Summary
- Prescient’s two assets have been selected by the world’s leading medical researchers in Doherty Institute to help address the ongoing COVID-19 pandemic.
- Both assets of PTX chosen on the basis of their potential antiviral properties.
- The preliminary findings from this study are anticipated to be available in September and October 2020.
- All the additional IP generated during the screening process will be owned by Prescient, new patent applications already filed by PTX.
Clinical stage oncology company Prescient Therapeutics Limited (ASX:PTX) notified that two of its assets had been selected as Group 1 priority candidates for a COVID-19 antiviral testing program by Doherty Institute in Melbourne. Both assets of PTX are selected on the basis of their potential antiviral properties.
Subsequent to this selection, the Company has signed a research agreement with the Peter Doherty Institute for Infection and Immunology for the SARS-CoV-2 Antiviral Drugs Program of the Doherty Institute.
Post the key update, on 21 July 2020, PTX stock soared 18.966% to A$0.069 at AEST 12:38 PM. The market capitalisation of PTX stood at A$22.87 million.
COVID-19 Antiviral Testing Program-
Doherty Institute is a joint venture (JV) between the Royal Melbourne Hospital and the University of Melbourne. It has evaluated two existing assets of Prescient as Group 1 priority candidates for this research program. As per the guidelines of the program, Group 1 candidates are having the “highest or strong likelihood of antiviral efficacy compounds in this grouping will be eligible for Tier 1 laboratory testing.”
The antiviral candidates for this antiviral testing program were assessed by an independent Scientific Review Panel of specialists in virology, antivirals, and the clinical trials of antiviral drugs. Assets of Prescient Therapeutics were chosen on the basis of a detailed review of available existing information and additional pre-clinical data supporting their rationale to be used as antiviral drugs.
The Doherty Institute is a centre of excellence of leading clinicians, scientists, and researchers who are committed to the prevention, treatment, and cure of infectious diseases. It is engaged in the investigation of a wide variety of infectious diseases but has pivoted its expertise towards the COVID-19 response.
Remarkably, the Doherty Institute gained international prominence at the beginning of 2020 in the fight against COVID-19 when it became the first centre outside China for developing the strain of SARS-CoV-2 in cell culture and share with laboratories around the world.
This testing program is a two-step process comprises in-vitro testing at the Doherty Institute, along with potentially in-vivo tests in a small animal model. The suitability for the in-vivo tests depends on positive outcomes in the first test (in-vitro testing). Prescient is contributing A$70,000 for the assessment of both assets in in-vitro testing.
The preliminary findings from this study are anticipated to be available in September and October 2020. Moreover, PTX will provide an update for investors on material developments as information is made available.
ALSO READ: Prescient Therapeutics’ Operations Remain Unscathed by COVID-19 Pandemic
Resultant IP will be Owned by Prescient-
Prescient also notified that it has already filed new patent applications to protect the all-new intellectual property created for both assets for their application as anti-SARS-CoV-2 agents.
It is noteworthy to note that, all the additional intellectual property (IP) generated during the screening process will be owned by Prescient.
On this Prescient CEO and Managing Director, Steven Yatomi-Clarke stated-
Bottomline
Selection of two assets for the important national effort is a big move for Prescient during the time of global health emergency, and on the successful development, it could be proved as an excellent achievement for the Company as the world needs an urgent therapy to combat the COVID-19.
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With the pandemic continuing to affect the globe, healthcare companies are evaluating their lead compounds for COVID-19 treatment. Future revenue for these stocks depends on the probability of launching an approved treatment in the market.
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