Prescient Therapeutics' Remarkable 2019 Journey

  • Jan 03, 2020 AEDT
  • Team Kalkine
Prescient Therapeutics' Remarkable 2019 Journey

A clinical-stage Oncology company, Prescient Therapeutics Limited (ASX: PTX) is primarily engaged in developing novel personalized cancer therapies targeting an array of challenging cancers with significant unmet need. Prescient’s approach is to address specific mutations that drive cancer and contribute to resistance to front line chemotherapy.

Prescient Therapeutics has one of the richest clinical pipelines with several clinical trials being conducted at some of the most prominent cancer research centres in the United States and Australia. Prescient is actively involved in the clinical and commercial advancements of its two unique drug candidates, PTX-200 and PTX-100. It has recently entered the exciting field of cell therapy, namely CAR-T.

Prescient’s significant progress and accomplishments during 2019 is demonstrated by promising clinical trial results which further determines the strength of its business strategy, the value of its clinical assets together with dedication of an exceptional management board. Let’s take a walk-through Prescient’s 2019 Journey and dig into some of its main achievements-

January- Received R&D Tax Rebate

Prescient received $939,423 Tax Incentive rebate for the financial year 2017/2018 financial year from the Australian Government under the Research & Development Tax Incentive Program on 15 January 2019.

March- Completed Capital Raise of $9.1 Million

  • Prescient successfully raised $9.1 million capital comprised of a $7.0 million Placement to Institutional and Sophisticated investors and $2.1 million Non-Renounceable Rights Issue to existing shareholders, which were fully underwritten.
  • Following the capital raise, Prescient was fully funded for the next 1.5 years and for key data readouts.

April- Completion of Entitlement Offer Allocation

  • In April 2019, Prescient completed the allotment of shares and options pursuant to the Company’s non-renounceable entitlement offer (Entitlement Offer) as declared on 25 March 2019 which closed on 23 April 2019.
  • As per the Entitlement Offer eligible shareholders were eligible to apply for new shares based on one New Share for every 5 Existing Shares held at the record date.
  • The Entitlement Offer was conducted at an issue price of 5 cents ($0.05) per share, with 1 free attaching option for every 2 new shares issued, exercisable at 6.25 cents ($0.0625) per option on or before 31 March 2023.

May- Prescient’s PTX-200 received Canadian Patent

  • In a significant achievement, on 16 May 2019, Prescient received patent grant for its novel PH domain inhibitor- PTX-200 from Canadian jurisdiction providing PTX with intellectual property protection for PTX-200 in Canada until 2028.
  • Precisely, the patent covers protection against taxanes and platinum compounds present in PTX-200.

July- Initiation of Phase 1b PK/PD “BASKET” Trial for PTX-100

Prescient’s clinical progress during 2019 was evident from the commencement of Phase 1b Clinical Trial for PTX-100 in patients with multiple cancers using a basket study approach designed to bundle groups of patients based on the type of mutation driving their cancers, rather than traditionally treating based on the tumour’s location.

Basket trial bundles identifies patients carrying this mutation and switches it off with a targeted therapy, revolutionizing the future of clinical trials.

August- Presented Annual Report for the Financial Year Ended 30 June 2019

In FY2019, Prescient remained on the path of advancing its promising pipeline of small molecule targeted cancer treatments through the clinic.

October- Prescient Released AusBiotech Presentation- Shedding Light on RAS

  • In October 2019, Prescient released AusBiotech Ras Presentation shedding light on the latest fuss about RAS mutation that has gained outstanding global attention, following the release of the latest data on Amgen’s KRAS inhibitor, a new cancer drug AMG-510.
  • Earlier in June 2019, the market reacted positively post the release of ASCO data, the share prices of Amgen (NASDAQ: AMGN) escalated by over 27%, reaching at its peak at US$ 211.90.
  • Also, a small-cap company Mirati Therapeutics (NASDAQ: MRTX), pursuing similar technology saw its shares open gap up by 25%. Later, its share price soared by ~ 65% to US$111.99 in the consequent months with a market capitalisation of US$3.0 billion.
  • Prescient’s innovative PTX-100 has a unique mechanism of action that disrupts the Ras pathway and is the only Ras pathway inhibitor in an ASX-listed company and to the company’s knowledge, the only RhoA inhibitor in clinical development worldwide.

November- First foray into CAR-T and AML progress

  • Prescient collaborated with Carina Biotech, an American biotech company and expanded its footprints from targeted to cellular therapies (CAR-T) in its new foray.

  • With innovative approach to treat cancer while utilizing patient’s own immune system to target and attack cancer, in CAR-T Cell Therapy Patients’ T cells are isolated, re-engineered and introduced back to the body.
  • Kymriah (1st gene therapy receiving U.S. regulatory approval) and Yescarta are two CAR-T medicines that have drawn global medical and investors’ attention in 2017.
  • Later in November, Prescient provided an update on the trial of PTX-200 in acute myeloid leukemia (AML). The trial has observed three complete responses so far on the study, in a patient population that has grim prognoses and are difficult to treat.

December- Reported Further Positive Clinical Developments

Dated 23 December 2019, Prescient unveiled encouraging positive outcomes from PTX-200 Phase 2a trial carried out in women with locally advanced, human epidermal growth factor receptor 2 or HER2 negative breast cancer. The results showed high ORR (overall response rate).

In another announcement dated 12 December 2019, Prescient revealed positive interim results from PTX-200 phase 1b safety study that was conducted in recurrent or persistent platinum resistant ovarian cancer patients. Reported results showed acceptable safety with 80 per cent of women demonstrating control over disease (being partial response or stable disease).

Prescient’s clinical programs are of vital importance in precision oncology. Focused on delivering clinical milestones and business development operations, Prescient remains on the right path to transform cancer treatment around the worldwide and is well-funded, paving its way to continue research and clinical development activities during next year.

Post the announcements in November and December 2019, the PTX shares broke out of consolidation and shot up by 240% from $0.044 to make a year high of $0.150 on ASX.

PTX Daily Charts Source: Thomson Reuters

Prescient’s shares closed the year 2019, at $0.061 (31 December 2019). As on 03 January 2020, the market capitalisation of the company stood at $22 million with 394.26 million shares outstanding.

It was yet another year of solid progress for Prescient, demonstrating the team’s ability to execute, and the exciting potential of its drug candidates. This sets up Prescient for an exciting 2020.

To know more about Prescient Therapeutics Limited, click here.

To stay updated with PTX company activities and announcements, please update your details on their investor centre.


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