Plus Therapeutics Reports Q2 2019 Financial and Business Results
August 15 2019 - 6:21PM
Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”) today
announced Q2 2019 financial results and provided updates on
corporate activities.
Q2 2019 net loss from continuing operations was $2.3 million, or
$5.12 per share. Q2 2019 total net loss after factoring in
discontinued operations was $9.1 million, or $20.67 per share.
Operating cash burn for Q2 was approximately $1.6 million. Plus
Therapeutics ended Q2 with approximately $4.5 million of cash and
cash equivalents.
Plus Therapeutics’ lead pipeline drug is DocePLUS – a
complex, injectable, patented, albumin-stabilized PEGylated
liposomal docetaxel – which has the potential to address
significant unmet or substantially underserved medical needs and
generate global revenues estimated to exceed $250 million annually.
Key highlights of the development program include:
- Completed and published a U.S. Phase 1 clinical trial.
- Received a U.S. FDA orphan drug designation for Small Cell Lung
Cancer.
- Obtained U.S. FDA feedback that a 505(b)(2) new drug
application appears to be an acceptable regulatory approach.
In the second half of 2019, Plus Therapeutics intends to submit
a Phase 2 clinical trial protocol for DocePLUS in Small Cell Lung
Cancer patients with platinum-sensitive disease who progressed at
least 60 days after initiation of first-line chemotherapy to the
U.S. FDA. Furthermore, Plus Therapeutics is pursuing manufacturing
and commercial partners for DocePLUS as well as partners for its
DoxoPLUS product – a generic, injectable PEGylated liposomal
doxorubicin for multiple cancer types.
“Plus Therapeutics is committed to executing its ‘PLUS’
corporate strategy to marry effective and well described active
pharmaceutical agents with novel delivery technology to make better
compounds for patients,” said Dr. Marc Hedrick, President and Chief
Executive Officer of Cytori. “Advancing our DocePLUS product
candidate and nanotechnology platform via a virtual development
approach combining lean operations and efficient capital deployment
are critical to our future success.”
Q2 2019 Financial Performance
- Q2 2019 operating cash burn was $1.6 million, compared to $2.7
million for Q2 2018.
- Q2 2019 contract revenues were $0.3 million, compared to $0.9
million for Q2 2018.
- Q2 2019 net loss from continuing operations was $2.3 million or
$5.12 per share, compared to a net loss of $2.3 million or $18.53
per share for Q2 2018.
- Q2 2019 total net loss after factoring in discontinued
operations was $9.1 million or $20.67 per share compared to a total
net loss of $3.7 million or $29.67 per share for Q2 2018, after
factoring in discontinued operations.
- Cash and debt principal balances at June 30, 2019 were
approximately $4.5 million and $9.3 million, respectively.
About Plus Therapeutics, Inc.
Plus Therapeutics is a clinical-stage pharmaceutical company
focused on making a positive impact on patients’ lives and adding
value to the healthcare system. We are a Nasdaq-listed company with
our company headquarters located in Austin, TX. We also have a
manufacturing facility in San Antonio, TX and a satellite office in
San Diego, CA.
The lead product candidate in our pipeline, DocePLUS, is being
developed in the U.S. by a dedicated and energetic team of
biologists, chemists, engineers, and other professionals. This
diverse and experienced team is using our proprietary and versatile
nanotechnology platform in an effort to reformulate and improve
conventional, workhorse chemotherapeutics to provide meaningful
benefits to patients and healthcare providers. The platform also
serves as the foundation and affords us the opportunity in the
future to develop additional drugs for oncology and other
therapeutic areas.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain statements that may be
deemed “forward-looking statements” within the meaning of U.S.
securities laws. All statements, other than statements of
historical fact, that address activities, events or developments
that we intend, expect, project, believe or anticipate and similar
expressions or future conditional verbs such as will, should,
would, could or may occur in the future are forward-looking
statements. Such statements are based upon certain assumptions and
assessments made by our management in light of their experience and
their perception of historical trends, current conditions, expected
future developments and other factors they believe to be
appropriate. These statements include, without limitation,
statements about the Company’s opportunity to develop additional
drugs for oncology and other therapeutic areas. The forward-looking
statements included in this press release are subject to a number
of additional material risks and uncertainties, including but not
limited to the risks described under the “Risk Factors” in the
company’s Securities and Exchange Commission filings, included in
the company’s annual and quarterly reports. There may be events in
the future that the company is unable to predict, or over which it
has no control, and its business, financial condition, results of
operations and prospects may change in the future. The company
assumes no responsibility to update or revise any forward-looking
statements to reflect events, trends or circumstances after the
date they are made unless the company has an obligation under U.S.
Federal securities laws to do so.
Plus Therapeutics, Inc.
Email: ir@plustherapeutics.com
Website: plustherapeutics.com
Source: Plus Therapeutics, Inc.
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