PDS Biotechnology Reports Q2 2023 Financial Results and Business Update

PDS Biotechnology, a portfolio company of NetScientific, has released its financial results for Q2 2023 and provided a business update. The company has successfully submitted the final clinical protocol and supporting information to the FDA to initiate the Phase 3 VERSATILE-003 trial for its lead drug candidate, PDS0101, in combination with Merck's anti-PD-1 therapy. Biomarker data from the Phase 2 VERSATILE-002 trial will be presented at the ESMO 2023 Congress. PDS Biotech has also made progress with its PDS0301 antibody-conjugated Interleukin 12 (IL-12) therapy, with the Phase 2 trial investigating its combination with docetaxel in metastatic prostate cancer patients. The company was added to the Russell 2000 and Russell 3000 Indexes in June 2023. In terms of financial results, PDS Biotech reported a net loss of approximately $11.5 million for Q2 2023, primarily due to costs incurred in research and development programs.

CEO of PDS Biotech, Dr. Frank Bedu-Addo, highlighted the progress made with PDS0101, stating that the interim data from the VERSATILE-002 trial showed an impressive estimated 12-month overall survival rate of 87% and a progression-free survival of 10.4 months. He also expressed enthusiasm for the upcoming Phase 3 VERSATILE-003 trial. Dr. Bedu-Addo also mentioned the potential of PDS0301, which may overcome some limitations of current cytokines, and expressed excitement about the NCI's abstract acceptance at the upcoming Cytokines 2023 annual meeting.

CEO of NetScientific, Dr. Ilian Iliev, expressed satisfaction with the progress made by PDS Biotech, particularly with its lead candidate, PDS0101.

In terms of financial results, PDS Biotech reported a net loss of approximately $11.5 million for Q2 2023, compared to a net loss of approximately $5.8 million for Q2 2022. The increase in net loss was primarily due to costs incurred in research and development programs. Research and development expenses increased to $8.0 million for Q2 2023 from $3.8 million for Q2 2022, primarily due to an increase in clinical trials and personnel costs.