The Prescient Therapeutics Ltd (ASX: PTX) share price is having a lacklustre day, despite a positive readout on its PTX-100 trial.
Prescient shares dipped into the red in morning trade. However, at the time of writing they are exchanging hands for 22 cents a piece, the same as yesterday's closing price.
Let's take a look at what Prescient released this morning.
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Quick refresher on Prescient Therapeutics
Prescient is a clinical stage oncology company that researches, develops and commercialises new cancer treatments.
It has expertise in the treatment of myeloma, pancreatic and breast cancer. It also collaborates with larger players to develop its proprietary products.
Prescient has a market capitalisation of $138 million at the time of writing.
PTX-100 basket trial results
Prescient released the readouts from its PTX-100 phase 1b basket trial earlier today. The purpose of a phase 1b trial is to determine the optimal safe dose for a new therapy.
As such, the trial examined the safety of the PTX-100 compound, which Prescient is studying for solid and haematological tumours.
In the trial, PTX-100 "exhibited an excellent safety profile … up to and including the highest dose", with no adverse events "deemed serious, nor related to PTX-100".
Another takeout is that two patients also received a "clinical benefit" after a run of failed prior treatments for their condition.
Both patients benefitted from "symptomatic relief" and a "reduction in cancer burden with no disease progression".
Prescient now intends to begin a cohort study to develop PTX-100 as a monotherapy, hoping to create a "potentially shorter regulatory path" for the compound.
Investors can expect further readouts from this study in the coming quarter, as per the company.
Prescient share price snapshot
The Prescient Therapeutics share price has posted a year-to-date return of about 215%, extending the previous 12 month's return of 268%.
These returns have far outpaced the S&P/ASX 200 Index (ASX: XJO)'s return of 23% over the past year.
