JuSun
Shares of micro-cap targeted radiotherapeutics company Plus Therapeutics (NASDAQ:PSTV) jumped 74.2% to $0.96 in Wednesday postmarket trading, after it was awarded a $17.6M research grant from Texas to fund continued development of its lead product Rhenium-186 NanoLiposome (186RNL).
The news comes after the company on the weekend reported data from two ongoing clinical trials of 186RNL that showed promise. It also announced a stock buyback program of up to $2M on Monday. Both announcements helped shares of the company nearly double in value at their session high on Monday.
PSTV was awarded the product development research grant by the Cancer Prevention and Research Institute of Texas (CPRIT), the company said in a statement.
PSTV is developing the 186RNL radiotherapeutic for the treatment of patients with leptomeningeal metastases (LM), which is a cancer that forms in cerebrospinal fluid and in the membranes that surround the brain and spinal cord.
“We expect that the non-dilutive funding from CPRIT will come on-line next month once the award agreement is finalized and this will significantly offset our longer-term, three-year capital requirements for the advancement of our LM program,” said PSTV CEO Marc Hedrick.
186RNL has received a Fast Track designation from the U.S. FDA for the treatment of LM.
Image and article originally from seekingalpha.com. Read the original article here.