News

Prescient in strong financial position after productive quarter

May 4, 2022

Prescient in strong financial position after productive quarter

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

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.

Register your details on the Prescient Therapeutics investor portal to stay up to date with company news and announcements.

Reach Markets have been engaged by PTX to assist with their investor communications.

Sources:


General Advice Warning

Any advice provided by Reach Markets including on its website and by its representatives is general advice only and does not consider your objectives, financial situation or needs, and you should consider whether it is appropriate for you. This might mean that you need to seek personal advice from a representative authorised to provide personal advice. If you are thinking about acquiring a financial product, you should consider our Financial Services Guide (FSG) including the Privacy Statement and any relevant Product Disclosure Statement or Prospectus (if one is available) to understand the features, risks and returns associated with the investment.

Please click here to read our full warning.

Morning Market Report

A technical view of the Australian and key international markets

Leave a comment