Boulder-based miRagen posts loss during ‘remarkable’ year

BOULDER — miRagen Therapeutics Inc. (Nasdaq: MGEN), a clinical-stage biopharma based in Boulder, on Wednesday reported a loss of $26.5 million for 2017, while its chief executive, Bill Marshall, called it a “remarkable year” because of clinical successes of two of its drug candidates working their way through the pipeline to commercialization.

The company reported a loss of $26.5 million, or $1.38 per share, for the year while posting revenue of $4 million, driven by slight increases in research and development activity reimbursable under miRagen’s agreement with Servier, a pharmaceutical company based in France.

“2017 was a remarkable year for miRagen, underscored by the clinical success and advancement of our two lead programs, cobomarsen (to treat lymphoma) and MRG-201 (to treat fibrosis), and we believe we are well-positioned to make advances in the development of our product candidates in 2018,” Marshall said in a prepared statement.

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As of Dec. 31, miRagen had cash and cash equivalents of $47.4 million compared to $22.1 million at Dec. 31, 2016.

In February of this year, miRagen completed an underwritten public offering of 7,414,996 shares of its common stock. Gross proceeds to miRagen from the offering were $40.8 million before deducting underwriting discounts, commissions and other offering expenses. As a result of this financing and based on miRagen’s current clinical development plans, the company expects its cash runway will extend into early 2020.

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