Prescient Therapeutics (ASX:PTX) makes progress in March 2023 quarter

Highlights

• Prescient has informed about progress with regard to its PTX-100 therapy and cell therapu OmniCAR
• The Company has received "excellent" results from the clinical trial of PTX-100 therapy (T Cell Lymphoma)
• CellPryme being evaluated by potential partners to enhance cell therapies
• PTX was also granted the Orphan Drug Designation during the quarter for PTX-100

Prescient Therapeutics (ASX: PTX), the Australian listed entity into clinical stage oncology, has released its Activities Report for the quarter ended March 2023. Aside from progress with respect to the company’s clinical trials, the report reveals a "strong" cash balance amounting to AU$19.9 million, which was further bolstered by exercise of PTXOC options after the reporting period. PTX has also informed that during the reporting quarter it enhanced its commercial expertise with global pricing and access specialist.

The oncology company is progressing with its personalised therapies for cancer, and the Activities Report mentions that Prescient Therapeutics was able to make "solid progress" in all respects. Mentioned below are some key highlights from PTX's report.

Clinical progress

Prescient states that its targeted therapy PTX-100 -- undergoing Phase 1B trial led by Professor H. Miles Prince AM -- has been able to show encouraging activity, with clinical and regulatory momentum. During the reporting quarter, the therapy showed an “excellent safety profile", and PTX states this came with "very few" adverse events. It is pertinent to note that two of the patients experienced complete eradication of cancer.

Further, seven out of 10 patients demonstrated durations of response which were higher than standard of care. Separately, the therapy was granted the Orphan Drug Designation by the US FDA last month. This designation was broader than what was sought by the Company, which highlights the significance of developing effective therapies for patients. The team is working on the Phase 2 trial of PTX-100. An additional manufacturing campaign has also begun to support Phase 2.

Source: PTX ASX release dated 9 March 2023

Prescient has appointed Mr Ed Schoonveld -- a "global authority on pricing and health economics" -- who will guide Prescient on commercial, pricing and patient access strategies for PTX-100. Separately, the company is also actively recruiting for the Phase 1b trial of PTX-200 therapy. Also, during the reporting quarter, PTX continued with OmniCAR platform development. Prescient is focused on further optimising the platform pre-clinically and incorporating feedback including gene editing.

Prescient’s CellPryme platform is presently being assessed by numerous external parties with a view to enhancing their own cell therapy platforms. The Company states this may lead to commercial arrangements. PTX received an international trademark for the platform.

Financials

Prescient reported a cash balance of AU$19.9 million at the end of the reporting quarter. Subsequently, the Company could also bank an additional AU$3.7 million from the from exercise of PTXOC options (taking the total from these proceeds to AU$4.8 million). PTX states more than 97% of options were exercised.