Australian biotech company Prescient Therapeutics has ended the March quarter with a sizeable cash balance despite continued investment into research and development.

The company finished the quarter with a cash balance of $13.13 million, which will be used to support its ongoing cancer therapy work, the company said in a statement.

These cancer therapies include Prescient’s next-generation cell therapy platform OmniCAR, which the company developed using technology from leading research institutions University of Pennsylvania and Oxford University.

OmniCAR was developed to overcome some of the problems faced by CAR-T therapies, which use genetically altered cells from a cancer patient’s own immune system to fight tumours. Those problems include a lack of control over the treatment once administered and an inability to target multiple cancer types.

During the March quarter, Prescient made “solid progress” on its OmniCAR platform in preclinical trials targeting three cancer types: acute myeloid leukaemia, glioblastoma multiforme, and Her2+ solid tumours.  

While the company did not reveal specifics, it noted OmniCAR continues to be presented at global conferences, where it is attracting the attention of other CAR-T manufacturers.

Prescient also flagged progress on its two cancer-fighting drugs, PTX-100 and PTX-200.

The company began screening patients for its next round of PTX-100 tests, with global leading oncologist Dr H. Miles Prince – who joined Prescient’s Scientific Advisory Board in December 2020 – leading the process.

Separately, patients being treated for acute myeloid leukaemia with PTX-200 were able to advance their dose escalation during the quarter, with three of these patients now having recorded complete responses to the drug.

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Sources:

• Prescient Therapeutics ASX Announcements, March 2022 Quarterly Update 
• Prescient Therapeutics Announcement, Leading International Blood Cancer Specialist Joins Prescient Advisory Board