Full Press Release Details
Lantern Pharma Reports Fourth Quarter and
Financial Results and Operational Highlights
DALLAS, TX - March 10, 2021 - Lantern Pharma Inc. (NASDAQ: LTRN),
a clinical stage biopharmaceutical company using its proprietary RADR artificial intelligence ("A.I.")
platform to transform oncology drug discovery and development today announced financial results for the fourth quarter and fiscal
year ended December 31, 2020.
"2020 was a pivotal year for Lantern Pharma, marked by a
series of financial, operational and drug development achievements. We believe each of these achievements further validates
our unique capital-efficient business model that leverages the power of our proprietary RADR A.I.
platform with the knowledge and experience of our scientific team aimed at developing precision oncology drugs," stated
Panna Sharma, President and CEO of Lantern Pharma. "We anticipate 2021 to be a transformational year for Lantern and
our shareholders as each of our drug programs progresses towards key milestones, including the initiation of a Phase 2 trial
of LP-300 in NSCLC among non-smokers, IND-enabling studies of LP-184 in multiple solid tumors, advancing our ADC program, and
continued growth in the biologically-relevant and curated data that powers our RADR A.I.
"As a result of our rapid development and operational
progress after our June IPO, we were able to significantly strengthen our balance sheet with the closing of a $69.0 million
public offering in January 2021. Our solid financial position is expected to fuel continued growth and evolution of our RADR A.I.
platform, accelerate the development of our portfolio of targeted oncology drug candidates and allow us to introduce
additional targeted opportunities in a capital efficient manner," continued Sharma. "In a very short time since
our IPO in June 2020, we have:
The rapid development and capital-efficient, collaborative approach
of our business showcases the power and potential of A.I. and machine learning to transform the pace, risk and cost of oncology
drug discovery and development."
Lantern is developing three drug candidates and an ADC program across
seven disclosed targets, including:
Below, a recap of milestones since the June 15, 2020 IPO that position
Lantern for further achievements in 2021:
Drug Development Achievements:
Operational Achievements:
Financial Highlights:
Fourth Quarter 2020 Financial Highlights
Fiscal Year 2020 Financial Highlights
Mr. Sharma continued, "The golden age of A.I. in medicine
is beginning, and Lantern Pharma is among the leaders in this paradigm shift to transform the pace, risk and cost of oncology drug
discovery and development. With our RADR A.I. platform we are demonstrating the opportunity for attainment
of significant efficiencies in the time and cost of oncology drug discovery and development. As our growing pipeline of oncology
drug candidates demonstrates, the rapid, machine learning enabled identification and validation of molecular drivers of cancer
provides the potential for more targeted and more effective oncology therapies. During the fourth quarter of 2020 we were able
to identify and validate an entirely new indication for LP-184 in a type of ultra-rare brain cancer, ATRT, that presents primarily
in children. This discovery along with additional CNS opportunities that we are in the process of validating was enabled by using
our RADR A.I. platform. As our RADR A.I. platform grows over the coming year, we
anticipate the identification of additional high value targets and indications as monotherapies, combination therapies or as part
of our ADC program."
Lantern will host a conference call and webcast today, Wednesday,
March 10 at 4:00 p.m. ET.
Director, Investor Relations
About Lantern Pharma
Lantern Pharma (LTRN) is a clinical-stage biopharmaceutical company
leveraging advances in genomics, artificial intelligence, and machine learning by using our proprietary RADR A.I.
platform to discover biomarker signatures that identify patients most likely to respond to our pipeline of cancer therapeutics.
Our collaborator-centered business model seeks out industry partners and leading scientific advisors to capital-efficiently develop
our pipeline of genomically-targeted cancer therapeutics. Lantern is currently developing three drug candidates and an ADC program
across seven disclosed targets, including two phase 2 programs, all focused on cancers with unique and unmet clinical needs. By
targeting drugs to patients whose genomic profile identifies them as having the highest probability of benefiting from the drug,
this approach represents the potential to deliver best-in-class outcomes. More information at www.lanternpharma.com and Twitter
Forward-looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements include, among other things, statements relating to: future events or our future financial performance;
the potential advantages of our RADR platform in identifying drug candidates and patient populations that are likely
to respond to a drug candidate; our strategic plans to advance the development of our drug candidates and antibody drug conjugate
(ADC) development program; estimates regarding the development timing for our drug candidates and ADC development program; our
research and development efforts of our internal drug discovery programs and the utilization of our RADR platform
to streamline the drug development process; our intention to leverage artificial intelligence, machine learning and genomic data
to streamline and transform the pace, risk and cost of oncology drug discovery and development and to identify patient populations
that would likely respond to a drug candidate; estimates regarding potential markets and potential market sizes; sales estimates
for our drug candidates and our plans to discover and develop drug candidates and to maximize their commercial potential by advancing
such drug candidates ourselves or in collaboration with others. Any statements that are not statements of historical fact (including,
without limitation, statements that use words such as "anticipate," "believe,"
"contemplate," "could," "estimate," "expect," "intend," "seek," "may,"
"might," "plan," "potential," "predict," "project," "target," "aim,"
"should," "will," "would," or the negative of these words or other similar expressions) should
be considered forward-looking statements. There are a number of important factors that could cause our actual results to differ
materially from those indicated by the forward-looking statements, such as (i) the impact of the COVID-19 pandemic, (ii) the risk
that we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain marketing approval for our
product candidates; (iii) the risk that no drug product based on our proprietary RADR A.I. platform has received FDA marketing
approval or otherwise been incorporated into a commercial product, and (iv) those other factors set forth in the Risk Factors section
in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March
10, 2021. You may access our Annual Report on Form 10-K for the year ended December 31, 2020 under the investor SEC filings tab
of our website at www.lanternpharma.com or on the SEC's website at www.sec.gov. Given these risks and uncertainties, we can give
no assurances that our forward-looking statements will prove to be accurate, or that any other results or events projected or contemplated
by our forward-looking statements will in fact occur, and we caution investors not to place undue reliance on these statements.
All forward-looking statements in this press release represent our judgment as of the date hereof, and, except as otherwise required
by law, we disclaim any obligation to update any forward-looking statements to conform the statement to actual results or changes
in our expectations.