Plus Therapeutics $PSTV, a penny stock trading around $1 a share as of August 18, 2022, announced an incredible $17.6 million award from Texas.
Plus Therapeutics Awarded $17.6 Million from the State of Texas
On August 17, 2022, Plus Therapeutics, Inc. (Nasdaq: PSTV), a clinical-stage pharmaceutical company developing innovative, targeted radiotherapeutics for rare and difficult-to-treat cancers, announced that it was awarded a $17.6 million Product Development Research grant by the Cancer Prevention and Research Institute of Texas (CPRIT) to fund the continued development of the Company’s lead investigational targeted radiotherapeutic, Rhenium-186 NanoLiposome (186RNL), for the treatment of patients with leptomeningeal metastases (LM).
“The Plus team is honored to receive this significant and esteemed award from CPRIT,” said Marc H. Hedrick M.D., President and Chief Executive Officer of Plus Therapeutics. “We expect that the non-dilutive funding from CPRIT will come on-line next month once the award agreement is finalized, and this will significantly offset our longer-term, three-year capital requirements for advancing our LM program.”
In the second quarter of 2022, the Company completed enrollment of Cohort 1 in the ReSPECT-LM Phase 1/2a dose escalation trial (NCT05034497). 186RNL was delivered without dose-limiting toxicities in this initial cohort, and the independent Data and Safety Monitoring Board has approved the plan to move ahead with Cohort 2.
“LM is one of the most devastating and aggressive late-stage cancer complications, in which the primary cancer spreads to the central nervous system. The most common solid tumor giving rise to LM is breast cancer, and LM affects 3% to 5% of women already suffering from breast cancer,” stated Jamil Rivers, President of METAvivor Research and Support, Inc. “The continued investment in clinical research and development for metastatic breast cancer, including leptomeningeal metastases, is critically important. We lose 115 people every day to metastatic breast cancer, which is unacceptable. Patients and their families experience significant burdens when faced with a metastatic breast cancer diagnosis. Research for treatments offers new hope to extend life for those diagnosed with LM.”
The U.S. Food and Drug Administration has granted Fast Track designation to 186RNL for treating LM.
“Leptomeningeal metastases is a difficult and growing problem for patients with a variety of cancers and 186RNL represents a promising new potential option,” said Dr. Andrew Brenner, ReSPECT-LM Trial Principal Investigator. “Though still relatively early in development, the clinical data is compelling, and I am pleased to see that CPRIT has recognized this novel therapy by virtue of this substantial award.”
CPRIT was created by the Texas Legislature and approved by a statewide vote in 2007 to lead the Lone Star State’s fight against cancer. In 2019, Texas voters again voted overwhelmingly to continue CPRIT with an additional $3 billion for a total $6 billion investment in cancer research and prevention.
CPRIT has awarded $2.9 billion in grants to Texas research institutions and organizations through its academic research, prevention, and product development research programs. CPRIT has recruited 263 distinguished researchers, supported the establishment, expansion, or relocation of 44 companies to Texas, and generated over $7.4 billion in additional public and private investment. CPRIT funding has advanced scientific and clinical knowledge and provided 7.8 million life-saving cancer prevention and early detection services reaching Texans from all 254 counties.
Plus Therapeutics Announces Share Repurchase Program
On August 15, 2022, Plus Therapeutics, Inc. (Nasdaq: PSTV), a clinical-stage pharmaceutical company developing innovative, targeted radiotherapeutics for rare and difficult-to-treat cancers, announced that its Board of Directors has approved a share repurchase program with authorization to repurchase up to $2 million of the Company’s outstanding common stock. The Company intends to fund any share repurchases with available cash.
“This share repurchase program reflects our continued confidence in our long-term strategy and the strength of the balance sheetThe balance sheet is a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and equity. and reinforces our commitment to deliver value to shareholders,” said Marc H. Hedrick M.D., President and Chief Executive Officer of Plus Therapeutics.
The timing and amount of any shares repurchased will be determined based on the Company’s evaluation of market conditions and other factors, including the consent of the Company’s lender. Repurchases may be made from time to time on the open market over the next 12 months, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1. Repurchases will be made per the rules and regulations promulgated by the Securities and Exchange Commission. The Company is not obligated to acquire shares, and the program may be discontinued or suspended at any time.
Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company focused on developing, manufacturing, and commercializing complex and innovative treatments for patients battling cancer and other life-threatening diseases. Our proprietary nanotechnology platform is currently centered around the enhanced delivery of a variety of drugs using novel liposomal encapsulation technology. Liposomal encapsulation has been extensively explored and has undergone significant technical and commercial advances since it was first developed. Our platform is designed to facilitate new delivery approaches and formulations of safe and effective injectable drugs, potentially enhancing patients’ and healthcare providers’ safety, efficacy, and convenience.
📈 Plus Therapeutics $PSTV Chart Technical Analysis
Plus Therapeutics $PSTV stock has a technical weak downtrend rating. The stock jumped more than 130% in the last two days after the award from the State of Texas was announced.