NetScientific PLC (LON:NSCI) shares bounced higher on Thursday after its portfolio firm, PDS Biotechnology, announced positive data from a Phase 1 trial of a treatment for human papillomavirus (HPV).
In the announcement, PDS said 60% of patients in the trial had demonstrated a clinical response to its PDS0101 treatment, which is aiming to treat patients suffering from high-risk, cancer-causing types of HPV.
The plan now is for PDS to initiate three Phase 2 studies for PDS0101, which are due to start in the first quarter of next year.
"We are delighted to see this additional data which further validates the potential of this new treatment for patients suffering with high-risk HPV”, said Ian Postlethwaite, NetScientific’s chief executive.
“We believe that the continued strong progress of the PDS immunotherapy portfolio and NetScientific's shareholding within demonstrates the potential of increasing value for our shareholders as we seek to realise full value of our investments in the coming months."
Targeting more value from portfolio
The news from PDS followed NetScientific saying it was aiming to realise more value from its investment companies in the second half of its financial year.
As part of its results for the six months ending 30 June, the healthcare commercialisation firm said the companies in its portfolio had made “good progress” in the period and that its focus in the second half would be on continuing to increase their value “in an orderly manner”.
“Our portfolio companies continued to make strong progress during the period and we believe they have great potential to create value for our shareholders”, Postlethwaite said.
For the first half, the company reported a loss from continuing operations of £2.1mln, unchanged from the prior year, while revenues rose to £158,000 from £86,000.
The total loss after tax was £7.6mln, compared to a £4.6mln in 2018, reflecting a loss form the disposal of two of the group’s investments, Vortex and Wanda.
Cash resources at the end of the six months stood at £2.5mln compared to £6.9mln a year ago, which the company said was sufficient for it to operate until the end of September 2020.
In mid-afternoon trading on Thursday, NetScientific's shares were 12.5% higher at 7p.
--Adds PDS announcement and updates share price--