Plus Therapeutics Announces Closing of Agreement To License Novel Oncology Platform
May 11 2020 - 6:00AM
Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”,
“Plus”), today announced the closing of its previously announced
definitive agreement to license multiple rare cancer product
candidates from private Texas-based radiotherapeutic company NanoTx
Therapeutics, Inc.
The transaction terms include an upfront payment of $400,000 in
cash and $300,000 in Plus voting stock. Furthermore, the Company
may pay up to $136.5 million in development and sales milestone
payments and a tiered single-digit royalty on U.S. and European
sales.
The licensed radiotherapeutic portfolio includes
nanoliposome-encapsulated radionucleotides for several cancer
targets. The lead asset is a Rhenium-186-chelated NanoLiposome
(RNL™), which is initially being developed for recurrent
glioblastoma. RNL™ is currently being evaluated in a
NIH/NCI-supported Phase 1 dose-finding clinical trial (NCT01906385)
in the U.S. RNL™ is infused directly into the brain tumor via
precision brain mapping and convection enhanced delivery technology
to deliver very high therapeutic doses of radiation to patients
whose cancer has recurred following initial surgical resection and
treatment with chemotherapy and radiation. RNL™ is intended to
safely and effectively deliver a dose of radiation directly to the
tumor that is up to 30 times greater than that currently being
given to patients using external beam radiation therapy.
The growing Plus drug development portfolio consists of product
candidates that can provide both significant returns for
shareholders and make a clinically meaningful impact for patients.
Plus Therapeutics develops drugs for niche and orphan oncology
markets that address significantly unmet or substantially
underserved medical needs. Each of the company’s portfolio drug
candidates is estimated to have a global revenue opportunity of
$250 million or more.
About Plus Therapeutics,
Inc.
Plus Therapeutics is a clinical-stage pharmaceutical company
focused on making a positive impact on patients’ lives and adding
value to the healthcare system. We are a publicly-traded company on
Nasdaq (PSTV, an abbreviation of ‘POSITIVE’) with our headquarters
in Austin, Texas and GMP-validated manufacturing facilities in San
Antonio, Texas. The location of our operations provides us with
many potential strategic advantages, including proximity to
world-class cancer institutions and researchers and the ability to
qualify and apply for funding through the Cancer Prevention and
Research Institute of Texas (CPRIT).
Our pipeline of candidate drug products includes our lead drug
product candidates, RNL™ and DocePLUS™, which are being developed
in the U.S. by a dedicated and energetic team of biologists,
chemists, engineers, physicians and other professionals. This
diverse and experienced team uses versatile and proprietary
nanotechnology to reformulate and deliver chemotherapeutics and
radiotherapeutics to provide meaningful benefits to patients and
healthcare providers. Our technology platform serves as the
foundation of our drug product pipeline and affords us the
opportunity to develop additional drugs for rare cancers. More
information may be found at www.plustherapeutics.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain statements that may be
deemed “forward-looking statements” within the meaning of U.S.
securities laws. All statements, other than statements of
historical fact, that address activities, events or developments
that we intend, expect, project, believe or anticipate and similar
expressions or future conditional verbs such as will, should,
would, could or may occur in the future are forward-looking
statements. Such statements are based upon certain assumptions and
assessments made by our management in light of their experience and
their perception of historical trends, current conditions, expected
future developments and other factors they believe to be
appropriate. These statements include, without limitation,
statements about: the Company’s potential to facilitate new
delivery approaches and/or formulations of safe and effective,
injectable drugs, potentially enhancing the safety, efficacy and
convenience for patients and healthcare providers; the Company’s
potential to develop drug candidates currently in its product
pipeline; and the Company’s potential to develop additional drugs
outside of its current pipeline. The forward-looking statements
included in this press release are subject to a number of
additional material risks and uncertainties, including but not
limited to: the risk that the Company is not able to successfully
develop product candidates that can leverage the U.S. FDA’s
accelerated regulatory pathways; and the risks described under the
heading “Risk Factors” in the Company’s Securities and Exchange
Commission filings, including in the Company’s annual and quarterly
reports. There may be events in the future that the Company is
unable to predict, or over which it has no control, and its
business, financial condition, results of operations and prospects
may change in the future. The Company assumes no responsibility to
update or revise any forward-looking statements to reflect events,
trends or circumstances after the date they are made unless the
Company has an obligation under U.S. federal securities laws to do
so.
Contact:Plus Therapeutics,
Inc. Andrew Sims VP – Chief Financial Officer, Investor
Relations Phone: +1.619.333.4150
Email: ir@plustherapeutics.com
Website: plustherapeutics.com
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