Plus Therapeutics, Inc. (PTSV) stock prices were up an impressive 16.5% as of market close on April 21st, 2021, bringing the price per share up to USD$2.33.
Strong 2020 Reported Despite Pandemic
Q2 2020 saw PSTV’s radiotherapeutic platform and an array of investigational drugs being in-licensed, as well as the substantial clinical progress for the lead compound. 2021 is expected to hold even greater advancement in regard to the company’s CNS oncology portfolio, with the aim of a registrational clinical trial read out.
PSTV Continues Work on Flagship Product, RNL
RNL, PSTV’s flagship investigational drug, is being designed to replace traditional external beam radiation therapy on account of its ability to safely and precisely deliver concentrated doses of radiation directly into brain tumors. The development of this drug has ben facilitated by a financial grant from the U.S National Institutes of Health/National Cancer Institute, which will unfold over the next few years in planned phases. The innovative drug has also been designated Orphan Drug and Fast Track status from the FDA in regard to the treatment of GBM.
Continued Success of Clinical Trials
The 2020 Society for Neuro-Oncology Annual meeting saw PSTV present positive interim data from Cohort 5 of its ReSPECT trial, with the completion of the 6th dose escalation cohort also taking place in the same quarter. The cumulative results indicate RNL’s capability of delivering up to 15 times the standard EBRT absorbed dose of radiation, without compromising success of the treatment or the onset of toxicity. In light of these advancements, ReSPECT clinical trials have had their scope broadened with the expansion to two other locations.
Strong Financials in 2020 Make for Promising 2021
As of the year ended December 31st, 2020, PSTV reported a cash balance of USD$8.3 million. Net cash allocated to the company’s operating activities was reported to be USD$8.4 million, with Q2 2020 seeing the company’s Oxford debt principal being reduced to USD$4.3 million as of December 31st, 2020, following payment of USD$5 million.
PSTV and PPS enter Master Services Agreement
March 23rd, 2021 saw PSTV announcing its entering into a master services agreement (MSA) with Piramal Pharmaceutical Solutions (PPS). This agreement will see the development through to the supply of Rhenium NanoLiposome, (RNL) PSTV’s intermediate drug product. The company expects the agreement to lead to clinical and retail supply agreements for RNL.
Hopeful Future for PSTV
With both promising financial and product development, aided by the MSA, PSTV is poised to make significant medical advancements. Investors are hopeful for continued positive outcomes of the company’s clinical trials, which will ultimately add to shareholder value.