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AUSTIN, Texas - Plus Therapeutics, Inc. (NASDAQ:PSTV), a clinical-stage pharmaceutical company, has updated the progress of its ReSPECT-LM clinical trial for Rhenium (186Re) Obisbemeda in patients with leptomeningeal metastases (LM). The data, presented at the Society for NeuroOncology/American Society for Clinical Oncology CNS Metastases Conference on August 8-10, revealed no dose-limiting toxicities and a median overall survival of 12 months among participants.
The trial, led by Dr. Andrew Brenner, M.D., Ph.D., from the University of Texas Health, San Antonio, has completed four cohorts involving 16 patients with various primary cancer diagnoses. The study aims to determine the safety and feasibility of Rhenium (186Re) Obisbemeda, also known as Rhenium Nanoliposome, for treating LM.
Most adverse events reported were mild or moderate and not directly related to the study drug. Additionally, a mean reduction of 53% in circulating tumor cells was observed at 28 days post-treatment, though this testing was not available for the fourth cohort.
Rhenium (186Re) Obisbemeda has received Fast Track and Orphan Drug designations from the FDA for the treatment of LM in breast cancer patients. The ReSPECT-LM trial is partly funded by a 3-year, $17.6 million grant from the Cancer Prevention & Research Institute of Texas.
Leptomeningeal Metastases is a rare but typically terminal cancer complication, with 1-year and 2-year survival rates of 7% and 3%, respectively.
Plus Therapeutics is focused on developing targeted radiotherapeutics for central nervous system cancers. The company is also evaluating Rhenium (186Re) Obisbemeda in other trials, including the treatment of recurrent glioblastoma.
Plus Therapeutics, a clinical-stage pharmaceutical company, has reported significant developments in its operations. The company's Q1 2024 financial results highlighted the successful closing of a private placement financing that raised $19.25 million. In addition, the company received a $3 million grant from the US Department of Defense to support its pediatric cancer trials.
Plus Therapeutics also announced the appointment of Dr. Greg Fuller as Vice President of Medical Affairs and Medical Director. Dr. Fuller, who will oversee the implementation of the CNSide® cerebrospinal fluid cancer diagnostic portfolio, was granted option awards to purchase up to 13,116 shares of the company's common stock.
The company has made strides in its radiotherapeutic development program, with the Cancer Prevention & Research Institute of Texas advancing $3.3 million. This funding contributes to a total $17.6 million grant awarded in September 2022, supporting the clinical development of the company's lead radiotherapeutic candidate, rhenium (Re186) obisbemeda.
Plus Therapeutics expects to receive grant advances totaling $6.9 million in 2024. The company reported promising survival rates from its radioembolic therapy trials for glioblastoma and leptomeningeal metastases, and is continuing patient enrollment for the ReSPECT-GBM trial.
InvestingPro Insights
As Plus Therapeutics, Inc. (NASDAQ:PSTV) continues to make strides in its clinical trials, investors are keeping a keen eye on the company's financial health and market performance. According to InvestingPro data, Plus Therapeutics has a market capitalization of $8.27 million, indicating a relatively small player in the pharmaceutical space. Notably, the company has experienced a significant revenue growth of 733.42% in the last twelve months as of Q1 2024, a testament to its potential in the biotech industry.
However, InvestingPro Tips suggest that Plus Therapeutics is quickly burning through cash and has suffered from weak gross profit margins, with a gross profit margin of -55.65% in the same period. This is a critical factor for investors to consider as the company's short-term obligations exceed its liquid assets. Moreover, analysts do not anticipate the company will be profitable this year, and the stock has taken a substantial hit over the last week, with a price total return of -7.64%.
For those interested in a deeper analysis, InvestingPro offers additional insights on Plus Therapeutics, including more detailed financial metrics and expert commentary. There are 10 additional InvestingPro Tips available, providing a comprehensive outlook on the company's financial standing and market potential. These insights can be essential for investors looking to understand the risks and opportunities associated with Plus Therapeutics as it progresses through its clinical trials. To explore these tips and more, visit https://www.investing.com/pro/PSTV.
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