For more information please contact:
Co-Head of Healthcare
Eric B. Cheng
Co-Head of Healthcare
Equity Capital Markets
Head of Equity
Senior Vice President
Senior Vice President
Prescient Therapeutics Limited (ASX: PTX), a clinical stage oncology company, has completed a $7 Million AUD PIPE with institutional and sophisticated investors. The placement, largely to institutional investors, involved the issue of approximately 140 million shares at $0.05 per share.
PTX’s CEO, Steven Yatomi-Clarke said, “Prescient is delighted with the support from its existing shareholders, and is very pleased to welcome new shareholders to the Company, including new US and Australian institutional investors with particular expertise in life science investing. It is encouraging that such reputable investors recognize the quality of potential of Prescient’s programs. This funding will see the Company through to important milestones.”
PTX Chairman, Steven Engle said, “with this strong support and a much broadened investor base, Prescient strengthens its ability to progress its two exciting clinical stage oncology compounds.”
Prescient Therapeutics Limited intends to use the funds towards progressing Prescient’s clinical programs, including additional drug manufacture and clinical trial management, funding the costs associated with the capital raising and for working capital purposes.
ROTH Capital Partners acted as U.S. placement agent for the transaction.
About Prescient Therapeutics Limited
Prescient Therapeutics is a clinical stage oncology company developing targeted therapies that address specific mutations that drive cancer and contribute to resistance.
PTX-100 is a first in class compound with the ability to block an important cancer growth enzyme known as geranylgeranyl transferase-1 (GGT-1). It inhibits the activation of Rho, Rac and Ral circuits in cancer cells, which act as key oncogenic pathways, leading to apoptosis (death) of cancer cells. PTX-100 was well tolerated and achieved stable disease in a Phase 1 trial in advanced solid tumors. PTX-100 is believed to be the only RhoA inhibitor in the world in clinical development. PTX-100 will soon commence a PK/PD basket study of hematological and solid malignancies, focusing on cancers with Ras and RhoA mutations.
PTX-200 is a novel PH domain inhibitor that 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 leukemia. Unlike other drug candidates that target Akt inhibition which are non-specific kinase inhibitors that have toxicity problems, PTX-200 has a novel mechanism of action that specifically inhibits Akt whilst being comparatively safer. This highly promising compound is now the focus of three current clinical trials:
Phase 2 study examining PTX-200 in breast cancer patients at the prestigious Montefiore Cancer Center in New York and Florida’s H. Lee Moffitt Cancer Center (Moffitt). PTX-200 showed encouraging efficacy signals in the Phase 1b study, with twice the expected response rate. Responses have demonstrated durability in the study so far.
Phase 1b/2 trial evaluating PTX-200 as a new therapy for relapsed and refractory Acute Myeloid Leukemia, being conducted the Moffitt; Yale Cancer Center in New Haven, Connecticut (Yale) and Kansas University Medical Center (KUMC) under the leadership of Professor Jeffrey Lancet, MD.
Phase 1b/2 trial of PTX-200 in combination with current standard of care is also underway in patients with recurrent or persistent platinum resistant ovarian cancer at the Moffitt.
For more information, please visit
(Source: Company Press
Release | 5/30/19)
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Date of Announcement: 5/31/19
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