PRESCIENT THERAPEUTICS LIMITED 25 November 2015
The Company Announcements Platform ASX Limited
By E-lodgement
PTX expects these funds to provide for efforts to achieve multiple milestones across its clinical programs over the next 12 to 18 months. More specifically, this capital will enable the Company to:
Initiate and complete a Phase 1b Acute Myeloid Leukemia trial at the Moffitt Cancer Center in Florida;
Commence recruitment for Phase 2 breast cancer trial at the Montefiore Medical Center in New York (part of the Albert Einstein College of Medicine); and
Continue patient recruitment to a key Phase 1b ovarian cancer trial already underway at the Moffitt Cancer Center.
Chairman Steven Engle said the Company is on the brink of realising some of the potential value form its key assets and in particular, from drug candidate PTX-200.
'Shareholders should note these programs are buoyed by existing strong relationships with highly respected US cancer centers where our trials are being conducted. In addition, our programs are supported by significant grants from the US Department of Defense and the US National Cancer Institute,' he said.
'In short, we are running these studies frugally with some of the best cancer center partners and experts in the world. To be able to conduct three separate clinical trials and generate data with such a modest amount of capital is exceptional.'
The Board wishes to thank all shareholders for their continued support and level of interest shown through throughout the recent SPP and this additional placement.
This share issue will fall under the approval provided by the Company's shareholders at the Annual General Meeting held on 4 November 2015 and so will not require additional approval.
Prescient Therapeutics Limited
Level 4, 100 Albert Road, South Melbourne, VIC 3205
Phone: +61 3 9692 7222 Fax: +61 3 9077 9233
ABN: 56 006 569 106 ACN: 006 569 106
www.prescienttherapeutics.com
ASX ANNOUNCEMENT
Executive Director Monsoon Communications
+61 406 671 515 +61 (0) 3 9620 3333
PTX is a clinical stage oncology company developing novel compounds that show great promise as potential new therapies to treat a range of cancers that have become resistant to front line chemotherapy.
Lead drug candidate 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 leukemia. This highly promising compound is now the focus of two current clinical trials. The first is a Phase 1b/2 study examining PTX-200 in breast cancer patients at the prestigious Montefiore Cancer Center in New York. A Phase 1b/2 trial of the compound in combination with current standard of care is also underway in patients with recurrent or persistent platinum resistant ovarian cancer at Florida's H. Lee Moffitt Cancer Center. These trials are funded in part by grants from the U.S. National Cancer Institute. In addition, PTX is planning a Phase 1b/2 trial evaluating PTX-200 as a new therapy for acute myeloid leukemia.
PTX's second novel drug candidate, PTX-100, is a first in class compound with the ability to block an important cancer growth enzyme known as geranylgeranyl transferase (GGT). It also blocks the Ral and Rho circuits in cancer cells which act as key oncogenic survival 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 has licensed access to its Co-X-Gene™ platform technology to French biotechnology company Transgene for use in two immunotherapeutic products.
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