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HOUSTON - Plus Therapeutics, Inc. (NASDAQ:PSTV), a small-cap biotech company with a market capitalization of $27.66 million, announced Thursday that its wholly-owned subsidiary, CNSide Diagnostics, will make its cerebrospinal fluid assay platform commercially available in Texas in August 2025. According to InvestingPro analysis, the company currently holds more cash than debt on its balance sheet, though it’s rapidly burning through available funds.
The initial rollout will target National Cancer Institute-Designated Cancer Centers, including University of Texas-Southwestern, MD Anderson Cancer Center, Mays Cancer Center, Baylor Scott & White Health, and Texas Oncology.
The CNSide testing platform is designed to identify tumor cells that have metastasized to the central nervous system in patients with carcinomas and melanomas. According to the company, the assay demonstrates 92% sensitivity and 95% specificity in detecting these cells, compared to the lower sensitivity of traditional cerebrospinal fluid cytology.
"The CNSide assay is an invaluable diagnostic tool, relevant in providing important guidance in monitoring patient disease progression and in helping define patient treatment," said Michael Youssef, M.D., Assistant Professor at UT Southwestern Medical Center.
The company stated that over 11,000 CNSide tests have been performed at more than 200 U.S. cancer institutions since 2020, influencing treatment decisions in over 90% of cases.
Leptomeningeal metastases (LM), a complication affecting approximately 5% of patients with metastatic cancer, occurs when cancer spreads to fluid-lined structures of the central nervous system. Median survival for LM patients is typically 2-6 months.
Plus Therapeutics plans to expand testing services and broaden regional availability over the next 12 months, according to the press release statement.
In other recent news, Plus Therapeutics has received a $1.6 million advance from the Cancer Prevention and Research Institute of Texas as part of a larger $17.6 million grant. The company anticipates an additional $6 million in funding over the next year. Plus Therapeutics has also begun treating patients in the ReSPECT-LM dose optimization trial for its REYOBIQ treatment targeting leptomeningeal metastases. Additionally, the U.S. Food and Drug Administration has cleared Plus Therapeutics’ trial for REYOBIQ to treat pediatric high-grade glioma and ependymoma, with funding support from the U.S. Department of Defense.
In the realm of diagnostics, Plus Therapeutics plans to launch its CNSide cerebrospinal fluid diagnostic platform in 2025, starting in Texas and expanding thereafter. This platform aims to diagnose and monitor central nervous system cancer metastases. Meanwhile, H.C. Wainwright has adjusted its price target for Plus Therapeutics to $3.00, down from $5.50, while maintaining a Buy rating. The firm’s update follows Plus Therapeutics’ announcement regarding its commercialization plans for the CNSide diagnostic.
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