Plus Therapeutics receives $1.6 million advance from Texas cancer institute

Plus Therapeutics Inc. (NASDAQ: PSTV) received a $1.6 million advance payment from the Cancer Prevention and Research Institute of Texas (CPRIT) as part of a previously awarded $17.6 million grant, the company announced.

The Houston-based clinical-stage pharmaceutical company develops targeted radiotherapeutics for central nervous system cancers. The funding supports clinical development of REYOBIQ for the ReSPECT-LM dose optimization trial and development of the company's CNSide LM diagnostic test.

"This latest CPRIT disbursement and additional funding expected to be received over the next 12 months of approximately $6 million continues to provide significant non-dilutive financing," said Andrew Sims, Plus Therapeutics Chief Financial Officer.

CPRIT is described as the second-largest public cancer research funder globally. The organization operates as a $6 billion cancer research and prevention initiative in Texas.

REYOBIQ is an injectable radiotherapy formulated to deliver targeted radiation in central nervous system tumors. The treatment uses rhenium-186, a radioisotope with a short half-life and beta energy properties. The company is evaluating REYOBIQ for recurrent glioblastoma, leptomeningeal metastases, and pediatric brain cancer in clinical trials.

Plus Therapeutics also operates CNSide Diagnostics, a subsidiary that develops laboratory tests to identify tumor cells that have spread to the central nervous system in patients with carcinomas and melanomas.

The company maintains additional grants from the National Institutes of Health and the U.S. Department of Defense for its clinical programs, according to the press release.

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