AUSTIN, Texas, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq:PSTV) (the Company), today announced financial and business results for its Second Quarter Fiscal Year 2020 ended June 30, 2020.
Q2 2020 net loss was $1.8 million, or $0.45 per share, including payments to NanoTx LLC of $0.78 million. Net cash used in operating activities for the six months ended June 30, 2020 was approximately $2.9 million. Plus Therapeutics ended Q2 2020 with approximately $9.3 million of cash and cash equivalents.
The Plus Therapeutics portfolio has three clinical-stage injectable drugs being developed on a unique nanotechnology platform designed to provide patient benefits through improved formulation and delivery innovation. The Company believes the platform can enable significant potential enhancements of safety, efficacy and convenience for oncology patients and their health providers compared to current standards of care.
The lead investigational drug in the Companys licensed radiotherapeutic portfolio is Rhenium NanoLiposomes (RNL), a nanoliposome-encapsulated radionuclide for several cancer targets. Initially being developed for the treatment of recurrent glioblastoma, RNL is being evaluated in the U.S. NIH/NCI-supported, multi-center ReSPECT Phase 1 dose-finding clinical trial (NCT01906385). RNL is designed to safely, effectively, and conveniently deliver a very high dose of radiation directly into the brain tumor that is up to 25 times greater than that currently being given to recurrent glioblastoma patients using external beam radiation therapy.
H2 2020 Business Expansion Outlook
The first half of Fiscal Year 2020 marked the successful implementation of the Companys refined development focus, initial pipeline expansion and optimized cost structure. In the second half of Fiscal Year 2020, the Company intends to focus on a number of additional business objectives and potential milestones:
Following the close of our most recent in-licensing transaction, we have made steady progress in expediting the ReSPECT trial, said Dr. Marc Hedrick, President and Chief Executive Officer of Plus Therapeutics. The second half of 2020 includes the prospect of further significant advancement for our RNL program-- and for the Company. We believe RNL has the potential of improving brain tumor therapy and that of other difficult to treat radiosensitive tumors.
Q2 2020 Financial Highlights
Investor Call Today at 5 p.m. EDT
The Company plans to hold a conference call and live audio webcast today at 5:00 PM Eastern Time to discuss its financial results and provide a general business update.
About Plus Therapeutics, Inc.
Plus Therapeutics (Nasdaq: PSTV) is a clinical-stage pharmaceutical company whose radiotherapeutic portfolio is concentrated on nanoliposome-encapsulated radionuclides for several cancer targets. Central to the Companys drug development is a unique nanotechnology platform designed to reformulate, deliver and commercialize multiple drugs targeting rare cancers and other diseases. The platform is designed to facilitate new delivery approaches and/or formulations of safe and effective, injectable drugs, potentially enhancing the safety, efficacy and convenience for patients and healthcare providers. More information may be found atwww.plustherapeutics.com and http://www.respect-trials.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that may be deemed forward-looking statements within the meaning of U.S. securities laws. All statements in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements may be identified by future verbs, as well as terms such as will, believe, plan, can, enable, design, intend, potential, expect, estimate, project, prospect, target, focus, anticipate, could, should, and similar expressions or the negatives thereof. Such statements are based upon certain assumptions and assessments made by management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These statements include, without limitation, statements regarding the following: the design and potential of the Plus Therapeutics portfolio to reformulate, deliver and commercialize multiple novel, proprietary drugs targeting rare cancers and other diseases and to facilitate new delivery approaches and/or formulations of safe and effective, injectable drugs; the Companys belief as to the platforms capacity to leverage new delivery approaches and/or formulations to enable significant potential enhancements of safety, efficacy and convenience for patients and healthcare providers; the potential of the Companys portfolio generally, and the potential of RNL to safely and effectively deliver a dose of radiation directly to the tumor up to 25 times greater than that currently being given to patients using external beam radiation therapy; the Companys belief as to the potential of RNL to improve brain tumor therapy and that of other difficult to treat radiosensitive tumors; the timing, status, outcome, and anticipated expansion of clinical trials for RNL, including the planned initiation of an additional Phase 1 study and enrollment at additional sites, and the anticipated timing thereof; the Companys business expansion outlook for the second half of 2020, including its intended focus on certain additional business expansion milestones; the Companys expectations regarding the progress and prospect of advancement for the Company, RNL, and the Companys portfolio during the second half of 2020; and the potential impact of the COVID-19 pandemic on the Company and its clinical programs, operating results, and financial condition. The forward-looking statements included in this press release are subject to a number of risks and uncertainties that may cause actual results to differ materially from those discussed in such forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that the Company is not able to successfully develop product candidates that can leverage the U.S. FDAs accelerated regulatory pathways; the early stage of the Companys product candidates and therapies, the results of its research and development activities, including uncertainties relating to the clinical trials of its product candidates and therapies; the Companys history of losses; the Companys need for, and ability to raise, additional cash or obtain other sources of funding; the Companys ability to: (a) obtain and maintain regulatory approvals, (b) continue as a going concern, (c) remain listed on the Nasdaq Capital Market, (d) to obtain or maintain sufficient levels of reimbursement for its tests, and (d) to repay or refinance some or all of its outstanding indebtedness; the outcome of the Companys partnering/licensing efforts; market and economic conditions; the impact of the COVID-19 pandemic on the Company and the effectiveness of the efforts it has taken or may take in the future in response thereto; and additional risks described under the heading Risk Factors in the Companys Securities and Exchange Commission filings, including in the Companys annual and quarterly reports. There may be events in the future that the Company is unable to predict, or over which it has no control, and its business, financial condition, results of operations and prospects may change in the future. The Company assumes no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made unless the Company has an obligation under U.S. federal securities laws to do so.
Contact:Plus Therapeutics, Inc.Andrew SimsVP Chief Financial Officer, Investor RelationsPhone: +1.619.333.4150Email:ir@plustherapeutics.comCorporate Website:plustherapeutics.comClinical Website: respect-trials.com
Excerpt from:
Plus Therapeutics Reports Second Quarter 2020 Financial and Business Results - BioSpace
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