NetScientific PLC (AIM:NSCI)’s portfolio company PDS Biotechnology Corporation (NASDAQ:PDSB) has provided a business update and reported its financial results for the second quarter of 2024.
PDS Biotech has secured alignment with the US Food and Drug Administration (FDA) on the design of the Phase 3 VERSATILE-003 trial.
This trial aims to evaluate the combination of Versamune HPV with pembrolizumab as a first-line treatment for recurrent/metastatic HPV16-positive head and neck squamous cell carcinoma (HNSCC).
Recent results from the VERSATILE-002 Phase 2 trial have led to revisions in the statistical endpoints of the VERSATILE-003 trial to enhance its design, explained PDS Biotech’s chief medical officer Kirk Shepard,
PDS Biotech plans to begin the Phase 3 trial in the fourth quarter of 2024. Additionally, updated data from the VERSATILE-002 trial will be presented at the European Society for Medical Oncology (ESMO) 2024 Congress in September.
In its second-quarter financial results, PDS Biotech reported a net loss of $8.30 million, or $0.23 per share, compared to a net loss of $11.50 million, or $0.37 per share, in the same period in 2023.
The decrease in losses is attributed to lower operating expenses, which fell from $12.70 million to $8.70 million year-over-year.
As of June 30, PDS Biotech held cash and cash equivalents totaling $57.70 million.