TIDMNSCI
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(R) 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(R) -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(R)-based oncology pipeline and our Versamune(R)-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 +44 (0)20 7220 1666
Walbrook PR
Nick Rome/ Paul McManus/ 07748 325 236, 07980 541 893
Nicholas Johnson 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(R) T-cell activating technology platform. Our
Versamune(R) -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(R) 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(R) platform with targeted antigens in HPV-expressing
cancers. In partnership with Merck & Co., PDS Biotech is
evaluating a combination of PDS0101 and KEYTRUDA(R) 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.
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