TIDMNSCI
RNS Number : 8134M
NetScientific PLC
13 May 2020
NetScientific plc
("NetScientific" or the "Company")
PDS Biotechnology Reports Financial Results for the First
Quarter 2020 and Provides Business Update
NetScientific plc (AIM:NSCI), the transatlantic healthcare IP
commercialisation group, announces that its portfolio company PDS
Biotechnology Corporation ("PDS") (Nasdaq: PDSB) announced its
financial results for the first quarter ended March 31, 2020 and
provided a business update.
NetScientific holds 7.18% of PDS' undiluted share capital.
The full details of the announcement are set out below and the
financial report can be found here:
https://www.pdsbiotech.com/investors/financials/sec-filings
# # #
PDS Biotechnology Reports Financial Results for the First
Quarter 2020 and Provides Business Update
FLORHAM PARK, N.J., May 13, 2020 (GLOBE NEWSWIRE) -- PDS
Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage
immunotherapy company developing novel cancer therapies and
infectious disease vaccines based on the Company's proprietary
Versamune(R) T-cell activating technology, today announced its
financial results for the first quarter ended March 31, 2020 and
provided a business update.
First Quarter 2020 and Recent Business Highlights
-- Initiated novel vaccine development programs for COVID-19 and universal influenza;
-- Announced pre-clinical collaboration with Farmacore Biotechnology for tuberculosis;
-- Delayed initiation of Phase 2 VERSATILE-002 trial for PDS0101
in recurrent/metastatic head and neck cancer due to the global
COVID-19 pandemic;
-- Secured the U.S. composition of matter patent for the Versamune(R) platform;
-- Expanded the previously disclosed Cooperative Research and
Development Agreement with the National Cancer Institute to include
preclinical and clinical development of PDS0103;
-- Appointed Kamil Ali-Jackson, Esq. and Dr. Ilian Iliev to the Board of Directors; and
-- Successfully completed an underwritten public offering of our
common stock in February 2020 with net proceeds of approximately
$11.9 million after deducting underwriting discounts and
commissions, not including other offering expenses.
"We have continued to leverage the versatility and potency of
our Versamune(R) platform, as we expand our development program to
include vaccines to protect against infectious diseases such as
COVID-19 and influenza. We believe that Versamune's(R) ability to
induce a superior range of protective immune responses - including
neutralizing antibodies, killer T-cells and memory T-cells -
uniquely positions PDS to develop more effective vaccines to
provide long-term protection against the spread of agents with
pandemic potential. We have recently initiated pre-clinical testing
for our COVID-19 vaccine candidates and are in active discussions
with both government agencies and NGOs to determine the most
expeditious path forward," commented Dr. Frank Bedu-Addo, President
and Chief Executive Officer of PDS Biotech.
"We remain committed to our immuno-oncology programs, including
two upcoming Phase 2 studies for PDS0101 with our partners at the
National Cancer Institute. We also look forward to initiating our
third Phase 2 program evaluating the combination of PDS0101 and
Merck's KEYTRUDA(R) in HPV16-associated head and neck cancer for
first line treatment of recurrent/metastatic disease when
conditions to conduct the study improve," Dr. Bedu-Addo
concluded.
First Quarter 2020 Financial Review
For the first quarter of 2020, net loss was approximately $4.0
million, or $0.39 per basic share and $0.39 per diluted share,
compared to a net income of approximately $6.8 million, or $1.82
per basic share and $1.47 per diluted share for the first quarter
of 2019 related to the reverse merger transaction with Edge
Therapeutics.
Research and development expenses totaled approximately $1.9
million for the first quarter of 2020, compared to approximately
$1.0 million for the same period in 2019, an increase of 91%.
For the first quarter of 2020, general and administrative
expenses were approximately $2.1 million compared with
approximately $3.9 million for the first quarter of 2019, a
decrease of 47%.
Total operating expenses for the first quarter of 2020 were
approximately $4.0 million, compared to total operating expenses of
approximately $4.9 million for the same period in 2019, a decrease
of 18%.
As of March 31, 2020, the Company's cash balance was
approximately $21.0 million. This amount includes the approximately
$11.9 million in net proceeds after deducting underwriting
discounts and commissions, not including other offering expenses
from PDS Biotech's underwritten public offering including the
exercise of the underwriters' overallotment option, which closed on
February 14, 2020.
About PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company with a
growing pipeline of cancer immunotherapies and infectious disease
vaccines based on the Company's proprietary Versamune(R) T-cell
activating technology platform. Versamune(R) effectively delivers
disease-specific antigens for in vivo uptake and processing, while
also activating the critical type 1 interferon immunological
pathway, resulting in production of potent disease-specific killer
T-cells as well as neutralizing antibodies. PDS Biotech has
engineered multiple therapies, based on combinations of
Versamune(R) and disease-specific antigens, designed to train the
immune system to better recognize disease cells and effectively
attack and destroy them. To learn more, please visit
www.pdsbiotech.com or follow us on Twitter at @PDSBiotech .
# # #
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Following the
publication of this announcement, this inside information is now
considered to be in the public domain.
For more information, please contact:
NetScientific
Ilian Iliev, CEO Tel: +44 (0)20 3514 1800
WH Ireland (NOMAD, Financial Adviser
and Broker) Tel: +44 (0)20 7220 1666
Chris Fielding / Darshan Patel
MO PR ADVISORY (Press Contact)
Mo Noonan Tel: +44 (0)78 7644 4977
About NetScientific
NetScientific PLC is a transatlantic healthcare IP
commercialisation Group focused on technologies and companies that
have the potential to treat chronic disease and significantly
improve the health and well-being of people.
For more information, please visit the website at www.NetScientific.net
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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