PDS Biotechnology (PDSB) Misses Q1 EPS by 24c

PDS Biotechnology (NASDAQ: PDSB) reported Q1 EPS of ($0.39), $0.24 worse than the analyst estimate of ($0.15).

First Quarter 2020 and Recent Business Highlights

• Initiated novel vaccine development programs for COVID-19 and universal influenza;
• Announced pre-clinical collaboration with Farmacore Biotechnology for tuberculosis;
• Delayed initiation of Phase 2 VERSATILE-002 trial for PDS0101 in recurrent/metastatic head and neck cancer due to the global COVID-19 pandemic;
• Secured the U.S. composition of matter patent for the Versamune® platform;
• Expanded the previously disclosed Cooperative Research and Development Agreement with the National Cancer Institute to include preclinical and clinical development of PDS0103;
• Appointed Kamil Ali-Jackson, Esq. and Dr. Ilian Iliev to the Board of Directors; and
• Successfully completed an underwritten public offering of our common stock in February 2020 with net proceeds of approximately $11.9 million after deducting underwriting discounts and commissions, not including other offering expenses.

“We have continued to leverage the versatility and potency of our Versamune® platform, as we expand our development program to include vaccines to protect against infectious diseases such as COVID-19 and influenza. We believe that Versamune’s® ability to induce a superior range of protective immune responses - including neutralizing antibodies, killer T-cells and memory T-cells - uniquely positions PDS to develop more effective vaccines to provide long-term protection against the spread of agents with pandemic potential. We have recently initiated pre-clinical testing for our COVID-19 vaccine candidates and are in active discussions with both government agencies and NGOs to determine the most expeditious path forward,” commented Dr. Frank Bedu-Addo, President and Chief Executive Officer of PDS Biotech.

“We remain committed to our immuno-oncology programs, including two upcoming Phase 2 studies for PDS0101 with our partners at the National Cancer Institute. We also look forward to initiating our third Phase 2 program evaluating the combination of PDS0101 and Merck’s KEYTRUDA® in HPV16-associated head and neck cancer for first line treatment of recurrent/metastatic disease when conditions to conduct the study improve,” Dr. Bedu-Addo concluded.

For earnings history and earnings-related data on PDS Biotechnology (PDSB) click here.

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