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(Alliance News) - NetScientific PLC on Thursday said its portfolio company PDS Biotechnology Corp reported promising data from follow-up analysis of a clinical trial for its cervical cancer prevention drug.
Shares in NetScientific, a healthcare investment firm, were 12% higher at 7.02 pence each in London on Thursday afternoon.
PDS reported post-hoc analysis of the first phase of a clinical trial for immunotherapy PDS0101.
The medication is designed for patients who suffer from cervical intraepithelial neoplasia, an abnormal growth of cells in the cervix which could lead to cervical cancer when infected with human papillomavirus. HPV is responsible for over 99% of cervical cancers, NetScientific said.
The follow-up analysis found that 60% of evaluated patients demonstrated a clinical response and all dose levels showing a positive reaction to the treatment.
During the trial, six of the 12 patients received highest dose of PDS0101, 10 milligrams, with a group of three receiving a three milligram dosage and another trio being given a one milligram dose.
PDS0101 was "immunlogically active at all three" dose levels and PDS reported that the amount of HPV-attacking cells grew between five-fold and 73-fold.
PDS, a US-listed firm, also reiterated that no long-term safety concerns were observed during the trial.
The second stage of the trial is expected to begin in the first quarter of 2020.
NetScientific Chief Executive Ian Postlethwaite said: "We are delighted to see this additional data which further validates the potential of this new treatment for patients suffering with high-risk HPV. 2020 will be an important year for PDS as PDS0101 enters three phase 2 clinical studies to evaluate PDS0101 as a monotherapy.
"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."
Earlier on Thursday, NetScientfic reported that its interim loss remained unchanged at GBP2.2 million, as higher research and development costs offset growth in revenue. Revenue rose by 84% to GBP158,000 from GBP86,000 and R&D costs more than tripled to GBP859,000 from GBP219,000.