Last checked at 13 May 2021 15:15
NetScientific plc
("NetScientific", the "Group" or the "Company")
PDS Biotech Provides Business Update and Reports First Quarter 2021 Financial Results
London, UK - 13 May 2021 - NetScientific plc (AIM: NSCI), the international life sciences and sustainability technology investment and commercialisation Group, announces that its portfolio company PDS Biotechnology Corporation (Nasdaq: PDSB) today announced an update on business, as well as financial results for the quarter ended 31 March 2021.
PDS Highlights for the Period:
· National Cancer Institute to present interim efficacy and safety data of PDS0101 Phase 2 clinical trial in an oral presentation at the American Society of Clinical Oncology (ASCO) 2021 Annual Meeting on June 7, 2021. This trial is evaluating PDS0101 with two clinical stage immunotherapies from EMD Serono, a first in class bifunctional checkpoint inhibitor Bintrafusp Alfa (M7824) and an antibody conjugated cytokine M9241 (NHS-IL12), in patients with all types of advanced HPV-associated cancers, whose cancer has returned or spread after treatment.
· COVID-19 consortium received a commitment from the Secretary for Research and Scientific Training of The Ministry of Science, Technology and Innovation of Brazil (MCTI) to fund up to approximately US$60 million to support the clinical development and commercialization of a Versamune®-based COVID-19 vaccine by Farmacore in Brazil.
First Quarter 2021 Financial Results
PDS Biotech reported a net loss of approximately $3.0 million, or $0.14 per basic share and diluted share, for the three months ended March 31, 2021 compared to a net loss of approximately $4.0 million, or $0.39 per basic share and diluted share, for the three months ended March 31, 2020.
Research and development (R&D) expenses decreased 28% to approximately $1.4 million for the three months ended March 31, 2021 from approximately $2.0 million for the three months ended March 31, 2020. The decrease of approximately $0.6 million in 2021 was primarily attributable to a decrease of $0.3 million in professional services and $0.3 million in clinical studies.
General and administrative expenses decreased 21% to approximately $1.6 million for the three months ended March 31, 2021 from approximately $2.1 million for the three months ended March 31, 2020. The decrease of approximately $0.5 million is primarily attributable to a decrease in professional services of approximately $0.7 million which includes legal fees of approximately $0.2 million, offset by an increase of approximately $0.2 million in personnel costs.
Total operating expenses decreased 24% to approximately $3.0 million for the three months ended March 31, 2021 from approximately $4.0 million for the three months ended March 31, 2020.
PDS Biotech's cash balance as of March 31, 2021 was approximately $25.0 million.
PDS held a conference call today to discuss the results and business update. For further details please follow the link to their full announcement below.
Dr. Frank Bedu-Addo, President and Chief Executive Officer of PDS Biotech commented: "We look forward to the presentation of preliminary efficacy and safety data from the National Cancer Institute (NCI)-led Phase 2 combination study of PDS0101 at the ASCO conference in early June. ASCO provides an important opportunity to present the potential of PDS0101 and the Versamune® platform in oncology to the research and medical community, The presentation of the human clinical efficacy data at ASCO is an important milestone both for PDS0101 and our entire Versamune®-based oncology pipeline."
Dr. Ilian Iliev, CEO of NetScientific and Director of PDS Biotechnology commented: "We are delighted with the continued progress at PDS, building on the momentum achieved last year. We look forward to further developments this year that we hope will enhance the value of our investment."
NetScientific holds 5.75% of PDS on an undiluted basis.
The full text of the announcement from PDS Biotechnology is reproduced below and is available online here: https://www.pdsbiotech.com/investors/news-center/press-releases/press-releases1/113-2021-news/519-iotechrovidesusinesspdateandeportsirstuar20210513
For more information, please contact:
NetScientific | Via Walbrook PR |
Ilian Iliev, CEO |
|
|
|
WH Ireland (NOMAD, Financial Adviser and Broker) |
|
Chris Fielding / Darshan Patel | +44 (0)20 7220 1666 |
|
|
Walbrook PR | +44 (0)20 7933 8780 or netscientific@walbrookpr.com |
Nick Rome / Nicholas Johnson / Paul McManus
| 07748 325 236 / 07884 664 686 / 07980 541 893
|
About NetScientific
NetScientific plc (AIM: NSCI) is a holding company, that invests in, develops, commercialises and realises shareholder value in life sciences/healthcare, sustainability and technology companies, which offer significant growth potential predominately in the UK and USA, as well as globally.
With the acquisition of EMV Capital in August 2020, the Group doubled its portfolio from 8 to 17 companies, either through direct subsidiary, balance sheet investment or capital under advisory, varying from start-up private companies to publicly listed equities.
NetScientific delivers shareholder returns through a proactive and hands-on management approach to their portfolio companies; identifying, investing in, and helping to build game-changing companies. The Group targets value inflection points and the release of value through partial or full exits from trade sales, public listings, or equity sales. The Company has a strong transatlantic and growing international presence, providing attractive expansion prospects.
NSCI can deploy a capital-light investment structure; utilising the power of the PLC Brand, and the NetScientific balance sheet to anchor future investments and achieve a multiplier effect by attracting 3rd party investment for the portfolio companies.
NetScientific is headquartered in London, United Kingdom, and was admitted to trading on AIM, a market operated by the London Stock Exchange, in 2013 (website: www.netscientific.net).