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Plus Fails to Find Traction on Licensing Agreement

Plus Therapeutics, Inc. (NASDAQ: PSTV) saw its shares continue static Friday, as the clinical-stage pharmaceutical company announced it has expanded its supply agreement with Biocept by acquiring an option to exclusively license Biocept's CNSide, a CSF-based tumor cell capture and enumeration platform, for patients receiving CNS radiotherapy. The option ensures that Plus Therapeutics has ongoing expanded access to the diagnostic CSF assay for patients with CNS cancers and can further develop and improve the assay specifically for patients with CNS cancers receiving radiotherapy.

“Thus far, in our ReSPECT-LM trial, we have had a very positive experience with the CNSide assay and think it has significant diagnostic potential,” said CEO Marc H. Hedrick. “The announced agreement is an important building block to ensure Plus Therapeutics remains at the forefront of CNS cancer therapy.”

Under the terms of the agreement, CNSide developer, Biocept, has granted Plus Therapeutics a non-exclusive license to its CNSide cell enumeration assay for Plus’ investigational therapy for leptomeningeal metastases (LM), rhenium (186Re) obisbemeda, and an option for an exclusive license to the assay. In exchange, Plus Therapeutics will provide $150,000 of its common stock to Biocept. Prior to January 1, 2025, Plus Therapeutics will have the option for exclusivity for the field of radiotherapy in exchange for a $1.0 million payment, to be exercised at Plus Therapeutics’ discretion.

PSTV shares have not moved from Thursday’s closing figure of $2.97.