ASX-listed Australia based clinical-stage oncology player Prescient Therapeutics Limited (ASX:PTX) is engaged in the development of new drugs that demonstrate significant promise as potential innovative therapies for the treatment of challenging cancers that have developed resistant to front line treatment.
In November 2019, Prescient had joined hands with Carina Biotech for the development of exciting new CAR-T approaches for cancer treatment and as per the previous agreement, the resulting new IP from the CAR-T collaboration with Carina Biotech were to be shared equally between Prescient and Carina.
TO KNOW MORE, DO READ: Prescient Collaborates with Carina Biotech in Expansion into Exciting CAR-T Therapies
Amendment of A Key Term in CAR-T Collaboration- 100% Ownership in IP Rights
On 11 May 2020, Prescient disclosed that the Company has amended a key term in its collaboration with Carina Biotech to generate next generation CAR-T and cell therapy approaches. Now the Company has negotiated to be the 100% owner of any new IP rights generating from this collaboration.
PTX also disclosed that it would carry the sole cost of the project, which is within the current budget of the Company.
Prescient Managing Director and CEA, Steven Yatomi-Clarke stated that the complete proprietorship is a major achievement for the Company-
This amendment results in a stronger and more promising position for Prescient and the Company would provide any updates on this exhilarating work in due course.
Global Medical and Investors Have Shown Keen Interest in CAR-T Therapies Since 2017 -
In a nutshell, Prescient emerges to be at the edge of creating a respectable development profile, with on-track expansion in precision oncology. The Company is achieving significant progress in developing therapies for challenging tumours with unmet medical needs, and gaining complete IP rights in CAR-T collaboration is a big shot in the arm.
On 11 May 2020, PTX shares were trading at AUD 0.046 (at AEST 2:19 PM) with a market capitalisation of AUD 18.53 million. The Company has approximately 394.26 million outstanding shares on ASX.
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.