PSTV - Plus Therapeutics Expands Management Team and Reports $3.3M Advance Payment from CPRIT | Benzinga
Greg Fuller, M.D., Ph.D., former Professor of Pathology (Neuro-Pathology) & Neuro-Radiology at The University of Texas MD Anderson Cancer Center joins Plus as Vice President of Medical Affairs and Medical Director
Plus receives notice of an additional $3.3 million CPRIT advance payment for leptomeningeal cancer targeted radiotherapeutic development program
AUSTIN, Texas, June 07, 2024 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) ("Plus" or the "Company"), a clinical-stage pharmaceutical company developing targeted radiotherapeutics with advanced platform technologies for central nervous system (CNS) cancers, announced the appointment of Dr. Greg Fuller as the Company's Vice President of Medical Affairs and Medical Director. Additionally, the Company received notice of an advance payment of $3.3 million from CPRIT, part of the $17.6 million award granted in September 2022.
Dr. Fuller will help lead the implementation of the recently acquired CNSide® cerebrospinal fluid cancer diagnostic portfolio, ensuring its successful transition to commercial use under the current Laboratory Developed Test (LDT) requirements. Currently utilized in the CPRIT-funded ReSPECT-LM clinical trial, CNSide is on track for commercial launch as soon as Q4 2024. Next-generation diagnostic testing, such as CNSide, is vital for improving patient care for leptomeningeal metastases (LM) and advancing the Company's broader LM program for several reasons:
- Recently published data indicated that CNSide is over 90% sensitive for detecting LM, significantly outperforming MRI and cytology
- Autopsy studies suggested LM incidence is underdiagnosed by 2-4 times and the increased diagnostic sensitivity of CNSide could expand the total addressable market for the Company's lead radiotherapeutic candidate rhenium (Re186) obisbemeda
- CNSide potentially addresses a total commercial market of over 500,000 tests annually
- The CNSide test demonstrated clinical utility in 40 patients with LM from breast or non-small cell lung cancer in the FORESEE trial; a presentation of the full analysis is planned for the SNO/ASCO Meeting in Denver, Colorado, on August 8-10
"I am excited to join the Plus team and to dedicate my expertise to accelerating the adoption of CNSide in a clinical and commercial setting," said Greg Fuller, M.D., Ph.D. "Driving the availability of this testing to our patients is imperative, especially given the complexities of treating LM."
Furthermore, the Company also received notice of a $3.3 million advance grant payment from CPRIT in June 2024. This funding supports the clinical development of rhenium (Re186) obisbemeda for LM as well as CNSide testing in the RePSECT-LM trial. In addition to determining the safety and potential efficacy of rhenium (Re186) obisbemeda for LM, data gathered from the RePSECT-LM trial will further validate CNSide's clinical utility and support commercialization. An update on enrollment and safety data from the ReSPECT-LM trial is planned for the August SNO/ASCO Meeting in Denver.
New Employment Inducement Grants
In connection with Dr. Fuller's hire, on June 6, 2024, the Company granted option awards to Dr. Fuller to purchase up to 13,116 shares of the common stock of the Company. The Company agreed to grant these option awards as an inducement of Dr. Fuller commencing employment with the Company. The options are scheduled to vest over four years, with one-fourth of the options vesting on the first anniversary of the grant date with the remaining options vesting thereafter in equal monthly installments. The vesting of the options is also subject to certain requirements, including Dr. Fuller's continued service as an employee of the Company through the applicable vesting dates. The exercise price of the options is ...