans to disclose its development candidate and supporting data in the second half of 2020.
       
    • Disclosure of the first Immunosynthen development candidate on track for the second half of 2020. Immunosynthen, the Company's novel STING-agonist ADC platform, has generated preclinical data across multiple targets and models showing complete regression of tumors in vivo with a single, well-tolerated dose, consistent with increased cytokine expression and immune cell infiltration within the tumor, and immune memory. The Company plans to present additional preclinical data at the upcoming virtual AACR annual meeting in June 2020 and expects to select its first Immunosynthen development candidate in the second half of 2020.

    Corporate

    • New addition to Board to Directors. In April 2020, the Company announced the appointment of Martin H. Huber, M.D., to its Board of Directors. Dr. Huber is the Chief Medical Officer of Xilio Therapeutics. Prior to that, he served as Senior Vice President and Chief Medical Officer at TESARO, Inc.
       
    • Raised $65M in gross proceeds from ATM facility. On April 7, 2020, Mersana announced that it raised gross proceeds of approximately $65 million through its At-the-Market (ATM) facility with participation based on interest received from Avoro Capital Advisors LLC, Bain Capital Life Sciences, Consonance Capital Investors and David Mott, Mersana's Chairman of the Board.

    Response to COVID-19 and Potential Business Impacts

    Mersana continues to monitor the impact of the COVID-19 pandemic on operations and ongoing clinical and preclinical development, as well as discovery efforts. Mitigation activities to minimize COVID-19-related operation disruptions are ongoing and include:

    • In line with guidance from the U.S. Centers for Disease Control and Prevention (CDC) and the state of Massachusetts, the Company has implemented work from home measures for all non-laboratory employees and has suspended all business travel. The Company has also prioritized laboratory activities and implemented staggered schedules in the interest of safety and efficiency for laboratory-based employees.
       
    • The Company currently works with over 20 investigational sites in different geographic areas across the United States which are enrolling patients in the XMT-1536 Phase 1 study. Consistent with FDA guidance, the Company issued an administrative letter to allow for remote patient monitoring and remote testing, when possible. Most of the study sites continue to enroll patients in the study. At this time and subject to further COVID-19 implications to patient enrollment, the Company expects to be able to present more mature data from the expansion portion of the study in the second half of 2020.
       
    • Mersana believes it has sufficient inventory of XMT-1536 and XMT-1592 to support its ongoing and planned clinical studies as well as sufficient inventory of advanced intermediates stockpiled in the United States to support more than two years of manufacturing of drug substance and product. At this time and subject to further COVID-19 implications, the Company does not anticipate any disruptions to its clinical supply.

    Upcoming Events

    • The Company will present interim data from the XMT-1536 Phase 1 expansion study on a live conference call and webcast on Wednesday, May 27, 2020 at 8 a.m. ET and during a poster session at the American Society of Clinical Oncology (ASCO) 2020 Virtual Scientific Program scheduled for May 29 – 31, 2020.
    • Mersana will give a corporate presentation at the Virtual Jefferies Healthcare Conference scheduled for June 2 – 4, 2020.
    • Mersana will present preclinical data for XMT-1592 and its novel Immunosynthen STING-agonist ADC platform at the AACR Virtual Annual Meeting scheduled for June 22 – 24, 2020.

    First Quarter 2020 Financial Results

    Cash, cash equivalents and marketable securities as of March 31, 2020, were $78.4 million, compared to $99.8 million as of December 31, 2019. Net cash used in operating activities in the first quarter of 2020 was $21.2 million compared to $24.7 million for the same period in 2019. Net cash used in operating activities increased in the first quarter of 2020 compared to $12.6 million in the fourth quarter of 2019 due to the timing of compensation payments and a reduction of the accounts payable balance.

    On April 7, 2020 the Company raised approximately $65.0 million in gross proceeds through the sale of approximately 8.9 million shares of common stock at a purchase price of $5.59 and another 2.0 million shares at the closing price of $7.74, in each case the market price at the time of sale, through its At-the-Market (ATM) facility. In addition, the Company has the option to draw additional funds of up to $15.0 million through the existing debt financing agreement with Silicon Valley Bank. The Company expects that its current cash, cash equivalents and marketable securities, including the $65.0 million of gross proceeds from the ATM facility, will enable it to fund its operating plan into early 2022.

    • Collaboration revenue for the first quarter of 2020 was immaterial, compared to $41.0 million for the same period in 2019. The decrease in collaboration revenue was primarily as a result of the $40.0 million in deferred revenue that was recognized in the first quarter of 2019 associated with the discontinuation of the partnership with Takeda announced in January 2019.
    • Research and development expenses for the first quarter of 2020 were approximately $12.2 million, compared to $15.1 million for the same period in 2019. The difference was primarily due to an upfront payment for a technology license fee and timing of research efforts, a decrease in expenditures in support of partner programs, and decreased manufacturing costs for XMT-1536 and XMT-1522, offset by increased costs for XMT-1536 clinical expenses, and advancement of companion diagnostics development efforts for the NaPi2b biomarker. 
    • General and administrative expenses for the first quarter of 2020 were approximately $4.9 million, compared to $4.4 million during the same period in 2019.
    • Net loss for the first quarter of 2020 was $16.9 million, or $0.35 per share, compared to a net income of $21.9 million, or $0.72 per share, for the same period in 2019. The difference year over year was primarily attributable to $40.0 million in deferred revenue that was recognized in the first quarter of 2019 as a result of the discontinuation of Takeda partnership announced in January 2019. Weighted average common shares outstanding for the quarters ended March 31, 2020 and March 31, 2019, were 47,988,630 and 30,299,650, respectively. Common shares outstanding as of May 5, 2020 were 58,949,470, inclusive of the impact of the ATM transaction and the exercise of pre-funded warrants by Biotechnology Value Fund, L.P. pursuant to the exchange agreement entered into in November 2019.

    Conference Call Details
    Mersana Therapeutics will host a conference call and webcast today at 8:00 a.m. ET to report financial results for the first quarter of 2020 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 9961647. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogeneous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "aims," "anticipates," "believes," "contemplates," "continues," "could," "estimates," "expects," "goal," "intends," "may," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "target," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC") and subsequent SEC filings. In addition, while we expect that the COVID-19 pandemic might adversely affect the Company's preclinical and clinical development efforts, business operations and financial results, the extent of the impact on the Company's operations and the value of and market for the Company's common stock will depend on future developments that are highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, physical distancing and business closure requirements in the U.S. and in other countries, and the effectiveness of actions taken globally to contain and treat the disease. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.


    Mersana Therapeutics, Inc.
    Selected Condensed Consolidated Balance Sheet Data
    (in thousands)
    (unaudited)

      March 31,
    2020
      December 31,
    2019
               
    Cash, cash equivalents and marketable securities $ 78,426   $ 99,790
    Working capital (1)   62,802     77,256
    Total assets   95,858     107,541
    Total stockholders' equity   63,091     78,318
               
               
    (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.
     

    Mersana Therapeutics, Inc.
    Condensed Consolidated Statement of Operations
    (in thousands, except share and per share data)
    (unaudited)

      Three months ended
      March 31,   March 31, 
      2020   2019 
                 
    Collaboration revenue $ 11     $ 41,035  
    Operating expenses:            
    Research and development   12,219       15,143  
    General and administrative   4,936       4,443  
    Total operating expenses   17,155       19,586  
    Other income (expense):            
    Interest income   306       452  
    Interest expense   (88 )     --  
    Total other income (expense), net   218       452  
    Net income (loss) $ (16,926 )   $ 21,901  
    Other comprehensive income (loss):            
    Unrealized gain (loss) on marketable securities   (29 )     8  
    Comprehensive income (loss) $ (16,955 )   $ 21,909  
    Net income (loss) attributable to common stockholders — basic and diluted $ (16,926 )   $ 21,901  
    Net income (loss) per share attributable to common stockholders — basic $ (0.35 )   $ 0.72  
    Net income (loss) per share attributable to common stockholders — diluted $ (0.35 )   $ 0.70  
    Weighted-average number of shares of common stock used in net income (loss) per share attributable to common stockholders — basic   47,988,630       30,299,650  
    Weighted-average number of shares of common stock used in net income (loss) per share attributable to common stockholders — diluted   47,988,630       31,461,696  
                   

    Contact:
    Investor & Media Contact
    Sarah Carmody, 617-844-8577

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  56. CAMBRIDGE, Mass., April 29, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Friday, May 8, 2020 at 8:00 a.m. ET to report financial results for the first quarter ended March 31, 2020 and provide business updates, including details on its XMT-1536 Phase 1 interim dose expansion data disclosure and poster session at the upcoming American Society of Clinical Oncology's (ASCO) 2020 Virtual Scientific Program. 

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870…

    CAMBRIDGE, Mass., April 29, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it will host a conference call and webcast on Friday, May 8, 2020 at 8:00 a.m. ET to report financial results for the first quarter ended March 31, 2020 and provide business updates, including details on its XMT-1536 Phase 1 interim dose expansion data disclosure and poster session at the upcoming American Society of Clinical Oncology's (ASCO) 2020 Virtual Scientific Program. 

    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 9961647. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogeneous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577

    Primary Logo

    View Full Article Hide Full Article
  57. CAMBRIDGE, Mass., April 07, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it has raised gross proceeds of approximately $65 million through its At-the-Market (ATM) facility with participation based on interest received from Avoro Capital Advisors LLC, Bain Capital Life Sciences, Consonance Capital Investors and David Mott, Mersana's Chairman of the Board. The Company sold approximately 8.9 million shares of the Company's common stock at a purchase price of $5.59 and 2.0 million shares at the closing price of $7.74, in each…

    CAMBRIDGE, Mass., April 07, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced that it has raised gross proceeds of approximately $65 million through its At-the-Market (ATM) facility with participation based on interest received from Avoro Capital Advisors LLC, Bain Capital Life Sciences, Consonance Capital Investors and David Mott, Mersana's Chairman of the Board. The Company sold approximately 8.9 million shares of the Company's common stock at a purchase price of $5.59 and 2.0 million shares at the closing price of $7.74, in each case the market price at the time of sale. Cowen is acting as the sales agent for the ATM facility.

    The additional funds raised through the ATM strengthen the Company's balance sheet and will be used to advance its pipeline, including the clinical development of XMT-1536 and XMT-1592, as well as for working capital and other general corporate purposes. 

    The shares of common stock described above were sold by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-226055), including a preliminary prospectus supplement, which was declared effective by the SEC on September 17, 2018. A final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Cowen and Company, LLC c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, by email at or by telephone at (833) 297-2926. Electronic copies of the final prospectus supplement and the accompanying prospectus will also be available on the SEC's website at http://www.sec.gov.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

    About Mersana Therapeutics

    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogenous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the use of proceeds raised through the ATM facility. Forward-looking statements generally can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, including as a result of any impact of the current pandemic, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC") and subsequent SEC filings. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact

    Sarah Carmody, 617-844-8577

     

    Primary Logo

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  58. - Well tolerated at doses up to 43 mg/m2 with encouraging activity in heavily pre-treated patient populations

    - Favorable trend towards higher response rates with higher NaPi2b expression

    - On track for interim disclosure of Phase 1 expansion cohort data in Q2 2020

    CAMBRIDGE, Mass., March 30, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced updated efficacy and safety data in patients with ovarian cancer and non-small cell lung cancer (NSCLC) adenocarcinoma from its ongoing Phase 1 dose escalation study evaluating XMT-1536. The…

    - Well tolerated at doses up to 43 mg/m2 with encouraging activity in heavily pre-treated patient populations

    - Favorable trend towards higher response rates with higher NaPi2b expression

    - On track for interim disclosure of Phase 1 expansion cohort data in Q2 2020

    CAMBRIDGE, Mass., March 30, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced updated efficacy and safety data in patients with ovarian cancer and non-small cell lung cancer (NSCLC) adenocarcinoma from its ongoing Phase 1 dose escalation study evaluating XMT-1536. The Company will host a call today, Monday, March 30, 2020, at 5:00 pm ET during which investigator Debra L. Richardson, MD, Associate Professor of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences Center and the Sarah Cannon Research Institute and members of the Mersana executive team will present and discuss these data.  

    "These data demonstrate that XMT-1536, our first-in-class Dolaflexin ADC targeting NaPi2b, delivers confirmed responses and durable stable disease in heavily pretreated ovarian cancer and NSCLC adenocarcinoma patients who have exhausted all other treatment options. These data also show that XMT-1536 is well tolerated without the severe toxicities of other ADC platforms such as neutropenia, neuropathy and ocular toxicity. Moreover, these data establish the potential for a biomarker-response relationship to identify patients most likely to benefit from XMT-1536," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "We look forward to advancing XMT-1536 for both ovarian cancer and NSCLC adenocarcinoma patients. Having already accumulated meaningful patient experience in the expansion cohorts, we remain on track to provide an interim update in the second quarter of 2020."

    Of the 59 patients enrolled, tumor types included 37 ovarian cancer, 11 NSCLC adenocarcinoma, and 11 other tumor types previously disclosed at lower dose levels. Patients were heavily pre-treated, with a median of five prior lines of treatment (range 1-10). These data include new patients dosed at 30, 36 and 43 mg/m2. The majority of the ovarian cancer patients had received prior bevacizumab or PARP inhibitors. All NSCLC adenocarcinoma patients had received prior platinum and immunotherapy.  Updated and new data as of February 3, 2020 includes:

    • Safety profile consistent with previously reported data at lower doses. 

    • The most common treatment-related adverse events (TRAEs) were Grade 1-2 nausea, fatigue, headache and the most frequent Grade 3 TRAE was transient AST elevation.
    • There were no dose limiting toxicities observed in the 43 mg/m2 cohort.
    • There was no reported severe neutropenia, peripheral neuropathy or ocular toxicity.

    • Additional confirmed responses in heavily pretreated patients and favorable biomarker-response trend observed.

    • First confirmed partial response seen in a NSCLC adenocarcinoma patient with prior treatments including carboplatin, pemetrexed, paclitaxel and nivolumab.
    • At the 43 mg/m2 dose level, 2/7 (29%) patients achieved partial responses (PRs) and 4/7 (57%) patients achieved stable disease (SD) for a disease control rate (DCR) of 6/7 (86%). In January 2020, the expansion portion of the Phase 1 study dose was amended from 36 mg/m2 to 43 mg/m2 for newly enrolled patients.
    • For the subset of evaluable patients treated at >30 mg/m2 who had higher NaPi2b expression, 5/15 (33%) achieved PR and 6/15 (40%) achieved SD for a DCR of 11/15 (73%).
    • In contrast, for the subset of evaluable patients treated at >30 mg/m2 who had lower NaPi2b expression, 0/9 (0%) achieved PR and 5/9 (55%) achieved SD for a DCR of 5/9 (55%). 
    Response - Ovarian Cancer
    and NSCLC
    adenocarcinoma N=39*
    N (%)
      All Higher
    NaPi2b o
    Lower
    NaPi2b oo
    Indeterminate
    NaPi2b **
    20 mg/m2 N 10 7 2 1
    PR 1 (10%) 0 (0%) 0 (0%) 1 (100%)
    SD 6 (60%) 4 (57%) 2 (100%) 0 (0%)
    DCR (PR+SD) 7 (70%) 4 (57%) 2 (100%) 1 (100%)
    30, 36, 40 mg/m2 N 22 12 7 3
    PR 3 (14%) 3 (25%) 0 (0%) 0 (0%)
    SD 10 (45%) 6 (50%) 3 (43%) 1 (33%)
    DCR (PR+SD) 13 (59%) 9 (75%) 3 (43%) 1 (33%)
    43 mg/m2 N 7 3 2 2
    PR 2 (29%) 2 (67%) 0 (0%) 0 (0%)
    SD 4 (57%) 0 (0%) 2 (100%) 2 (100%)
    DCR (PR+SD) 6 (86%) 2 (67%) 2 (100%) 2 (100%)

    *Excludes 3 patients discontinued due to investigator/patient choice and 1 without RECIST scan
    **Hypocellular specimen/indeterminate for H-score or not determined yet
    O Higher NaPi2b Expression: at / above lowest H-score at which response observed (>110)
    OO Lower NaPi2b Expression: below the lowest H-score at which response observed (<110)

    Mersana plans to enroll approximately 45 patients in each of the ovarian cancer and NSCLC adenocarcinoma patient cohorts in the expansion portion of the XMT-1536 Phase 1 study. The Company expects to present interim data from the dose expansion study in the second quarter of 2020.

    Conference Call Details
    Mersana Therapeutics will host a conference call and webcast today at 5:00 p.m. ET to review these data. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 2889994. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogenous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned, including as a result of any impact of the current pandemic, and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC") and subsequent SEC filings. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact
    Sarah Carmody
    617-844-8577

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  59. CAMBRIDGE, Mass., March 20, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reaffirmed previously announced plans to host a live conference call and webcast on Monday, March 30, 2020 at 5:00 p.m. ET to report updated data from the ongoing XMT-1536 Phase 1 dose escalation study. Members of the Mersana executive team will be joined by investigator, Debra L. Richardson, MD, Associate Professor of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences Center and the Sarah Cannon Research Institute…

    CAMBRIDGE, Mass., March 20, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reaffirmed previously announced plans to host a live conference call and webcast on Monday, March 30, 2020 at 5:00 p.m. ET to report updated data from the ongoing XMT-1536 Phase 1 dose escalation study. Members of the Mersana executive team will be joined by investigator, Debra L. Richardson, MD, Associate Professor of Gynecologic Oncology at the Stephenson Cancer Center at the University of Oklahoma Health Sciences Center and the Sarah Cannon Research Institute in Nashville, TN.

    Mersana Therapeutics had previously announced plans to present the updated XMT-1536 Phase 1 dose escalation data in a late-breaking oral presentation at the now cancelled Society of Gynecologic Oncology 2020 Annual Meeting on Women's Cancer in Toronto, Canada.

    Conference Call Details
    To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 2889994. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogenous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements
    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC") and subsequent SEC filings. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

    Contact:

    Investor & Media Contact
    Sarah Carmody, 617-844-8577

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  60. XMT-1536 Phase 1 dose escalation data update selected for late-breaker oral presentation at upcoming Society of Gynecologic Oncology (SGO) 2020 Annual Meeting on Women's Cancer

    XMT-1536 interim Phase 1 dose expansion data to be presented in 2Q 2020 with more mature data expected in 2H 2020

    Company to present preclinical data on ADCs created with the Dolasynthen and Immunosynthen platforms at the American Association for Cancer Research (AACR) Annual Meeting

    CAMBRIDGE, Mass., Feb. 28, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported…

    XMT-1536 Phase 1 dose escalation data update selected for late-breaker oral presentation at upcoming Society of Gynecologic Oncology (SGO) 2020 Annual Meeting on Women's Cancer

    XMT-1536 interim Phase 1 dose expansion data to be presented in 2Q 2020 with more mature data expected in 2H 2020

    Company to present preclinical data on ADCs created with the Dolasynthen and Immunosynthen platforms at the American Association for Cancer Research (AACR) Annual Meeting

    CAMBRIDGE, Mass., Feb. 28, 2020 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (NASDAQ:MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today reported financial results and provided a business update for the fourth quarter and full year ended December 31, 2019.

    "We are excited to present updated data from our ongoing dose escalation study in heavily pre-treated and biomarker unselected patients at the upcoming SGO 2020 Annual Meeting on Women's Cancer. We plan to demonstrate that, at doses up to 43 mg/m2, XMT-1536 is well tolerated without the severe neutropenia, neuropathy or ocular toxicities typically observed with other ADC platforms," said Anna Protopapas, President and Chief Executive Officer of Mersana Therapeutics. "Additionally, we continue to execute on our proof-of-concept expansion cohorts in ovarian and non-small cell lung cancer for XMT-1536 and are on track for additional data disclosures throughout the year. These data readouts will be important milestones as we chart a fast-to-market path to registration in ovarian cancer."

    Recent Highlights and Updates

    Clinical Programs

    • XMT-1536 dose escalation abstract accepted for late-breaker oral presentation at upcoming Society of Gynecologic Oncology (SGO) 2020 Annual Meeting on Women's Cancer. Updated data from the Phase 1 dose escalation study, including the 30, 36 and 43 mg/m2 once-every-four-week dose cohorts, will be presented at the upcoming SGO Annual Meeting on March 30, 2020. The presentation will include safety, tolerability, clinical activity and initial correlation with the NaPi2b biomarker. The Company initiated the evaluation of a 52 mg/m2 once-every-four-week dose escalation cohort in heavily pre-treated and biomarker unselected patients in early 2020 and the study remains ongoing.
       
    • The expansion portion of the XMT-1536 Phase 1 study continues to enroll both ovarian cancer and non-small cell lung cancer (NSCLC) adenocarcinoma patients in the 43 mg/m2 dose cohort. Mersana remains on track to enroll approximately 45 patients each in the ovarian cancer and NSCLC adenocarcinoma patient cohorts. The Company expects to present interim data from the expansion study in the second quarter of 2020 and to be able to report more mature data in the second half of 2020.
       
    • Mersana is on track to initiate a Phase 1 study for its second clinical candidate, XMT-1592, a Dolasynthen ADC targeting NaPi2b, in the first half of 2020. XMT-1592 was created with the Dolasynthen platform, retaining the Company's proprietary NaPi2b antibody and auristatin DolaLock payload with controlled bystander effect plus the added benefits of site-specific conjugation, precise drug-to-antibody ratio, and even greater hydrophilicity for further enhanced drug-like properties and tumor exposure. In preclinical studies, Dolasynthen has shown four times greater efficacy in a patient-derived lung tumor model in comparison to Dolaflexin, a platform that has already shown success when targeted to NaPi2b. The Phase 1 study will seek to clinically validate the differentiation of XMT-1592 by using the Company's NaPi2b experience to rapidly and efficiently progress this candidate through dose escalation.

    Discovery & Platform Progress

    • Initiating Investigational New Drug (IND)-enabling studies for B7-H4, a first-in-class ADC target.  B7-H4 is expressed on both tumor cells and tumor-associated macrophages (TAMs). A B7-H4 ADC delivering a DolaLock payload has been shown in preclinical studies to exert a direct cytotoxic effect via uptake by tumor cells and also has the potential to deliver additional payload release in the tumor environment through binding and catabolism in B7-H4-expressing TAMs. It has been shown in preclinical studies that the DolaLock payload can activate dendritic cells and induce immunogenic cell death, with the potential to provide a secondary immune-based anti-tumor effect in addition to the primary cytotoxic effect. The Company expects to disclose its development candidate and supporting data in the second half of 2020.
       
    • Disclosure of the first Immunosynthen development candidate in the second half of 2020. The Company has developed a novel STING agonist ADC platform and has generated preclinical data across multiple targets and models showing complete regression of tumors in vivo with a single, well-tolerated dose, consistent with increased cytokine expression and immune cell infiltration within the tumor. Mersana expects to select its first STING agonist ADC development candidate in the second half of 2020. The Company also expects to present additional preclinical data at scientific meetings throughout 2020.

    Upcoming First Quarter 2020 Events

    • Mersana will give a corporate presentation at the Cowen & Co. Annual Health Care Conference on Monday, March 2, 2020, at 4:10 pm E.T. in Boston, MA.
    • The Company will present XMT-1536 Phase 1 dose escalation data in the Late Breaking Abstract Session at the Society of Gynecologic Oncology (SGO) 2020 Annual Meeting on Women's Cancer in Toronto, Canada on Monday, March 30, 2020, during the 2:30 pm E.T. session. Management will host a conference call after the close of the U.S. financial markets on March 30, 2020.
    • Mersana will present preclinical data from its work on XMT-1592, a Dolasynthen ADC targeting NaPi2b, and its STING Agonist ADC development candidates, at the American Association for Cancer Research (AACR) Annual Meeting from April 24 – April 29, 2020, in San Diego, CA.

    2019 Financial Results

    Cash, cash equivalents and marketable securities as of December 31, 2019, were $99.8 million, compared to $70.1 million as of December 31, 2018. In addition, the Company has the option to draw additional funds of up to $15.0 million through the existing debt financing agreement with Silicon Valley Bank. The Company expects that its current cash, cash equivalents and marketable securities will enable it to fund its operating plan through important milestones, including the XMT-1536 Phase 1 clinical study and the planned dose escalation study for XMT-1592.  

    Fourth Quarter 2019

    • Collaboration revenue for the fourth quarter 2019 was immaterial, compared to $1.2 million for the same period in 2018. The decrease in collaboration revenue was primarily as a result of a decrease in services performed in support of partners' programs.
    • Research and development expenses for the fourth quarter 2019 were approximately $12.4 million, compared to $19.8 million for the same period in 2018. The decrease was primarily due to decreased manufacturing costs for XMT-1536 and XMT-1522, offset by increased costs for XMT-1536 clinical and regulatory expenses, XMT-1592 preclinical studies and discovery efforts, and advancement of companion diagnostics development efforts for the NaPi2b biomarker. 
    • General and administrative expenses for the fourth quarter 2019 remained flat at $4.2 million, compared to the same period in 2018.
    • Net loss for the fourth quarter 2019 was $16.2 million, or $0.34 per share, compared to a net loss of $22.4 million, or $0.97 per share, for the same period in 2018. Weighted average common shares outstanding for the quarters ended December 31, 2019 and December 31, 2018, were 47,886,144 and 23,184,459 respectively.

    Full Year 2019

    • Collaboration revenue for the full year 2019 was approximately $42.1 million, compared to $10.6 million for the full year 2018. The increase was primarily as a result of the termination of the Takeda agreements and the recognition of the remaining deferred revenue of $40.0 million. Additionally, revenue of $2.1 million was recognized in connection with the Merck KGaA Agreements in the year ended December 31, 2019.
    • Research and development expenses for the full year 2019 were approximately $55.0 million, compared to $59.9 million for the full year 2018. The decrease was primarily due to decreased manufacturing costs for XMT-1536 and XMT-1522, offset by increased costs for XMT-1592 preclinical studies and discovery efforts, XMT-1536 clinical and regulatory expenses, further platform development including Immunosynthen, advancement of companion diagnostics development efforts for the NaPi2b biomarker and a milestone paid on the initiation of the expansion cohort. 
    • General and administrative expenses for the full year 2019 were approximately $17.3 million, compared to $16.3 million for the full year 2018, driven primarily by increased stock-based compensation expense.
    • Net loss for the full year 2019 was $28.2 million, or $0.65 per share, compared to a net loss of $64.3 million, or $2.79 per share, for the full year 2018. Weighted average common shares outstanding for the periods ended December 31, 2019 and December 31, 2018, were 43,492,113 and 23,032,250, respectively.

    Conference Call Details
    Mersana Therapeutics will host a conference call and webcast today at 8:00 a.m. ET to report financial results for the fourth quarter and year-end of 2019 and provide certain business updates. To access the call, please dial 877-303-9226 (domestic) or 409-981-0870 (international) and provide the Conference ID 4849085. A live webcast of the presentation will be available on the Investors & Media section of the Mersana website at www.mersana.com.

    About Mersana Therapeutics
    Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana's lead product candidate, XMT-1536, is in a Phase 1 proof-of-concept clinical trial in patients with tumors likely to express NaPi2b, including ovarian cancer and NSCLC adenocarcinoma. Mersana's second product candidate targeting NaPi2b-expressing tumors, XMT-1592, is an ADC created using Mersana's customizable and homogenous Dolasynthen platform. The Company's early stage programs include a B7-H4 targeting ADC, as well as a STING agonist ADC developed using the Company's Immunosynthen platform. In addition, multiple partners are using Mersana's Dolaflexin platform to advance their ADC pipelines.

    Forward-Looking Statements

    This press release contains "forward-looking" statements within the meaning of federal securities laws.  These forward-looking statements are not statements of historical facts and are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's business strategy and the design, progression and timing of its clinical trials. Forward-looking statements generally can be identified by terms such as "anticipates," "believes," "could," "seeks," "estimates," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements represent management's beliefs and assumptions only as of the date of this press release. The Company's operations involve risks and uncertainties, many of which are outside its control, and any one of which, or combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct.  Factors that may materially affect the Company's results of operations and whether these forward-looking statements prove to be correct include, among other things, that preclinical testing may not be predictive of the results or success of ongoing or later preclinical or clinical trials, that the development and testing of the Company's product candidates and new platforms will take longer and/or cost more than planned and that the identification of new product candidates will take longer than planned, as well as those listed in the Company's Annual Report on Form 10-K filed on February 28, 2020, with the Securities and Exchange Commission ("SEC") and subsequent SEC filings. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.


    Mersana Therapeutics, Inc.
    Selected Condensed Consolidated Balance Sheet Data
    (in thousands)
    (unaudited)

        December 31,
    2019
      December 31,
    2018
                 
    Cash, cash equivalents and marketable securities $   99,790   $   70,131
    Working capital (1)     77,256        4,880
    Total assets       107,541       78,502
    Long-term debt, net of discount   4,201     --
    Total stockholders' equity     78,318       8,795
                 
    (1) The Company defines working capital as current assets less current liabilities. See the Company's condensed consolidated financial statements for further detail regarding its current assets and current liabilities.
     


    Mersana Therapeutics, Inc.
    Condensed Consolidated Statement of Operations
    (in thousands, except share and per share data)
    (unaudited)

      Three months ended   Year ended
           
      December 31,   December 31,   December 31,   December 31,
        2019       2018       2019       2018  
                           
    Collaboration revenue  $    42      $   1,188      $   42,123      $ 10,594  
    Operating expenses:                      
    Research and development     12,430         19,816         55,040          59,915  
    General and administrative     4,212         4,152         17,283         16,334  
    Total operating expenses     16,642         23,968         72,323         76,249  
    Other income (expense):                      
    Interest income   441          349         2,226         1,398  
    Interest expense   (87 )        --       (234 )       --  
    Total other income, net   354          349       1,992         1,398  
    Net income (loss)  $ (16,246 )    $ (22,431 )    $   (28,208 )    $   (64,257 )
    Net income (loss) per share attributable to common stockholders — basic and diluted  $ (0.34 )    $ (0.97