Plus Therapeutics Shares Almost Doubles On Research Grant From State Of Texas

  • Plus Therapeutics Inc PSTV received a $17.6 million Product Development Research grant from the Cancer Prevention and Research Institute of Texas (CPRIT).
  • The grant will fund the continued development of the company's lead investigational targeted radiotherapeutic, Rhenium-186 NanoLiposome (186RNL), for leptomeningeal metastases (LM).
  • LM is cancer in cerebrospinal fluid and leptomeninges, the membranes surrounding the brain and spinal cord.
  • "We expect that the non-dilutive funding from CPRIT will come online next month once the award agreement is finalized, and this will significantly offset our longer-term, three-year capital requirements for the advancement of our LM program," said Marc Hedrick, President & CEO.
  • Related Content: Plus Therapeutics Shares Surge On Positive Data From Lead Brain Cancer Candidate.
  • In Q2 of 2022, the company completed enrollment of Cohort 1 in the ReSPECT-LM Phase 1/2a dose escalation trial. 186RNL was delivered without dose-limiting toxicities in this initial cohort, and the independent Data and Safety Monitoring Board has approved the plan to move ahead with Cohort 2.
  • The FDA has granted Fast Track designation to 186RNL for LM.
  • Price Action: PSTV shares are up 110.50% at $1.16 during the premarket session on the last check Thursday.
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