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Why Are Plus Therapeutics Shares Gaining Today?

  • Plus Therapeutics Inc PSTV has finalized and signed a grant contract with the Cancer Prevention & Research Institute of Texas (CPRIT) for its previously announced $17.6 million Product Development Research funding award.
  • The award will cover most of the development costs of the company’s lead investigational targeted radiotherapeutic, Rhenium-186 NanoLiposome (186RNL), for leptomeningeal metastases (LM) over three years, beginning in the fourth quarter of 2022.
  • Related: Plus Therapeutics Shares Surge On Positive Data From Lead Brain Cancer Candidate.
  • The company reported $18.1 million in cash as of June 30, 2022. In conjunction with the National Institutes of Health (NIH) and CPRIT grants, together with cash on hand, the company believes it has the capital to fund both its expenses through 2025.
  • In the second quarter of 2022, the company completed enrollment of Cohort 1 in the ReSPECT-LM Phase 1/2a dose escalation trial.
  • The FDA granted Fast Track designation to 186RNL for the treatment of LM. Safety and feasibility data from the ReSPECT-LM clinical trial were recently presented at the 2022 Annual Conference on CNS Clinical Trials and Brain Metastases.
  • Price Action: PSTV shares are up 11.3% at $0.54 during the premarket session on the last check Thursday.

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