Plus Therapeutics Files for $34 Million Offering

September 10, 2019

On 9/10/19, Plus Therapeutics filed for a $34 million offering that will consist of Class A units, Class B units, common stock and warrants to purchase common stock. Plus is developing oncology drugs based on existing drugs delivered vis its nanoparticle technology. The company trades on NDADAQ under the symbol, "PSTV."

The company has two candidates in its pipeline: DocePLUS and DoxoPlus. DocePlus is docetaxel (tradename: Taxotere) delivered in a liposome encapsulated form. The company believes this delivery form will enhance the drugs effectiveness in a number of ways. Since blood vessels in tumors contain gaps or windows that are not present in the blood vessels of normal blood vessels. This means that it is much easier for fluids and nanoparticles with the right size (such as liposomes) to pass out of the blood and into tumor tissue than it is for them to pass into healthy tissues. This process (referred to as Enhanced Permeability and Retention; EPR) means that liposomally-encapsulated docetaxel will selectively accumulate in tumors rather than in healthy tissues. Exploiting this advantage will allow DocePlus to deliver optimal doses of docetaxel while minimizing side effects.

DoxoPlus is doxorubicin delivered in a liposome encapsulated form. Doxorubicin is a widely-used chemotherapy drug for breast cancer, ovarian cancer, multiple myeloma, Kaposi’s sarcoma, bladder cancer, lymphoma, and acute lymphocytic leukemia. DoxoPlus also has the advantage of preferentially delivering the drug to tumors vs healthy tissue.

PEGylated liposomal doxorubicin is available as Caelyx. Caelyx is off patent. Generic versions of Caelyx have received regulatory approval in China and the U.S., but not in Europe. Plus Therapeutics has completed a substantial amount of DoxoPLUS development and manufacturing activities needed to file a Marketing Authorization Application with the European Medicines Agency.

As of this writing the company has a $4.8 million market cap.

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