Clinical stage oncology company Prescient Therapeutics (ASX: PTX) has announced that two of its assets will be used for a COVID-19 antiviral testing program in Melbourne, Victoria.

PTX signed the research agreement with the Peter Doherty Institute for Infection and Immunology after coming out of a trading halt on Tuesday. They have also pledged $70,000 in funding. 

The Doherty Institute has handpicked the two PTX assets for an antiviral drug program to test a wide variety of formulations against COVID-19, classifying them as group 1 priority candidates. Group 1 priority candidates means they have the “highest or strong likelihood of antiviral efficacy – compounds in this grouping will be eligible for tier one laboratory testing”.

Announcement Highlights:

• Both assets chosen based on potential antiviral qualities
• Doherty Institute will conduct testing.
• New patent applications filed to protect all new intellectual property generated.

“While we remain totally focused on advancing our promising anti-cancer clinical pipeline, we are delighted that two of our assets have been selected for this important national effort by some of the world’s leading medical researchers to help address this urgent global health emergency” Prescient chief executive officer Steven Yatomi-Clarke said.

 

Their shares jumped 15.5% on the back of the announcement, trading up to 6.7 cents per share at that time

Join us for a special live investor briefing on Tuesday 4 August at 12pm, to hear directly from Steven Yatomi-Clarke as he outlines the company’s recent news and answers any questions. Book your spot here. 

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Reach Markets have been engaged by PTX to assist with private investor management.

Sources:

• Smallcaps: Prescient Therapeutics assets chosen for COVID-19 antiviral test program
• The Market Herald: Prescient Therapeutics’ (ASX:PTX) assets selected for COVID-19 antiviral trial