All that investors need to know about clinical stage oncology company, Prescient Therapeutics

Prescient Therapeutics Limited (ASX: PTX), based in South Melbourne, Australia, is an oncology company (clinical-stage) that develops novel drugs and targeted therapies to treat specific mutations that stimulate cancer and thus, contribute to resistance.

Clinical-Stage Drug Candidates

Source: Investor Presentation

PTX-200, which is in Phase II clinical trial, inhibits an important tumour survival pathway known as Akt (key player in the development of several cancers). The drug is subject to three clinical trials including locally advanced HER2 negative breast cancer, recurrent or persistent platinum-resistant ovarian cancer, as well as relapsed and refractory Acute Myeloid Leukaemia (AML). Below are the encouraging results of the Phase 1B:

Source: Investor Presentation

PTX-100 has the ability to block an important cancer growth enzyme known as geranylgeranyl transferase-1 (GGT-1) and is the only RhoA inhibitor in the world in clinical development. Its Phase 1 clinical trial for advanced solid tumours has been completed with confirmed safety results. The company is expected to start a basket K/PD study in Q2 2019 (readout in Q2 2020) of hematological and solid malignancies, focusing Ras and RhoA mutant cancers.

Source: Investor Presentation May 2019

Recently, on 21 May 2019, Prescient Therapeutics released its Investor Presentation wherein it explained its approach for addressing the mutations causing cancer through personalised medicines and also elaborated on its drug candidates. The company believes that without precision medicine, patients are treated the same regardless of the differences between individuals. As a result, a ‘one size fits all’ approach leads to poor outcomes and exposure to severe risks.

Personalized medicine considers specific tumour variability. Besides, different tumours have different drivers. Thus, a precise, targeted personalized therapy is a more effective way of treating cancer patients. Personalized medicine presents a considerable area of industry growth (USD 93 billion by 2023), as per the company.

Earlier in May 2019, the medical technology company announced that it had received a new Canada patent covering PTX-200 until 2028 that offers intellectual property protection for compositions of PTX-200 with taxanes and platinum compounds for the treatment of cancer patients.

Capital raising structure

The company disclosed its March 2019 Quarterly Update and operating highlights in April 2019. The business had cash in hand of AUD 4.68 million at the end of the quarter. There were ~ AUD 264K of operating cash outflows. This included an Australian Government Research and Development tax refund of around AUD 939,423 in January 2019.

During the concerned three months, Prescient announced (25 March 2019) that it had received firm commitments to raise AUD 9.1 million through a Placement and Non-Renounceable Rights Issue. The capital raising initiative received strong support from the existing and new institutional life science investors based in the US and Australia.

Source: Capital Raising Presentation - March 2019

On 30 April 2019, Prescient reported that it had completed the allotment of shares and options pursuant to the its non-renounceable entitlement offer. The eligible shareholders were entitled to apply for new shares on 1:5 basis. The Entitlement Offer was conducted at an issue price of $ 0.05 per share, with one free attaching option for every two new shares issued, exercisable at $ 0.0625 per option on or before 31 March 2023.

Prescient reported to have received AUD 1.77 million before costs under Tranche 1 during the March quarter, by issuing 35.3 million shares and 17.7 million options.

As on 3 May 2019, the company had completed Tranche 2 of placement of shares and options including 104,686,158 fully paid ordinary shares at an issue price of $ 0.05 each (raising ~ AUD 5.23 million) and 52,343,090 Listed PTXOC options (strike price: AUD 0.0625, expiring 31 March 2023) to institutional and sophisticated investors in accordance with the capital raising structure.

As per the company, the business seems to be well on track to achieve its near term clinical and strategic milestones for next 18 months.

With a market capitalisation of ~ AUD 16.16 million and ~ 394.26 million outstanding shares, the PTX stock is trading at AUD 0.041 (As at 2:45 PM AEST, 28 May 2019).


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