TIDMNSCI
NetScientific PLC
13 May 2021
NetScientific plc
("NetScientific", the "Group" or the "Company")
PDS Biotech Provides Business Update and Reports First Quarter
2021 Financial Results
London, UK - 13 May 2021 - NetScientific plc (AIM: NSCI), the
international life sciences and sustainability technology
investment and commercialisation Group, announces that its
portfolio company PDS Biotechnology Corporation (Nasdaq: PDSB)
today announced an update on business, as well as financial results
for the quarter ended 31 March 2021.
PDS Highlights for the Period:
-- National Cancer Institute to present interim efficacy and
safety data of PDS0101 Phase 2 clinical trial in an oral
presentation at the American Society of Clinical Oncology (ASCO)
2021 Annual Meeting on June 7, 2021. This trial is evaluating
PDS0101 with two clinical stage immunotherapies from EMD Serono, a
first in class bifunctional checkpoint inhibitor Bintrafusp Alfa
(M7824) and an antibody conjugated cytokine M9241 (NHS-IL12), in
patients with all types of advanced HPV-associated cancers, whose
cancer has returned or spread after treatment.
-- COVID-19 consortium received a commitment from the Secretary
for Research and Scientific Training of The Ministry of Science,
Technology and Innovation of Brazil (MCTI) to fund up to
approximately US$60 million to support the clinical development and
commercialization of a Versamune(R)-based COVID-19 vaccine by
Farmacore in Brazil.
First Quarter 2021 Financial Results
PDS Biotech reported a net loss of approximately $3.0 million,
or $0.14 per basic share and diluted share, for the three months
ended March 31, 2021 compared to a net loss of approximately $4.0
million, or $0.39 per basic share and diluted share, for the three
months ended March 31, 2020.
Research and development (R&D) expenses decreased 28% to
approximately $1.4 million for the three months ended March 31,
2021 from approximately $2.0 million for the three months ended
March 31, 2020. The decrease of approximately $0.6 million in 2021
was primarily attributable to a decrease of $0.3 million in
professional services and $0.3 million in clinical studies.
General and administrative expenses decreased 21% to
approximately $1.6 million for the three months ended March 31,
2021 from approximately $2.1 million for the three months ended
March 31, 2020. The decrease of approximately $0.5 million is
primarily attributable to a decrease in professional services of
approximately $0.7 million which includes legal fees of
approximately $0.2 million, offset by an increase of approximately
$0.2 million in personnel costs.
Total operating expenses decreased 24% to approximately $3.0
million for the three months ended March 31, 2021 from
approximately $4.0 million for the three months ended March 31,
2020.
PDS Biotech's cash balance as of March 31, 2021 was
approximately $25.0 million.
PDS held a conference call today to discuss the results and
business update. For further details please follow the link to
their full announcement below.
Dr. Frank Bedu-Addo, President and Chief Executive Officer of
PDS Biotech commented: "We look forward to the presentation of
preliminary efficacy and safety data from the National Cancer
Institute (NCI)-led Phase 2 combination study of PDS0101 at the
ASCO conference in early June. ASCO provides an important
opportunity to present the potential of PDS0101 and the
Versamune(R) platform in oncology to the research and medical
community, The presentation of the human clinical efficacy data at
ASCO is an important milestone both for PDS0101 and our entire
Versamune(R)-based oncology pipeline."
Dr. Ilian Iliev, CEO of NetScientific and Director of PDS
Biotechnology commented: "We are delighted with the continued
progress at PDS, building on the momentum achieved last year. We
look forward to further developments this year that we hope will
enhance the value of our investment."
NetScientific holds 5.75% of PDS on an undiluted basis.
The full text of the announcement from PDS Biotechnology is
reproduced below and is available online here:
https://www.pdsbiotech.com/investors/news-center/press-releases/press-releases1/113-2021-news/519-iotechrovidesusinesspdateandeportsirstuar20210513
For more information, please contact:
NetScientific Via Walbrook PR
Ilian Iliev, CEO
WH Ireland (NOMAD, Financial Adviser
and Broker)
Chris Fielding / Darshan Patel +44 (0)20 7220 1666
Walbrook PR +44 (0)20 7933 8780 or netscientific@walbrookpr.com
Nick Rome / Nicholas Johnson / Paul 07748 325 236 / 07884 664 686 / 07980
McManus 541 893
About NetScientific
NetScientific plc (AIM: NSCI) is a holding company, that invests
in, develops, commercialises and realises shareholder value in life
sciences/healthcare, sustainability and technology companies, which
offer significant growth potential predominately in the UK and USA,
as well as globally.
With the acquisition of EMV Capital in August 2020, the Group
doubled its portfolio from 8 to 17 companies, either through direct
subsidiary, balance sheet investment or capital under advisory,
varying from start-up private companies to publicly listed
equities.
NetScientific delivers shareholder returns through a proactive
and hands-on management approach to their portfolio companies;
identifying, investing in, and helping to build game-changing
companies. The Group targets value inflection points and the
release of value through partial or full exits from trade sales,
public listings, or equity sales. The Company has a strong
transatlantic and growing international presence, providing
attractive expansion prospects.
NSCI can deploy a capital-light investment structure; utilising
the power of the PLC Brand, and the NetScientific balance sheet to
anchor future investments and achieve a multiplier effect by
attracting 3rd party investment for the portfolio companies.
NetScientific is headquartered in London, United Kingdom, and
was admitted to trading on AIM, a market operated by the London
Stock Exchange, in 2013 (website: www.netscientific.net ).
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