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AUSTIN – Plus Therapeutics, Inc. (NASDAQ:PSTV), a clinical-stage pharmaceutical company with a market capitalization of $7.1 million, announced today the appointment of Michael Rosol, Ph.D., as Chief Development Officer. Dr. Rosol will oversee clinical, pre-clinical, and biomarker development activities as the company prepares to transition from mid-stage to pivotal trials. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, though investors should note it’s currently burning through cash rapidly.
With 25 years of experience in clinical trial design, operations, and regulatory execution, Dr. Rosol recently served as Chief Medical (TASE:BLWV) Officer and Senior Vice President at Navidea Biopharmaceuticals (OTC:NAVB). His background includes positions at Novartis (SIX:NOVN) Pharmaceuticals and various academic appointments, highlighting his expertise in oncology, radiotherapeutic drug development, and biomedical imaging. This appointment comes as Plus Therapeutics reports a 52.6% year-over-year revenue growth, though InvestingPro data shows the company faces challenges with negative gross profit margins of -95.4%.
President and CEO Marc H. Hedrick, M.D., expressed confidence in Dr. Rosol’s alignment with the company’s clinical pipeline and development stage, emphasizing the importance of his experience as Plus Therapeutics advances its targeted radiotherapeutics for central nervous system (CNS) cancers.
Plus Therapeutics is currently focusing on treating recurrent glioblastoma (GBM) and leptomeningeal metastases (LM), with the latter being a particularly aggressive complication of cancer with dismal survival rates and no FDA-approved therapies. GBM, the most common form of brain cancer in the U.S., also lacks effective treatment options for recurrent cases.
The company’s strategic partnerships have established a supply chain that supports the development, manufacturing, and potential commercialization of its products. Plus Therapeutics aims to enhance clinical outcomes for patients with difficult-to-treat CNS cancers by combining image-guided local beta radiation and targeted drug delivery approaches.
This news is based on a press release statement and contains forward-looking statements subject to risks and uncertainties, including the company’s ability to progress in clinical trials and achieve regulatory approval. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect the company’s expectations as of the date of the press release.
In other recent news, Plus Therapeutics has successfully secured a total of $5.7 million in funding to advance its cancer trials. This includes $3.7 million from a private placement and a $2.0 million advance from the Cancer Prevention and Research Institute of Texas as part of an existing grant. These funds are allocated for the clinical development of Rhenium (186Re) Obisbemeda for leptomeningeal metastases and the CNSide LM diagnostic test. Additionally, H.C. Wainwright maintained a Buy rating and an $8.00 price target for Plus Therapeutics following positive study results presented at the Society of Neuro-Oncology annual meeting. The Phase 1 ReSPECT-LM study showed a median overall survival of 9 months, which is higher than the historical average of 4-6 months. The study also reported favorable drug tolerance and promising results for patients with primary breast or lung cancer. Only one instance of dose-limiting toxicity was observed, and the study continues with patient enrollment in the sixth cohort. These developments highlight Plus Therapeutics’ ongoing efforts in advancing treatments for central nervous system cancers.
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