Full Press Release Details
Lantern Pharma Reports Third Quarter 2021 Financial
Results and Operating Highlights
DALLAS, November 1, 2021 /PRNewswire/ -- Lantern
Pharma (NASDAQ: LTRN), a clinical stage biopharmaceutical company using its proprietary RADR artificial intelligence ("A.I.")
platform to transform the cost, pace, and timeline of oncology drug discovery and development, today provided a business update and reported
financial results for the third quarter ended September 30, 2021.
"Lantern has continued to advance our portfolio, both clinically
and in new preclinical indications, as well as rapidly expand our RADR A.I. platform this past quarter," stated
Panna Sharma, President & CEO of Lantern Pharma Inc. "Our A.I. driven approach to oncology drug development will be pivotal
in discovering additional indications for our existing compounds, as well as the identification of entirely new drug candidates. Our strong
balance sheet with over $73.8 million of cash, cash equivalents and marketable securities as of September 30, 2021 provides us with a
solid foundation as we execute on our clinical programs and expand our proprietary RADR A.I. platform."
Third Quarter 2021 and Subsequent Highlights:
"We continue to advance our pipeline of
drug candidates and made significant progress across multiple areas of our business during the third quarter," commented, Panna
Sharma, President and CEO of Lantern Pharma. "Specifically, we reported positive preclinical data for LP-184 in pancreatic cancer
and GBM. LP-184 demonstrated remarkable efficacy, in both in vivo and ex vivo models, validating the in-silico predictions
generated by our RADR A.I. platform. Based upon our highly encouraging preclinical data, the FDA granted LP-184 Orphan
Drug Designations for the treatment of pancreatic cancer and glioblastoma multiforme and other malignant gliomas. Our plan is to develop
LP-184 for a number of targeted oncology indications where we can exploit the important mechanistic insights we have obtained about the
"Earlier today, we announced that our proprietary
A.I. platform, RADR , has now surpassed 10 billion datapoints powered by a growing library of algorithms designed specifically
to help solve challenging data and correlation problems in cancer drug development. This directly advances our stated goal of building
the world's largest A.I. platform for precision oncology drug development. Our RADR platform will be pivotal in uncovering
potential new therapeutic opportunities for Lantern and developing insights into the creation of combination-therapy programs, both internally
and through third-party collaborations to drive long-term shareholder value. Our goal is to expand RADR to over 20+ billion
datapoints during 2022. This will not only open more opportunities for collaborations with additional biopharma partners, but will also
dramatically accelerate development timelines, derisk key decisions and reveal new opportunities that may have gone undeveloped -
ultimately leading to additional therapeutic opportunities for patients and additional sources of value for our investors. By advancing
our clinical pipeline, cultivating new discoveries, and growing our RADR platform, we believe we have laid the groundwork for numerous
upcoming catalysts in the quarters and years ahead. "
Anticipated Upcoming Milestones:
Third Quarter 2021 Financial Highlights:
A copy of the Company's quarterly report on Form 10-Q for
the third quarter ended September 30, 2021 has been filed with the Securities and Exchange Commission and posted on the
Company's website at https://ir.lanternpharma.com/financial-information.
Conference Call & Webcast:
Monday, November 1, 2021 at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific
About Lantern Pharma
Lantern Pharma (LTRN) is a clinical-stage oncology-focused biopharmaceutical
company leveraging its proprietary RADR A.I. platform and machine learning to discover
biomarker signatures that identify patients most likely to respond to its pipeline of genomically-targeted therapeutics. Lantern is currently
developing four drug candidates and an ADC program across eight disclosed tumor targets, including two phase 2 programs. By targeting
drugs to patients whose genomic profile identifies them as having the highest probability of benefiting from the drug, Lantern's
approach represents the potential to deliver best-in-class outcomes. More information is available
at: www.lanternpharma.com and Twitter @lanternpharma.
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," "objective," "aim," "upcoming," "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 our research and the research of
our collaborators may not be successful, (iii) the risk that none of our product candidates has
received FDA marketing approval, and we may not be able to successfully initiate, conduct, or conclude clinical testing for or obtain
marketing approval for our product candidates, (iv) 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 (v) 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.
David Waldman, Crescendo Communications, LLC
Nicholas Koulermos, Vice President - 5W Public Relations