TIDMNSCI
RNS Number : 6038H
NetScientific PLC
01 August 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014
NetScientific plc
("NetScientific" or the "Company")
PDS Biotechnology Corporation Reports Second Quarter 2019
Financial Results
NetScientific plc (AIM:NSCI), the transatlantic healthcare IP
commercialisation group, announces that its portfolio company PDS
Biotechnology Corporation ("PDS") (Nasdaq: PDSB) has released its
unaudited financial results for the second quarter ended 30 June
2019.
NetScientific holds 8.15% of PDS on a fully diluted basis.
The full details of the announcement is set out below and the
financial report can be found here:
http://investors.pdsbiotech.com/financial-information/sec-filings
For more information, please contact:
NetScientific Tel: +44 (0)20 3514 1800
Ian Postlethwaite, CEO / CFO
WHIreland (NOMAD, Financial Adviser Tel: +44 (0)20 7220 1666
and Broker)
Chris Fielding / Jessica Cave
MO PR ADVISORY (Press Contact) Tel: +44 (0)78 7644 4977
Mo Noonan
PDS Biotechnology Reports Second Quarter 2019 Financial Results
And Provides Business Update
Berkeley Heights, NJ, August 1, 2019 - PDS Biotechnology
Corporation ("PDS Biotechnology") (Nasdaq: PDSB), a clinical-stage
immuno-oncology company pioneering the development of novel
multifunctional immunotherapeutic products, today announced its
financial results for the second quarter ended June 30, 2019.
Q2 2019 and Recent Business Highlights
-- Signed Cooperative Research and Development Agreement (CRADA)
with the National Cancer Institute to perform a Phase 2 clinical
study of
-- PDS0101 in combination with other immune-modulating agents in advanced HPV-related cancers;
-- Announced peer-reviewed publication in the Journal of
Immunology supporting the novel mechanism of action of PDS'
proprietary Versamune(R)
-- platform in cancer immunotherapy;
-- Granted U.S. and European patents for Versamune - GM-CSF
combination to overcome tumor immune suppression; and
-- Appointed industry veteran Stephen Glover as Chairman of the Board.
"We have been working diligently over the past quarter to
further validate our novel Versamune platform, which may have the
ability to overcome critical mechanisms associated with ineffective
immune responses leading to a superior anti-tumor effect. Our CRADA
with the National Cancer Institute for a Phase 2 clinical study for
PDS0101 and the peer-reviewed publication in the Journal of
Immunology describing Versamune's novel mechanism of action are
evidence of the considerable progress we continue to make.
Furthermore, the newly granted patents in the U.S. and Europe
provides us with further protections around the Versamune platform,
including our lead candidate, PDS0101," commented Dr. Frank
Bedu-Addo, President and Chief Executive Officer of PDS
Biotechnology. "Looking ahead, we anticipate initiating three
clinical studies for PDS0101 in the fourth quarter of this year and
will provide additional updates over the coming months. These
studies include a planned phase 2 combination study to evaluate
PDS0101 in combination with Keytruda(R) in the treatment of head
and neck cancer, a phase 2 study to evaluate PDS0101 in advanced
HPV associated cancers, and an anticipated registration trial to
evaluate PDS0101 monotherapy in the treatment of high-grade
cervical dysplasia"
Second Quarter 2019 Financial Review
For the second quarter of 2019, net loss was approximately
$(3.9) million, or $(0.75) per basic and diluted share, compared to
a net loss of approximately $(0.6) million, or $(0.17) per basic
and diluted share for the second quarter of 2018.
Research and development expenses totaled approximately $1.9
million for the second quarter of 2019, compared to approximately
$0.2 million for the same period in 2018, an increase of 1017%. The
increase of $1.7 million is primarily attributable to an increase
in external expenses for clinical studies of $1.4 million and an
increase of $0.3 million in personnel costs.
For the second quarter of 2019, general and administrative
expenses were approximately $2.4 million compared with
approximately $0.4 million for the second quarter of 2018, an
increase of 499%. The increase of $2.0 million is primarily
attributable to increases of $0.5 million in personnel costs, $0.5
million in D&O insurance, $0.2 million for facilities expense,
$0.2 million for professional fees, $0.3 million in legal fees and
$0.3 million in other operating expenses.
Total operating expenses for the second quarter of 2019 were
approximately $4.3 million, compared to total operating expenses of
approximately $0.6 million for the same period in 2018, an increase
of 653%.
As of June 30, 2019, the Company's cash balance was
approximately $21.7 million.
About PDS Biotechnology
PDS Biotechnology is a clinical stage immuno-oncology company
with a growing pipeline of clinical-stage immunotherapies to treat
various early-stage and late-stage cancers, including head and neck
cancer, cervical, anal, prostate, breast and other cancers.
PDS Biotechnology's lead product candidate, PDS0101
(Versamune(R)-HPV) is a proprietary clinical stage
immunotherapeutic administered by subcutaneous injection being
developed to treat HPV-associated cancers such as head and neck
cancers and anal cancers, both of which are widely reported to be
increasing in frequency over the last decade, as well as cervical,
penile, vaginal and vulvar cancers and their pre-cancerous
conditions. In a human Phase 1/2a clinical study, PDS0101
monotherapy demonstrated potent in-vivo induction of the critical
phenotype of tumor-attacking killer (CD8) T-cells, and induction of
memory T-cells. No dose-limiting toxicities were observed in this
study, suggesting potential for a rare combination of potency and
safety among immuneoncology therapeutics.
For additional information about PDS, please visit
www.pdsbiotech.com.
Forward Looking Statements
This communication contains forward-looking statements
(including within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended, and Section 27A of the
United States Securities Act of 1933, as amended) concerning PDS
Biotechnology Corporation (the "Company") and other matters. These
statements may discuss goals, intentions and expectations as to
future plans, trends, events, results of operations or financial
condition, or otherwise, based on current beliefs of the Company's
management, as well as assumptions made by, and information
currently available to, management. Forward-looking statements
generally include statements that are predictive in nature and
depend upon or refer to future events or conditions, and include
words such as "may," "will," "should," "would," "expect,"
"anticipate," "plan," "likely," "believe," "estimate," "project,"
"intend," and other similar expressions among others. Statements
that are not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties and are not
guarantees of future performance. Actual results could differ
materially from those contained in any forward-looking statement as
a result of various factors, including, without limitation: the
ability of the Company to integrate Edge and PDS Biotechnology
following the merger; the Company's ability to protect its
intellectual property rights; competitive responses to the
completion of the merger; potential adverse reactions or changes to
business relationships resulting from the completion of the merger;
the Company's ability to access capital markets, the timing for the
Company to initiate three planned clinical trials for its lead
asset, PDS0101; the successful implementation of the Company's
research and development programs and collaborations; the
acceptance by the market of the Company's product candidates, if
approved; and other factors, including legislative, regulatory,
political and economic developments not within the Company's
control. The foregoing review of important factors that could cause
actual events to differ from expectations should not be construed
as exhaustive and should be read in conjunction with statements
that are included herein and elsewhere, including the risk factors
included in the Company's annual and periodic reports filed with
the SEC. The forwardlooking statements are made only as of the date
of this press release and, except as required by applicable law,
the Company undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.
Media & Investor Relations Contact:
Tram Bui / Alexander Lobo
The Ruth Group
Phone: +1-646-536-7035 / +1-646-536-7037
Email: tbui@theruthgroup.com / alobo@theruthgroup.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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