Prescient Therapeutics Ltd (ASX:PTX) is well positioned to move ahead with three clinical trials underway for its lead cancer drug candidate PTX-200, after raising $10.04 million in new capital.
In May, Prescient raised $7 million from life-science focused Australian institutional investors by issuing shares at $0.09 each.
The company raised a further $3.04 million from an entitlement offer to shareholders, which was completed earlier this month.
The Yale Cancer Center in Connecticut, U.S.A. will join Prescient’s Phase 1b/2 clinical trial of PTX-200 plus cytarabine, in acute myeloid leukemia which is shortly expected to recruit its first patient at the Moffitt Cancer Centre in Florida.
Yale Cancer Center is one of the 45 designated National Cancer Institute (NCI) comprehensive cancer centres.
The Phase 1b/2 trial will evaluate the compound as a new therapy for relapsed/refractory AML. About 18 patients will be recruited in Phase 1b.
PTX-200 inhibits an important tumor survival pathway known as Akt, which plays a key role in the development of many cancers, including breast and ovarian cancer, as well as leukaemia.
Prescient is also conducting a Phase 1b/II study examining PTX-200 in breast cancer patients at the Montefiore Cancer Center in New York.
The third trial is a Phase Ib/II trial of PTX-200 in combination with current standard of care which is also underway in patients with recurrent or persistent platinum resistant ovarian cancer at the Moffitt.
The company is now well-funded to pursue the trials with more than $10 million in cash.
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