Why the Prescient (ASX:PTX) share price is surging 8% today

Shares in the ASX healthcare company are soaring today after positive quarterly results

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The Prescient Therapeutics Ltd (ASX: PTX) share price is off to the races, up 8% to 19.5 cents in early afternoon trade.

Prescient is a clinical-stage oncology company focused on developing personalised treatments for cancer.

Below, we take a look at the ASX healthcare share’s quarterly results for the period ending 30 June.

What did Prescient report?

The Prescient share price is lifting after the company reported it remained in a strong financial position, with a number of cancer programs on track for “value-creating milestones”.

The ASX healthcare share had a cash balance of $16.1 million as at 30 June. It reported cash outflows for the quarter of $1.14 million, including $280,000 for research and development (R&D) in Australia and the United States.

Other costs included “ongoing clinical studies of PTX-100 and PTX-200; research and development of OmniCAR and cell therapy enhancements”.

Prescient said that prudent financial management and its strong cash balance placed it in a good position with its ongoing development of targeted and cellular cancer therapies.

During the reporting quarter, the company signed a research partnership with the Peter MacCallum Cancer Centre (Peter Mac) with the goal of speeding up development of the next generation CAR-T therapy using the OmniCAR platform. This comes in addition to an earlier agreement between Prescient and Peter Mac announced in August 2020.

Prescient will own any intellectual property that may result from the research partnership.

The company said its cell therapy enhancement (CTE) programs are now being undertaken solely at Peter Mac.

It reported its “targeted therapy studies for PTX-100 and PTX-200 continue to make excellent progress and enrol patients with no safety issues reported by investigators”.

Prescient share price snapshot

The company’s shares have soared 225% over the past 12 months, flying past the 24% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date, the Prescient share price has continued to outperform, up 179% so far in 2021.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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