Plus Therapeutics Reports Second Quarter 2020 Financial and Business Results

Plus Therapeutics, Inc. announced financial and business results for its Second Quarter Fiscal Year 2020 ended June 30, 2020.

Q2 2020 net loss was $1.8 million, or $0.45 per share, including payments to NanoTx LLC of $0.78 million. Net cash used in operating activities for the six months ended June 30, 2020 was approximately $2.9 million. Plus Therapeutics ended Q2 2020 with approximately $9.3 million of cash and cash equivalents.

The Plus Therapeutics portfolio has three clinical-stage injectable drugs being developed on a unique nanotechnology platform designed to provide patient benefits through improved formulation and delivery innovation. The Company believes the platform can enable significant potential enhancements of safety, efficacy and convenience for oncology patients and their health providers compared to current standards of care.

The lead investigational drug in the Company’s licensed radiotherapeutic portfolio is Rhenium NanoLiposomes (RNL™), a nanoliposome-encapsulated radionuclide for several cancer targets.  Initially being developed for the treatment of recurrent glioblastoma, RNL is being evaluated in the U.S. NIH/NCI-supported, multi-center ReSPECT™ Phase 1 dose-finding clinical trial (NCT01906385).  RNL is designed to safely, effectively, and conveniently deliver a very high dose of radiation directly into the brain tumor that is up to 25 times greater than that currently being given to recurrent glioblastoma patients using external beam radiation therapy.

H2 2020 Business Expansion Outlook

The first half of Fiscal Year 2020 marked the successful implementation of the Company’s refined development focus, initial pipeline expansion and optimized cost structure. In the second half of Fiscal Year 2020, the Company intends to focus on a number of additional business objectives and potential milestones:

• Report preliminary RNL™ data from the ReSPECT Phase I dose finding trial in recurrent glioblastoma
• Finalize RNL Phase 2/pivotal trial plan in recurrent glioblastoma
• Seek RNL Orphan Drug Designation decisions from regulatory agencies
• Complete evaluations of additional external and internal drug development candidates
• Initiate IND-enabling RNL studies for additional indications
• Explore partnership opportunities for RNL, DocePLUS and DoxoPLUS assets

“Following the close of our most recent in-licensing transaction, we have made steady progress in expediting the ReSPECT trial,” said Dr. Marc Hedrick, President and Chief Executive Officer of Plus Therapeutics.  “The second half of 2020 includes the prospect of further significant advancement for our RNL program– and for the Company. We believe RNL has the potential of improving brain tumor therapy and that of other difficult to treat radiosensitive tumors.”

Q2 2020 Financial Highlights

• Net cash used in operating activities was $2.9 million for the six months ended June 30, 2020, compared to $4.4 million during the same period in 2019.
• In Q2 2020, 162,500 series U warrants were exercised, raising $0.36M.
• Q2 2020 loss from continuing operations was $1.8 million, or $ 0.45 per share, compared to $2.3 million, or $5.12 per share for Q2 2019.
• Q2 2020 net loss was $1.8 million, or $0.45 per share, compared to $9.1 million, or $20.67 per share, for Q2 2019, reflecting a loss from discontinued operations of $0 for Q2 2020 and $6.9 million in Q2 2019.

About Plus Therapeutics, Inc.

Plus Therapeutics (Nasdaq: PSTV) is a clinical-stage pharmaceutical company whose radiotherapeutic portfolio is concentrated on nanoliposome-encapsulated radionuclides for several cancer targets. Central to the Company’s drug development is a unique nanotechnology platform designed to reformulate, deliver and commercialize multiple drugs targeting rare cancers and other diseases. The platform is designed to facilitate new delivery approaches and/or formulations of safe and effective, injectable drugs, potentially enhancing the safety, efficacy and convenience for patients and healthcare providers. More information may be found at www.plustherapeutics.com and www.respect-trials.com.

Contact:
Plus Therapeutics, Inc. 
Andrew Sims
VP – Chief Financial Officer, Investor Relations
Phone: +1.619.333.4150
Email: ir@plustherapeutics.com
Corporate Website: plustherapeutics.com
Clinical Website:  respect-trials.com