Australian based clinical-stage Oncology company Prescient Therapeutics Limited (ASX:PTX), recently reported operating highlights and financial outcomes for the March quarter 2020.
The Company 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.
Quarterly Update for three months ended 31 March 2020
Prescient reported cash reserves of nearly $8.2 million and continues to operate its expenditures shrewdly. Moreover, the PTX-200 Phase 1b study and Phase 1b basket study of PTX-100 remains on track in the United States and Melbourne, respectively.
Furthermore, the Company mentioned that the quarter costs included the ongoing clinical studies for PTX-100 and PTX-200 along with manufacturing to ensure supply for clinical programs. PTX disclosed that the payments made to related parties of the entity and their accomplices amounted to nearly $183,000, including of expenses for compensation of directors, as well as on-costs for the quarter.
As previously mentioned, Prescient has already taken steps for mitigating certain costs, which includes exploring the migration of clinical study from the United States to Australia along with investigator-sponsored studies. The Company highlighted that this decision has proven appropriate, and the board continues to look at ways to advance Prescient’s significant work for clinicians as well as cancer patients while managing the resources of the Company.
Operations of Prescient Remain Unaffected Amid Turmoil
The Company unveiled that so far it has not had observed any material impact due to COVID-19 crisis on the progress of the clinical development programs. Moreover, it is in part owing to the importance of steadiness of cancer patients’ treatment.
PTX-200 Phase 1b study- The PTX-200 Phase 1b study in patients with relapsed and refractory Acute Myeloid Leukemia (AML) continues in the United States, as the Company pursues to provide new treatment options for this especially in the challenging patient population.
Phase 1b basket study of PTX-100- In Melbourne, Prescient’s Phase 1b basket study remains progressing under the leadership of Professor Miles Prince and recruitment are under process at Epworth HealthCare in patients with haematological and solid tumors.
TO KNOW MORE, DO READ: Prescient Therapeutics’ Operations Remain Unscathed by COVID-19 Pandemic
It is noteworthy to mention that Prescient continues its development towards the exploding field of cell therapy and CAR-T. As for expansion into exciting CAR-T therapies, Prescient is already working in collaboration with Carina Biotech. The Company would be sharing any updates related to cell therapy in due course.
Prescient Progressing Remarkably on Its Strategic Initiatives with A Robust Cash Balance
In spite of unprecedented global interruptions amid COVID-19, Prescient persists in working on several determined and strategic programs that are designed to build the strengths of the Company, to enhance long term value to its shareholder, to expand the product pipeline, and for confirming the leadership position in the area of targeted oncology.
Likewise, the Management and the Board of Prescient is actively evaluating the potential peripheral complementary and strategically valuable opportunities.
The Company highlighted that these are challenging times for many people in the community, as well as for investors. Remarkably, Prescient has all the things in place with its two promising clinical trials in multiple programs for establishing significant long-term value for its shareholder. The clinical trials of Prescient are progressing under the leadership of experts who are recognised leaders in their respective fields at the international level.
Moreover, the Company has a robust cash balance along with brilliant financial management.
In a nutshell, Prescient seems to be at the verge of setting a decent development silhouette, backed by its strong board and management team that brings in a diverse range of skills and experience, steering vision of the Company forward.
On 17 April 2020, PTX stock was trading at AUD 0.040, up 14%, with a market capitilisation of AUD 13.8 million.
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