Netscientific PLC said it is encouraged by the progress being made at PDS Biotech after the US portfolio company released second-quarter results yesterday.
Ilian Iliev, NetScientific’s CEO, said: "We are pleased with the continued progress by PDS Biotech in its Phase 2 trials and broader corporate development, coming despite the ongoing volatility in the biotech public markets. We look forward to further results from its clinical development programme."
During the three-month period, PDS presented data from the ongoing Phase 2 clinical trials of lead product PDS0101 in multiple, difficult-to-treat HPV16-related cancers at the American Society of Clinical Oncology (ASCO) meeting.
PDS0101 has also been granted fast-track designation by the US Food and Drug Administration (FDA) in combination with Merck’s blockbuster drug KEYTRUDA (pembrolizumab) for the treatment of recurrent or metastatic HPV16-positive head and neck cancer.
PDS reported a net loss of US$3.8mln for the three months to 30 June 2022 and had a cash balance at the end of the period of US$53mln.
NetScientific holds 4.71% of PDS on an undiluted basis.