PDS Reports Q3 2021 Results & Business Update

RNS Number : 9835R

NetScientific PLC

10 November 2021

 

NetScientific plc

("NetScientific", the "Group" or the "Company")

PDS Provides Business Update and Reports Q3 2021 Financial Results

London, UK - 10 November 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), announced its financial results for the quarter ended September 30, 2021 ("the Period") and provided a business update on its conference call today.

PDS Highlights for the Period:

· Achieved several milestones in the VERSATILE-002 Phase 2 Combination Trial of PDS0101-KEYTRUDA^® for recurrent and/or metastatic human papillomavirus (HPV)16-associated head and neck cancer. These milestones include:

o  Achievement of the preliminary safety benchmark for the first 12 patients

o  Completion of enrolment for the first stage of the checkpoint inhibitor naïve arm (1st line treatment of recurrent or metastatic head and neck cancer).

o  Initiated enrolment of the second arm of the study addressing checkpoint inhibitor refractory patients (2nd line treatment of recurrent or metastatic head and neck cancer)

· Completed a licensing agreement with the National Cancer Institute (NCI) for intellectual property related to the NCI's proprietary T-cell receptor gamma alternate reading frame protein (TARP) tumour antigen for use in PDS0102.

o  PDS0102 is being developed to treat prostate cancer, breast cancer and acute myeloid leukaemia or AML.

o  PDS0102 has demonstrated powerful induction of TARP-specific killer T-cells in preclinical studies.

· Entered agreement to license COBRA (Computationally Optimized Broadly Reactive Antigen) antigens from the University of Georgia for use in the development of PDS0202, a novel Versamune^®-based universal flu vaccine.

· Announced temporary administrative suspension of enrolment into the NCI-led study of the PDS0101 triple combination. PDS Biotech continues to be in contact with the NCI. Treatment of already enrolled patients has continued without interruption.

· Announced the hiring of Matthew Hill as Chief Financial Officer, who has more than 25 years of experience in finance and operational leadership roles for life sciences companies.

Third Quarter 2021 Financial Results

PDS Biotech reported a net loss of approximately $7.0 million, or $(0.24) per basic and diluted share, for the three months ended September 30, 2021, compared to a net loss of approximately $3.9 million, or $(0.21) per basic and diluted share, for the three months ended September 30, 2020.

Research and development expenses increased to approximately $3.7 million for the three months ended September 30, 2021 from approximately $2.1 million for the three months ended September 30, 2020. The increase of $1.6 million was primarily attributable to an increase of $0.7 million in personnel costs of which $0.5 million was stock compensation costs, and $0.9 million in costs related to clinical studies.

General and administrative expenses increased to approximately $3.2 million for the three months ended September 30, 2021 from approximately $1.8 million for the three months ended September 30, 2020. The increase of $1.4 million is primarily attributable to an increase in personnel costs of $1.6 million, of which $1.0 million was stock compensation costs and $0.4 million was severance, partially offset by a decrease in professional fees of $0.2 million.

PDS Biotech's cash and cash equivalents as of September 30, 2021, were approximately $69.7 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, said: "PDS Biotech has continued to build on its momentum from the interim data of the last quarter in 2nd and 3rd line treatment of HPV16-positive anal, cervical, head and neck, vaginal and vulvar cancers.

"We have achieved numerous clinical milestones, and formalized agreements with development partners to continue to progress both our Versamune®-based oncology pipeline and our Versamune®-based infectious diseases pipeline. We also welcomed Matthew Hill as our new Chief Financial Officer. Matt has decades of experience as a financial leader in publicly traded life sciences companies and will be a key player in our next phase of growth. The groundwork has been laid for the execution of multiple pipeline development milestones in 2022 and into 2023."

Ilian Iliev, CEO of NetScientific, commented: "The Q3 2021 results by PDS show continued progress by the company in its clinical trials programme, strengthened team, and an ability to identify and exploit further opportunities. With $69.7m of cash at the end of period, the company is well funded to execute its strategy and exploit opportunities. We remain supportive of the PDS management and look forward to the pipeline development milestones in 2022 and 2023."

NetScientific's interest in PDS amounts to c. 4.72 per cent.

The full text of the announcement from PDS Biotechnology is available online here: https://pdsbiotech.com/investors/news-center/press-releases/press-releases1/113-2021-news/575-iotechrovidesusinesspdateandeportshirduar20211110

For more information, please contact:

NetScientific	Via Walbrook PR
Ilian Iliev, CEO
WH Ireland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Darshan Patel	[phone]
Walbrook PR
Nick Rome/ Paul McManus/ Nicholas Johnson	07748 325 236, 07980 541 893 or 07884 664 686

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:  netscientific.net ).

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of cancer immunotherapies based on the Company's proprietary Versamune^® T-cell activating technology platform. Our Versamune^®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune^® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The company's pipeline products address various cancers including breast, colon, lung, prostate and ovarian cancers. To learn more, please visit  www.pdsbiotech.com  or follow us on Twitter at @PDSBiotech.

About PDS0101

PDS Biotech's lead candidate, PDS0101, combines the utility of the Versamune^® platform with targeted antigens in HPV-expressing cancers. In partnership with Merck & Co., PDS Biotech is evaluating a combination of PDS0101 and KEYTRUDA^® in a Phase 2 study in first-line treatment of recurrent or metastatic head and neck cancer, and also in second line treatment of recurrent or metastatic head and neck cancer in patients who have failed prior checkpoint inhibitor therapy. PDS Biotech is also conducting a Phase 2 clinical study in both second- and third-line treatment of multiple advanced HPV-associated cancers with the National Cancer Institute (NCI). A third phase 2 clinical trial in first line treatment of locally advanced cervical cancer is being performed with The University of Texas, MD Anderson Cancer Center.

 

END

 

 

UPDDKKBQNBDDFDD