PSTV - Plus Therapeutics finalizes $17.6M grant from Texas to get initial funds by October end
- Plus Therapeutics ( NASDAQ: PSTV ) on Thursday said it finalized and signed a previously announced $17.6M grant contract that had it received from a Texas institute, and that the initial funds of $1.9M from the grant would be disbursed to the company by Oct. 31.
- Shares of the micro-cap targeted radiotherapeutics company gained 11.1% to $0.54 in premarket trading.
- PSTV in Aug. had been awarded the grant contract from the Cancer Prevention and Research Institute of Texas to fund the continued development of its lead product Rhenium-186 NanoLiposome ( 186 RNL).
- The company is developing the 186 RNL radiotherapeutic for the treatment of patients with leptomeningeal metastases, which is a cancer that forms in cerebrospinal fluid and in the membranes that surround the brain and spinal cord.
- The $17.6M funding under the grant will be over a three-year period and will be broken down as follows: Year 1 - Sept. 1 to Aug. 31, 2023: $3.7M; Year 2 - Sept. 1, 2023 to Aug. 31, 2024: $6.7M; Year 3 - Sept. 1, 2024 to Aug. 31, 2025: $7.2M.
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Plus Therapeutics finalizes $17.6M grant from Texas, to get initial funds by October end