Matinas BioPharma Has A Weak Drug Pipeline And Investors With Fraudulent Histories

03/24/2017 at 11:30 AM

Matinas BioPharma’s stock has moved from the OTC to the NYSE MKT on March 2, after running up 200% in two months. It has since fallen 20%.

We value MTNB at $0.63 per share, and believe the stock will continue downtrending for a 45-80% decline from here.

We uncovered evidence that Matinas’s largest shareholder, GJG Capital, is covertly run by a barred broker, and on 3/15/17 converted warrants into common stock, suggesting it’s ready to sell.

Matinas’ entire pipeline consists of two preclinical drugs that were acquired from Rutgers University in 2015 for $2.5M. One of them, MAT2203, had already failed with another biotech company.

Matinas has yet to present clinical efficacy data on its two drugs, yet its market cap is over $200M, we believe it should be below $100M.

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