Business
Plus Therapeutics Reports Third Quarter 2019 Financial and Business Results
“Emerges with the financial strength, development focus and cost structure to achieve long-term viability and growth” AUSTIN, Texas, Nov. 14, 2019 (GLOBE
About this update from Plus Therapeutics, Inc.
[{"type":"text","content":"“Emerges with the financial strength, development focus and cost structure to achieve long-term viability and growth”\nAUSTIN, Texas, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”) today announced financial and business results for the third quarter of 2019.\n Third quarter 2019 net income from continuing operations was $0.5 million, or $0.03 per share. Total net income for the quarter after factoring in discontinued operations was also $0.5 million, or $0.03 per share. Operating cash burn for the quarter was approximately $2.1 million. Plus Therapeutics ended the quarter with approximately $16.8 million of cash and cash equivalents. “Plus Therapeutics emerges from the third quarter with the financial strength, development focus and cost structure to achieve long-term viability and growth,” said Dr. Marc Hedrick, President and Chief Executive Officer of Plus Therapeutics. “We believe our company is now poised to aggressively move its pipeline through important milestones and to eventual market leadership. We believe that our pipeline has the potential to produce drugs that may provide tremendous benefits to patients and shareholders alike.” Third Quarter 2019 Corporate Highlights The Company received notification that a $4.6 million payment from the U.S. Department of Health and Human Services / Office of the Assistant Secretary for Preparedness and Response / Biomedical Advanced Research and Development Authority (“BARDA”) to reimburse the Company for work performed during fiscal years 2012 through 2019, will be paid in the fourth quarter. The Company completed an underwritten public offering with gross proceeds of approximately $15 million. The Company intends to use the net proceeds from the offering and from BARDA for research and development activities, working capital, potential debt restructuring and general corporate purposes. The Company completed its strategic initiative that included the adoption of its new name, Plus Therapeutics, Inc., and trading symbol as part of sharpened focus on product candidates that can potentially maximize returns for shareholders and make a clinically meaningful impact for patients. The Company is concentrating its development in ways that can leverage the U.S. FDA’s accelerated regulatory pathways and enable the Company to apply its in-house exper...