NetScientific PLC (AIM:NSCI) flagged the quarterly results from portfolio company, PDS Biotechnology Corp, which it said showed continued progress by the company in its clinical trials programme and strengthened team.
PDS Biotech said it had continued to build on momentum from interim clinical data in second- and third-line treatment of HPV16-positive anal, cervical, head and neck, vaginal and vulvar cancers.
This included 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.
PDS also completed a licensing agreement with the National Cancer Institute for intellectual property related to the NCI’s proprietary T-cell receptor gamma alternate reading frame protein tumour antigen for use in PDS0102.
Enrolment into the NCI-led study of the PDS0101 triple combination was temporarily suspended during the quarter, with PDS remaining in contact with the NCI and treatment continuing of already enrolled patients.
PDS also entered agreement to license certain antigens from the University of Georgia for use in the development of PDS0202, a novel Versamune-based universal flu vaccine.
The team was strengthened with the addition of Matthew Hill as chief financial officer, bringing more than 25 years of experience in finance and operational leadership roles for life sciences companies.
PDS reported a net loss of roughly US$7mln for the three months ended September 30 compared to US$3.9mln a year earlier, with R&D costs of US$3.7mln this year compared to US$2.1mln last time.
There was cash and cash equivalents approximately $69.7mln at the end of September.
Ilian Iliev, CEO of NetScientific, said: “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.”