Prescient Therapeutics: PTX-100 Phase 1b Success and Financial Update - June 2024
PTX (PTX) Share Update July 2024 Tuesday 30th
Prescient Therapeutics Reports Positive PTX-100 Phase 1b Results and Financial Stability
Prescient Therapeutics Limited (ASX: PTX) has shared encouraging results from its PTX-100 Phase 1b trial and provided a comprehensive financial update for the June 2024 quarter.
Instant Summary:
- PTX-100 Phase 1b results presented at international T-cell lymphoma conference with positive reception.
- Last patient in Phase 1b T-cell lymphoma trial achieves a complete response.
- Ongoing strategic input into design of Phase 2 trial of PTX-100.
- Progress on cell therapy platforms with third-party interest in CellPryme.
- Cash and term deposit balance of $14.5 million with spending in line with budget.
PTX-100 Phase 1b Results
Prescient Therapeutics has announced positive results from its PTX-100 Phase 1b trial, presented at the 15th Annual T-Cell Lymphoma Forum (TCLF) in California. The trial focused on patients with relapsed and refractory T-cell lymphomas (r/r TCLs). The Principal Investigator, Professor H. Miles Prince, AM, highlighted PTX-100's safety profile and the duration of response, receiving positive feedback from global experts.
Notably, the last patient enrolled in the Phase 1b study, a 51-year-old woman with cutaneous T-cell lymphoma (CTCL) who had failed three prior therapies, achieved a complete response, further bolstering the trial's encouraging data.
Phase 2 Trial and Strategic Planning
Prescient is actively refining the design of the Phase 2 trial of PTX-100, incorporating feedback from key opinion leaders and experts in regulatory, manufacturing, and commercial fields. This strategic approach aims to optimize the trial's success and focus on areas of unmet medical need. The company plans to hold a meeting with the FDA in the coming months and aims to commence the Phase 2 trial before the end of the year.
Financial Summary
Prescient ended the June 2024 quarter with cash reserves of $14.5 million, including $4.0 million in term deposits. Net operating expenditure was $1.4 million, in line with the budget, and $1.1 million was invested in R&D and clinical development activities. The company has a cash runway of 10.7 quarters, though expenditure is expected to increase with the upcoming clinical trial activities.
Cell Therapy Platforms
Prescient continues to make progress on its cell therapy platforms, with ongoing studies on CellPryme and discussions with potential partners. The company is also preparing for first-in-human clinical studies of CellPryme-A in combination with CAR-T therapies. Additionally, OmniCAR, a universal immune receptor platform, is in pre-clinical development.
The positive results from the PTX-100 Phase 1b trial are significant and could boost investor confidence in Prescient Therapeutics. The company's strategic approach to the Phase 2 trial and its solid financial position further strengthen its outlook. The ongoing progress in cell therapy platforms also adds potential value to the company's portfolio.
Investor Reaction:
Analysts are likely to view the positive Phase 1b results and the company's strategic planning for the Phase 2 trial favorably. The financial stability and progress in cell therapy platforms may also be seen as positive indicators for future growth.
Conclusion:
Investors should keep an eye on Prescient Therapeutics' upcoming Phase 2 trial and its continued progress in cell therapy platforms. The company's strategic planning and solid financial position make it a promising candidate for future growth in the oncology sector.