PDSB - PDS Biotechnology Corp (PDSB) - 3Q21 Contained Clinical Progress and New Product Licenses
PDS Biotechnology reported 3Q21 loss of $6.9 million or $(0.24) per share, compared with our estimated loss of $6.1 million or $(0.21) per share. The company held a conference call in which it reviewed two licensing agreements announced earlier in November 2021. These products advance the pipeline and broaden the development of products that use the Versamune technology. Cash balance at the end of the quarter was $69.7 million.PDS0102 Reached A Development Milestone PDS0102 has been in preclinical testing for prostate cancer, breast cancer, and acute myeloid leukemia (AML) using the TARP antigen with the Versamune platform. Based on its strong results, PDS made a license agreement with the NCI (National Cancer Institute) that gives the company rights to NCI’s intellectual property related to the antigen. The license allows PDS0102 to move forward in development.PDS0202 for a Universal Influenza Vaccine A licensing agreement with the University of Georgia covers the antigens known as COBRA (computationally optimized broadly reactive antigen) for use with Versamune technology. The company plans to conduct preclinical work then license PDS0202 to another company for development. This expands the platform while maintaining its focus on cancer indications.PDS0101 Continues Patient Treatment The NCI-run Phase 2 trial testing PDS0101 as part of a triple combination therapy previously suspended new patient enrollment as the Informed Consent documents were being updated. This was part of the regular review and revision process for enrolling patients in all trials at NCI. Previous PDS0101 patients continued treatment. The enrollment completion time frame remains 1Q22, with data announcement in mid-2022.Conclusion PDSB continues to make progress in clinical development and expanding the Versamune product pipeline. We expect the stock to be driven by clinical data milestones from the three PDS0101 trials in 4Q21 through 2Q22. We continue to rate the stock Outperform with a price target of $22 per share. Read More >>