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News Article | May 9, 2017
Site: www.eurekalert.org

Led by VTT Technical Research Centre of Finland, the COMBO-CFB project has developed a new innovative concept to increase solar energy production in the energy system. According to this research, the concept can reduce fuel consumption and emissions stressing the climate by more than 33 per cent. The concept is based on the combination of concentrated solar power (CSP) technology and a traditional power plant process into a hybrid plant which produces electricity on the basis of consumption. If part of the fuel used by a power plant is replaced with solar energy, power plant emissions will be reduced. This is also required in order to meet the emission reduction targets. The COMBO-CFB project ? Combination of concentrated solar power (CSP) with circulating fluidized bed (CFB) power plants ? examined how various types of hybrid plant solutions can produce power flexibly according to demand, without the need for energy storage. The project analysed and compared different hybrid plant concepts. The concept in which steam generated by a solar field was fed directly into the power plant's high-pressure turbine brought a reduction in emissions and fuel consumption which, at best, exceeded 33 per cent. Furthermore, a reasonable dimensioning of the hybrid plant and process optimisation can bring efficiency benefits as compared to the use of separate power production methods. In the aforementioned case, the plant's net efficiency improved by 0.8 per cent. In addition to positive climate effects, good hybrid plant planning can also bring financial benefits since part of the power plant components are shared by two power production methods. The COMBO-CFB project applied the Finnish project partners' high-level expertise in boiler technology. In a hybrid power plant, solar energy production which varies with weather is balanced by using a steam boiler. The production concepts developed through this project will expand the application possibilities of the CSP technology. The dynamic nature of a hybrid process poses challenges to production system design and operation, particularly when the share of solar energy in power production is high. The COMBO-CFB project examined these challenges by using the Apros software designed for dynamic modelling, as well as through combustion tests conducted by using VTT's pilot equipment in Jyväskylä, Finland. This dynamic assessment at the plant design stage proved extremely important since it enables designers to take account of factors such as those affecting the lifetime of components. The concept in which part of the feedwater preheating is substituted with solar steam can be implemented in the present power plants, but compared to the aforementioned high-pressure turbine concept, the benefits are considerably smaller due to the smaller share of solar energy. The functioning of a hybrid process can be generally improved by attaching to it an advanced predictive control system and a short-term solar irradiance forecast. In the COMBO-CFB project, Vaisala developed a cloud camera which identifies cloud movements in the sky in order to increase the accuracy of the solar irradiance forecast for the area. The implementation of the CSP technology in power production is reasonable in areas with an abundance of sunlight. In Europe, this means, for example, the countries bordering the Mediterranean. However, this technology can also be implemented in areas with less sunlight by using hybrid power plants in which solar power is supported by another form of energy. For the time being, Finland is not applying this technology, whereas Denmark is already using a CSP-bio hybrid plant to produce district heating. Finland has unique, internationally competitive expertise that it can provide to the hybrid power plant export markets. The COMBO-CFB project's partner network can support the commercialisation of such hybrid plants. The Finnish project partners' areas of expertise include boiler and control technology, process modelling and weather measurement and forecasting. VTT Technical Research Centre of Finland, the University of Oulu, Amec Foster Wheeler, Vaisala, Telog, Pöyry, Finnish Energy and the Federation of Finnish Technology Industries. Concentrated solar power is a renewable energy technology that can be used to produce both electricity and heat. Other applications include for example desalination. The CSP technology involves the concentration of energy contained by sunlight by using mirrors. This energy is converted into heat that runs the turbine, similarly to traditional power plants. Unlike in traditional power plants, however, the power production varies depending on the irradiance level. Already today, the CSP technology can be implemented to produce electricity in accordance with consumption by uncoupling solar heat collection from power production by use of a heat storage unit. However, such storage solutions continue to be expensive, and there is still no technically reasonable storage solution for all CSP technologies. For this reason, hybrid plants are an important development step towards flexibly adjustable renewable energy production. For further information, please contact: VTT Technical Research Centre of Finland Ltd is the leading research and technology company in the Nordic countries. We use our research and knowledge to provide expert services for our domestic and international customers and partners, and for both private and public sectors. We use 4,000,000 hours of brainpower a year to develop new technological solutions. VTT in social media: Twitter @VTTFinland, Facebook, LinkedIn, YouTube, Instagram and Periscope.


SOUTH SAN FRANCISCO, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, today provided a corporate update and reported financial results for the three months ended March 31, 2017.  •Announced results of the first interim analysis from the phase 2/3 FOCUS Study of CA4P in platinum-resistant ovarian cancer. •Expect results from the second interim analysis (n=40) of the FOCUS Study in August 2017. •Presented data from phase 2 monotherapy study in neuroendocrine tumors (NETs) and announced initiation of an investigator-sponsored phase 1 clinical trial in NETs using CA4P in combination with everolimus (AFINITOR®). •Announced data from the third cohort of phase 1b study of OXi4503 in patients with relapsed/refractory acute myeloid leukemia (AML), showing that one patient (25%) in the cohort had a complete remission and two other patients demonstrated evidence of AML blast reduction following one cycle. “I am excited about the progress we are making in both our CA4P and OXi4503 clinical development programs, including initial indications of efficacy for each of these investigational drugs,” stated William D. Schwieterman, M.D., Mateon's President and Chief Executive Officer. “Our pipeline is advancing well, and we remain confident in the significant prospects for these promising product candidates. Additional clinical data read-outs are planned for each of these investigational drugs over the balance of 2017, and we look forward to receiving and announcing these results.” Financial Results for the First Quarter of 2017 For the three months ended March 31, 2017, Mateon reported a net loss of $4.0 million, compared to a net loss of $3.3 million for the three months ended March 31, 2016. Research and development expenses increased to $2.8 million for the three months ended March 31, 2017 compared to $2.0 million for the three months ended March 31, 2016, primarily due to costs associated with the ongoing clinical trials. General and administrative expenses decreased to $1.1 million for the three months ended March 31, 2017 compared to $1.4 million for the three months ended March 31, 2016. At March 31, 2017, Mateon had cash and short-term investments of $8.3 million. Mateon Therapeutics, Inc. is a biopharmaceutical company seeking to realize the full potential of vascular targeted therapy (VTT) in oncology. VTT includes vascular disrupting agents (VDAs) such as the investigational drugs that Mateon is developing, and anti-angiogenic agents (AAs), a number of which are FDA-approved and widely used in cancer treatment. These two approaches have distinct yet complementary mechanisms of action. At Mateon, we believe that we can significantly improve cancer therapy by employing these two complementary approaches simultaneously. When utilized this way, VDAs obstruct existing blood vessels in the tumor leading to significant central tumor cell death while AAs prevent the formation of new tumor blood vessels. Mateon is committed to leveraging our intellectual property and the product development expertise of our highly skilled management team to enable VTT to realize its true potential and to bring much-needed new therapies to cancer patients worldwide. Certain statements in this news release, including, but not limited to, those concerning the advancement of CA4P and OXi4503, the results of clinical trials, the potential significance of this data and its relation to other clinical and pre-clinical studies, and timing for the results from the second interim analysis of the FOCUS Study are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They can be affected by inaccurate assumptions Mateon might make or by known or unknown risks and uncertainties, including, but not limited to: the Company’s need to raise additional funds in the near term to conduct and complete its clinical and pre-clinical trials; the uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development or that may be developed in the future. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Mateon’s reports to the Securities and Exchange Commission, including Mateon’s reports on Forms 10-Q, 8-K and 10-K. However, Mateon undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.


SOUTH SAN FRANCISCO, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, today provided a corporate update and reported financial results for the three months ended March 31, 2017.  •Announced results of the first interim analysis from the phase 2/3 FOCUS Study of CA4P in platinum-resistant ovarian cancer. •Expect results from the second interim analysis (n=40) of the FOCUS Study in August 2017. •Presented data from phase 2 monotherapy study in neuroendocrine tumors (NETs) and announced initiation of an investigator-sponsored phase 1 clinical trial in NETs using CA4P in combination with everolimus (AFINITOR®). •Announced data from the third cohort of phase 1b study of OXi4503 in patients with relapsed/refractory acute myeloid leukemia (AML), showing that one patient (25%) in the cohort had a complete remission and two other patients demonstrated evidence of AML blast reduction following one cycle. “I am excited about the progress we are making in both our CA4P and OXi4503 clinical development programs, including initial indications of efficacy for each of these investigational drugs,” stated William D. Schwieterman, M.D., Mateon's President and Chief Executive Officer. “Our pipeline is advancing well, and we remain confident in the significant prospects for these promising product candidates. Additional clinical data read-outs are planned for each of these investigational drugs over the balance of 2017, and we look forward to receiving and announcing these results.” Financial Results for the First Quarter of 2017 For the three months ended March 31, 2017, Mateon reported a net loss of $4.0 million, compared to a net loss of $3.3 million for the three months ended March 31, 2016. Research and development expenses increased to $2.8 million for the three months ended March 31, 2017 compared to $2.0 million for the three months ended March 31, 2016, primarily due to costs associated with the ongoing clinical trials. General and administrative expenses decreased to $1.1 million for the three months ended March 31, 2017 compared to $1.4 million for the three months ended March 31, 2016. At March 31, 2017, Mateon had cash and short-term investments of $8.3 million. Mateon Therapeutics, Inc. is a biopharmaceutical company seeking to realize the full potential of vascular targeted therapy (VTT) in oncology. VTT includes vascular disrupting agents (VDAs) such as the investigational drugs that Mateon is developing, and anti-angiogenic agents (AAs), a number of which are FDA-approved and widely used in cancer treatment. These two approaches have distinct yet complementary mechanisms of action. At Mateon, we believe that we can significantly improve cancer therapy by employing these two complementary approaches simultaneously. When utilized this way, VDAs obstruct existing blood vessels in the tumor leading to significant central tumor cell death while AAs prevent the formation of new tumor blood vessels. Mateon is committed to leveraging our intellectual property and the product development expertise of our highly skilled management team to enable VTT to realize its true potential and to bring much-needed new therapies to cancer patients worldwide. Certain statements in this news release, including, but not limited to, those concerning the advancement of CA4P and OXi4503, the results of clinical trials, the potential significance of this data and its relation to other clinical and pre-clinical studies, and timing for the results from the second interim analysis of the FOCUS Study are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They can be affected by inaccurate assumptions Mateon might make or by known or unknown risks and uncertainties, including, but not limited to: the Company’s need to raise additional funds in the near term to conduct and complete its clinical and pre-clinical trials; the uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development or that may be developed in the future. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Mateon’s reports to the Securities and Exchange Commission, including Mateon’s reports on Forms 10-Q, 8-K and 10-K. However, Mateon undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.


News Article | May 11, 2017
Site: www.scientificcomputing.com

VTT Technical Research Centre of Finland is coordinating the 5G-Safe project, which aims to reduce traffic accidents. This involves the development of new vehicular network solutions and the local road weather and safety services they enable, in support of drivers, road operators and autonomous vehicle management systems. The new services will require no action from motorists while driving - data will be gathered and warnings will be sent to users automatically. "The wide introduction of real-time services, based on sensor and video data collected from vehicles, is being made possible by next-generation 5G mobile network technology and new solutions supporting optimal data collection and exchange," says Tiia Ojanperä, a project manager from VTT. "5G will form the cornerstone of interaction between robot cars, for example. Finnish ICT firms have major export potential in this area. Contemporary driver support systems are mainly vision-based, relying on signals generated by the vehicle's sensors. 5G and short-range radios will also bring the power of speech and hearing to vehicles, taking their capabilities to a new level," states Ojanperä. The services currently being developed require no action during driving in order to send data or warnings. Instead, the prevailing local weather and road conditions are automatically identified based on data collected from vehicles. Warnings and other useful information are sent in real-time to road users, road operators and autonomous vehicle control systems. The new network and cloud computing technologies being researched under the project will reduce delays in data exchange and be more scalable than current services. The 5G-Safe project, which is part of Tekes' Challenge Finland competition, is focused on the identification of local weather and road conditions on the basis of data collected from vehicles, and the sending of warnings to road users. In addition, real-time video and radar data will be exchanged between passing vehicles. Other issues being investigated include the use of data on local road weather conditions to improve the situational awareness of autonomous vehicles and the enhancement of autonomous operation in harsh weather. New business is being sought for the participating companies via this project, which began recently and will end in 2018. The private-sector partners have been actively involved in defining the project's content from the beginning, which improves the prospects of commercialising the results. In addition to VTT, the research partners include Destia, the Finnish Meteorological Institute and its commercial services, Kaltio Technologies Oy, SITO, Tieto and Unikie. Nokia, Sunit and VR Transpoint are participating as sponsors. Support is also being provided by a technical expert group including Bittium, Dynniq (the Netherlands), the Finnish Transport Agency, Telia and the Finnish Transport Safety Agency (Trafi).


News Article | May 9, 2017
Site: www.eurekalert.org

Finland's first 5G test network 5GTN expands in Oulu. 5G development environment of VTT Technical Research Centre of Finland, the University of Oulu and the Centria Polytechnic will be used especially for vertical business use. There is already a large number of Finnish companies with whom 5G technology has been developed and will be tested in several application areas. The first new solutions are targeting for field trials already this year. Together with corporate partners, VTT, the University of Oulu and the Centria Polytechnic will take their 5G test environment to a new stage. In the 5GTN+ project mostly funded by Tekes, future technology is applied to field testing even before commercial networks emerge. Thus, the opportunities offered by 5G technology will be utilized as early as possible. Companies have the opportunity to experiment with technology in their own application areas. 5GTN+ project strengthens the position of Finnish industry as a developer of new 5G technologies and applications. The project focuses on seeking clear business benefits for partner companies. "The 5G test environment supports corporate product development. Its benefits are reflected, for example, in high-speed and reliable connections, short delays, energy savings and connectivity," says Project Manager Atso Hekkala from VTT. "We provide the test network and related skills for everyone to use. We are also welcoming companies outside the project who are interested in taking advantage of new technology in their business among the first", says Project Manager Olli Liinamaa from the University of Oulu. One application area chosen for the project is the enhancement of assisted living and care services with sensors and 5G technology. "We are developing our business to more comprehensively to take into account elderly people with memory disorder or other health problems. The 5G test network offers the ability to experiment with what technology is capable of. At the same time, we can transmit our own needs to service developers," explains Timo Kaukonen, Managing Director of Caritas Services Oy. Another 5G test network exploiter is Finnish Broadcasting Company Yle, whose primary objective is to investigate whether 5G networks and technologies can replace existing terrestrial TV and radio broadcasting technologies. Yle has already studied the possibilities of LTE Broadcasting and eMBMS and wants to move to field testing. "At the same time, we want to find out how 5G is suitable for different types of production requiring high capacity, short delay, scalability for multi-size events, and flexibility for availability of solutions," says Olli Sipilä, responsible for Yle's broadcast technologies. Additional partners of the project are Bittium, Caritas, Elisa, Eltel Networks, Esju, EXFO, Finnish Communications Regulatory Authority, Haltian, Hartela, Indalgo, Jutel, Kaltiot, Keysight, MediaTek, Nokia, PehuTec, Polar, Sarokal, Verkotan, Yle and the City of Oulu and Oulu University of Applied Sciences. The project will continue to involve new partners and test network users. VTT Technical Research Centre of Finland Ltd is the leading research and technology company in the Nordic countries. We use our research and knowledge to provide expert services for our domestic and international customers and partners, and for both private and public sectors. We use 4,000,000 hours of brainpower a year to develop new technological solutions. VTT in social media: Twitter @VTTFinland, Facebook, LinkedIn, YouTube, Instagram and Periscope


SOUTH SAN FRANCISCO, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, today provided a corporate update and reported financial results for the three months ended March 31, 2017.  •Announced results of the first interim analysis from the phase 2/3 FOCUS Study of CA4P in platinum-resistant ovarian cancer. •Expect results from the second interim analysis (n=40) of the FOCUS Study in August 2017. •Presented data from phase 2 monotherapy study in neuroendocrine tumors (NETs) and announced initiation of an investigator-sponsored phase 1 clinical trial in NETs using CA4P in combination with everolimus (AFINITOR®). •Announced data from the third cohort of phase 1b study of OXi4503 in patients with relapsed/refractory acute myeloid leukemia (AML), showing that one patient (25%) in the cohort had a complete remission and two other patients demonstrated evidence of AML blast reduction following one cycle. “I am excited about the progress we are making in both our CA4P and OXi4503 clinical development programs, including initial indications of efficacy for each of these investigational drugs,” stated William D. Schwieterman, M.D., Mateon's President and Chief Executive Officer. “Our pipeline is advancing well, and we remain confident in the significant prospects for these promising product candidates. Additional clinical data read-outs are planned for each of these investigational drugs over the balance of 2017, and we look forward to receiving and announcing these results.” Financial Results for the First Quarter of 2017 For the three months ended March 31, 2017, Mateon reported a net loss of $4.0 million, compared to a net loss of $3.3 million for the three months ended March 31, 2016. Research and development expenses increased to $2.8 million for the three months ended March 31, 2017 compared to $2.0 million for the three months ended March 31, 2016, primarily due to costs associated with the ongoing clinical trials. General and administrative expenses decreased to $1.1 million for the three months ended March 31, 2017 compared to $1.4 million for the three months ended March 31, 2016. At March 31, 2017, Mateon had cash and short-term investments of $8.3 million. Mateon Therapeutics, Inc. is a biopharmaceutical company seeking to realize the full potential of vascular targeted therapy (VTT) in oncology. VTT includes vascular disrupting agents (VDAs) such as the investigational drugs that Mateon is developing, and anti-angiogenic agents (AAs), a number of which are FDA-approved and widely used in cancer treatment. These two approaches have distinct yet complementary mechanisms of action. At Mateon, we believe that we can significantly improve cancer therapy by employing these two complementary approaches simultaneously. When utilized this way, VDAs obstruct existing blood vessels in the tumor leading to significant central tumor cell death while AAs prevent the formation of new tumor blood vessels. Mateon is committed to leveraging our intellectual property and the product development expertise of our highly skilled management team to enable VTT to realize its true potential and to bring much-needed new therapies to cancer patients worldwide. Certain statements in this news release, including, but not limited to, those concerning the advancement of CA4P and OXi4503, the results of clinical trials, the potential significance of this data and its relation to other clinical and pre-clinical studies, and timing for the results from the second interim analysis of the FOCUS Study are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They can be affected by inaccurate assumptions Mateon might make or by known or unknown risks and uncertainties, including, but not limited to: the Company’s need to raise additional funds in the near term to conduct and complete its clinical and pre-clinical trials; the uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development or that may be developed in the future. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Mateon’s reports to the Securities and Exchange Commission, including Mateon’s reports on Forms 10-Q, 8-K and 10-K. However, Mateon undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.


Led by VTT Technical Research Centre of Finland, the COMBO-CFB project has developed a new innovative concept to increase solar energy production in the energy system. According to this research, the concept can reduce fuel consumption and emissions stressing the climate by more than 33 per cent. The concept is based on the combination of concentrated solar power (CSP) technology and a traditional power plant process into a hybrid plant which produces electricity on the basis of consumption. If part of the fuel used by a power plant is replaced with solar energy, power plant emissions will be reduced. This is also required in order to meet the emission reduction targets. The COMBO-CFB project − Combination of concentrated solar power (CSP) with circulating fluidized bed (CFB) power plants − examined how various types of hybrid plant solutions can produce power flexibly according to demand, without the need for energy storage. The project analysed and compared different hybrid plant concepts. The concept in which steam generated by a solar field was fed directly into the power plant's high-pressure turbine brought a reduction in emissions and fuel consumption which, at best, exceeded 33 per cent. Furthermore, a reasonable dimensioning of the hybrid plant and process optimisation can bring efficiency benefits as compared to the use of separate power production methods. In the aforementioned case, the plant's net efficiency improved by 0.8 per cent. In addition to positive climate effects, good hybrid plant planning can also bring financial benefits since part of the power plant components are shared by two power production methods. The COMBO-CFB project applied the Finnish project partners' high-level expertise in boiler technology. In a hybrid power plant, solar energy production which varies with weather is balanced by using a steam boiler. The production concepts developed through this project will expand the application possibilities of the CSP technology. The dynamic nature of a hybrid process poses challenges to production system design and operation, particularly when the share of solar energy in power production is high. The COMBO-CFB project examined these challenges by using the Apros software designed for dynamic modelling, as well as through combustion tests conducted by using VTT's pilot equipment in Jyväskylä, Finland. This dynamic assessment at the plant design stage proved extremely important since it enables designers to take account of factors such as those affecting the lifetime of components. The concept in which part of the feedwater preheating is substituted with solar steam can be implemented in the present power plants, but compared to the aforementioned high-pressure turbine concept, the benefits are considerably smaller due to the smaller share of solar energy. The functioning of a hybrid process can be generally improved by attaching to it an advanced predictive control system and a short-term solar irradiance forecast. In the COMBO-CFB project, Vaisala developed a cloud camera which identifies cloud movements in the sky in order to increase the accuracy of the solar irradiance forecast for the area. The implementation of the CSP technology in power production is reasonable in areas with an abundance of sunlight. In Europe, this means, for example, the countries bordering the Mediterranean. However, this technology can also be implemented in areas with less sunlight by using hybrid power plants in which solar power is supported by another form of energy. For the time being, Finland is not applying this technology, whereas Denmark is already using a CSP-bio hybrid plant to produce district heating. Finland has unique, internationally competitive expertise that it can provide to the hybrid power plant export markets. The COMBO-CFB project's partner network can support the commercialisation of such hybrid plants. The Finnish project partners' areas of expertise include boiler and control technology, process modelling and weather measurement and forecasting. Explore further: Using sulfur to store solar energy


News Article | May 11, 2017
Site: www.scientificcomputing.com

VTT Technical Research Centre of Finland is coordinating the 5G-Safe project, which aims to reduce traffic accidents. This involves the development of new vehicular network solutions and the local road weather and safety services they enable, in support of drivers, road operators and autonomous vehicle management systems. The new services will require no action from motorists while driving - data will be gathered and warnings will be sent to users automatically. "The wide introduction of real-time services, based on sensor and video data collected from vehicles, is being made possible by next-generation 5G mobile network technology and new solutions supporting optimal data collection and exchange," says Tiia Ojanperä, a project manager from VTT. "5G will form the cornerstone of interaction between robot cars, for example. Finnish ICT firms have major export potential in this area. Contemporary driver support systems are mainly vision-based, relying on signals generated by the vehicle's sensors. 5G and short-range radios will also bring the power of speech and hearing to vehicles, taking their capabilities to a new level," states Ojanperä. The services currently being developed require no action during driving in order to send data or warnings. Instead, the prevailing local weather and road conditions are automatically identified based on data collected from vehicles. Warnings and other useful information are sent in real-time to road users, road operators and autonomous vehicle control systems. The new network and cloud computing technologies being researched under the project will reduce delays in data exchange and be more scalable than current services. The 5G-Safe project, which is part of Tekes' Challenge Finland competition, is focused on the identification of local weather and road conditions on the basis of data collected from vehicles, and the sending of warnings to road users. In addition, real-time video and radar data will be exchanged between passing vehicles. Other issues being investigated include the use of data on local road weather conditions to improve the situational awareness of autonomous vehicles and the enhancement of autonomous operation in harsh weather. New business is being sought for the participating companies via this project, which began recently and will end in 2018. The private-sector partners have been actively involved in defining the project's content from the beginning, which improves the prospects of commercialising the results. In addition to VTT, the research partners include Destia, the Finnish Meteorological Institute and its commercial services, Kaltio Technologies Oy, SITO, Tieto and Unikie. Nokia, Sunit and VR Transpoint are participating as sponsors. Support is also being provided by a technical expert group including Bittium, Dynniq (the Netherlands), the Finnish Transport Agency, Telia and the Finnish Transport Safety Agency (Trafi).


SOUTH SAN FRANCISCO, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, today provided a corporate update and reported financial results for the three months ended March 31, 2017.  •Announced results of the first interim analysis from the phase 2/3 FOCUS Study of CA4P in platinum-resistant ovarian cancer. •Expect results from the second interim analysis (n=40) of the FOCUS Study in August 2017. •Presented data from phase 2 monotherapy study in neuroendocrine tumors (NETs) and announced initiation of an investigator-sponsored phase 1 clinical trial in NETs using CA4P in combination with everolimus (AFINITOR®). •Announced data from the third cohort of phase 1b study of OXi4503 in patients with relapsed/refractory acute myeloid leukemia (AML), showing that one patient (25%) in the cohort had a complete remission and two other patients demonstrated evidence of AML blast reduction following one cycle. “I am excited about the progress we are making in both our CA4P and OXi4503 clinical development programs, including initial indications of efficacy for each of these investigational drugs,” stated William D. Schwieterman, M.D., Mateon's President and Chief Executive Officer. “Our pipeline is advancing well, and we remain confident in the significant prospects for these promising product candidates. Additional clinical data read-outs are planned for each of these investigational drugs over the balance of 2017, and we look forward to receiving and announcing these results.” Financial Results for the First Quarter of 2017 For the three months ended March 31, 2017, Mateon reported a net loss of $4.0 million, compared to a net loss of $3.3 million for the three months ended March 31, 2016. Research and development expenses increased to $2.8 million for the three months ended March 31, 2017 compared to $2.0 million for the three months ended March 31, 2016, primarily due to costs associated with the ongoing clinical trials. General and administrative expenses decreased to $1.1 million for the three months ended March 31, 2017 compared to $1.4 million for the three months ended March 31, 2016. At March 31, 2017, Mateon had cash and short-term investments of $8.3 million. Mateon Therapeutics, Inc. is a biopharmaceutical company seeking to realize the full potential of vascular targeted therapy (VTT) in oncology. VTT includes vascular disrupting agents (VDAs) such as the investigational drugs that Mateon is developing, and anti-angiogenic agents (AAs), a number of which are FDA-approved and widely used in cancer treatment. These two approaches have distinct yet complementary mechanisms of action. At Mateon, we believe that we can significantly improve cancer therapy by employing these two complementary approaches simultaneously. When utilized this way, VDAs obstruct existing blood vessels in the tumor leading to significant central tumor cell death while AAs prevent the formation of new tumor blood vessels. Mateon is committed to leveraging our intellectual property and the product development expertise of our highly skilled management team to enable VTT to realize its true potential and to bring much-needed new therapies to cancer patients worldwide. Certain statements in this news release, including, but not limited to, those concerning the advancement of CA4P and OXi4503, the results of clinical trials, the potential significance of this data and its relation to other clinical and pre-clinical studies, and timing for the results from the second interim analysis of the FOCUS Study are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They can be affected by inaccurate assumptions Mateon might make or by known or unknown risks and uncertainties, including, but not limited to: the Company’s need to raise additional funds in the near term to conduct and complete its clinical and pre-clinical trials; the uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development or that may be developed in the future. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Mateon’s reports to the Securities and Exchange Commission, including Mateon’s reports on Forms 10-Q, 8-K and 10-K. However, Mateon undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.


SOUTH SAN FRANCISCO, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Mateon Therapeutics, Inc. (OTCQX:MATN), a biopharmaceutical company developing vascular disrupting agents (VDAs) for the treatment of orphan oncology indications, today provided a corporate update and reported financial results for the three months ended March 31, 2017.  •Announced results of the first interim analysis from the phase 2/3 FOCUS Study of CA4P in platinum-resistant ovarian cancer. •Expect results from the second interim analysis (n=40) of the FOCUS Study in August 2017. •Presented data from phase 2 monotherapy study in neuroendocrine tumors (NETs) and announced initiation of an investigator-sponsored phase 1 clinical trial in NETs using CA4P in combination with everolimus (AFINITOR®). •Announced data from the third cohort of phase 1b study of OXi4503 in patients with relapsed/refractory acute myeloid leukemia (AML), showing that one patient (25%) in the cohort had a complete remission and two other patients demonstrated evidence of AML blast reduction following one cycle. “I am excited about the progress we are making in both our CA4P and OXi4503 clinical development programs, including initial indications of efficacy for each of these investigational drugs,” stated William D. Schwieterman, M.D., Mateon's President and Chief Executive Officer. “Our pipeline is advancing well, and we remain confident in the significant prospects for these promising product candidates. Additional clinical data read-outs are planned for each of these investigational drugs over the balance of 2017, and we look forward to receiving and announcing these results.” Financial Results for the First Quarter of 2017 For the three months ended March 31, 2017, Mateon reported a net loss of $4.0 million, compared to a net loss of $3.3 million for the three months ended March 31, 2016. Research and development expenses increased to $2.8 million for the three months ended March 31, 2017 compared to $2.0 million for the three months ended March 31, 2016, primarily due to costs associated with the ongoing clinical trials. General and administrative expenses decreased to $1.1 million for the three months ended March 31, 2017 compared to $1.4 million for the three months ended March 31, 2016. At March 31, 2017, Mateon had cash and short-term investments of $8.3 million. Mateon Therapeutics, Inc. is a biopharmaceutical company seeking to realize the full potential of vascular targeted therapy (VTT) in oncology. VTT includes vascular disrupting agents (VDAs) such as the investigational drugs that Mateon is developing, and anti-angiogenic agents (AAs), a number of which are FDA-approved and widely used in cancer treatment. These two approaches have distinct yet complementary mechanisms of action. At Mateon, we believe that we can significantly improve cancer therapy by employing these two complementary approaches simultaneously. When utilized this way, VDAs obstruct existing blood vessels in the tumor leading to significant central tumor cell death while AAs prevent the formation of new tumor blood vessels. Mateon is committed to leveraging our intellectual property and the product development expertise of our highly skilled management team to enable VTT to realize its true potential and to bring much-needed new therapies to cancer patients worldwide. Certain statements in this news release, including, but not limited to, those concerning the advancement of CA4P and OXi4503, the results of clinical trials, the potential significance of this data and its relation to other clinical and pre-clinical studies, and timing for the results from the second interim analysis of the FOCUS Study are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They can be affected by inaccurate assumptions Mateon might make or by known or unknown risks and uncertainties, including, but not limited to: the Company’s need to raise additional funds in the near term to conduct and complete its clinical and pre-clinical trials; the uncertainties as to the future success of ongoing and planned clinical trials; and the unproven safety and efficacy of products under development or that may be developed in the future. Consequently, no forward-looking statement can be guaranteed, and actual results may vary materially. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in Mateon’s reports to the Securities and Exchange Commission, including Mateon’s reports on Forms 10-Q, 8-K and 10-K. However, Mateon undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise.

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