AUSTIN, Texas - Plus Therapeutics, Inc. (NASDAQ:PSTV), a clinical-stage pharmaceutical company specializing in targeted radiotherapeutics for central nervous system (CNS) cancers, has announced the appointment of Dr. Greg Fuller as Vice President of Medical Affairs and Medical Director.
The company also confirmed receiving a $3.3 million advance payment from the Cancer Prevention & Research Institute of Texas (CPRIT) to further its leptomeningeal cancer radiotherapeutic development program.
Dr. Fuller, formerly a Professor of Pathology (Neuro-Pathology) & Neuro-Radiology at The University of Texas MD Anderson Cancer Center, will oversee the implementation of the CNSide® cerebrospinal fluid cancer diagnostic portfolio, which is anticipated for commercial launch in Q4 2024. CNSide has shown over 90% sensitivity for detecting leptomeningeal metastases (LM), a cancer complication where primary cancer spreads to the cerebrospinal fluid and leptomeninges around the brain and spinal cord.
The recent advance from CPRIT contributes to a total $17.6 million grant awarded in September 2022, supporting the clinical development of Plus Therapeutics' lead radiotherapeutic candidate rhenium (Re186) obisbemeda for LM. The ReSPECT-LM clinical trial, which utilizes CNSide, aims to validate the test's clinical utility and support its commercialization.
In connection with Dr. Fuller's appointment, Plus Therapeutics granted him option awards to purchase up to 13,116 shares of the company's common stock, vesting over four years, contingent on continued service.
Rhenium (186Re) obisbemeda, the company's novel injectable radiotherapy, is being evaluated for recurrent glioblastoma and LM treatment. It is designed to deliver high-dose radiation directly to CNS tumors. The treatment is currently supported by CPRIT and the National Cancer Institute (NCI), part of the U.S. National Institutes of Health (NIH).
LM is a rare but often terminal cancer complication, with an increasing incidence due to the ineffectiveness of standard chemotherapies in reaching sufficient concentrations in the spinal fluid. Plus Therapeutics aims to enhance clinical outcomes for CNS cancer patients through its targeted radiotherapeutics and diagnostic tests.
This information is based on a press release statement from Plus Therapeutics, Inc.
In other recent news, Plus Therapeutics announced its Q1 2024 financial results, highlighting the closing of a private placement financing that raised $19.25 million. The company also received a $3 million grant from the US Department of Defense to support its pediatric cancer trials. In addition to these financial developments, Plus Therapeutics reported promising survival rates from its radioembolic therapy trials for glioblastoma and leptomeningeal metastases.
The company is preparing for further trials and is working towards commercializing its CNSide diagnostic tests. Notably, Plus Therapeutics added neurooncologists Dr. Andrew Brenner and Dr. Barbara Blouw to its management team and is continuing patient enrollment for the ReSPECT-GBM trial.
The company also expects to receive grant advances totaling $6.9 million in 2024. Despite waiting for funding before submitting a formal IND for the pediatric study, Plus Therapeutics remains optimistic about potential funding beyond Phase 1 for pediatric brain cancer.
These are among the recent developments in Plus Therapeutics.
InvestingPro Insights
As Plus Therapeutics, Inc. (NASDAQ:PSTV) advances its CNS cancer treatment and diagnostics portfolio, the financial landscape of the company offers a mix of caution and optimism. According to InvestingPro data, the company has experienced a significant return over the last week, with a 12.22% price total return. This momentum extends over the last month and three months, showcasing a 16.43% and 43.35% total return, respectively, which may reflect investor confidence in the company's recent developments and future prospects.
However, it's important to note that Plus Therapeutics is quickly burning through cash, and analysts do not anticipate the company will be profitable this year, as per InvestingPro Tips. Furthermore, with a market capitalization of just $14.15 million USD and a negative price-to-earnings (P/E) ratio of -0.75, the company's financial health demands careful scrutiny. The gross profit margin stands at a concerning -55.65%, indicating struggles in maintaining profitability against revenues, which were $6.08 million USD over the last twelve months as of Q1 2024.
Investors considering Plus Therapeutics should be aware that the company's short-term obligations exceed its liquid assets, suggesting potential liquidity challenges. Additionally, the company operates with a moderate level of debt and does not pay dividends, which may influence investment decisions for those seeking income-generating stocks.
For those interested in a deeper dive into Plus Therapeutics' financial health and future outlook, InvestingPro offers a wealth of further insights. With an additional 15 InvestingPro Tips available, investors can gain a more comprehensive understanding of the company's financials and market position. To explore these insights, visit https://www.investing.com/pro/PSTV and remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.