(Alliance News) - NetScientific PLC on Tuesday said its portfolio company, PDS Biotechnology Corp, presented promising Phase 2 trial data for a cancer drug, sending shares soaring for a second consecutive day.
Shares in NetScientific were up 36% to 197.90 pence in London on Tuesday afternoon, giving it a market capitalisation of around GBP30.2 million. NetScientific, a London-based company which invests in life sciences businesses, owns 5.8% of PDS Biotech.
PDS Biotech shares were up 15% to USD10.82 in New York, making NetScientific's stake worth around USD14.0 million.
For NetScientific, it is a continuation of a rally which saw its share price jump 95% on Monday, after its wholly-owned subsidiary ProAxsis Ltd signed a contract to commercialise an AstraZeneca PLC Covid-19 test.
PDS Biotech trialled its PDS0101 drug for cancers caused by infection with the HPV-16 virus. The results showed a 67% tumour reduction for patients.
The drug has "the potential to significantly improve clinical outcomes for patients with advanced, refractory HPV16-associated cancers who have limited treatment options," PDS Biotech Chief Medical Officer Lauren Wood said.
By Ivan Edwards; ivanedwards@alliancenews.com
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