Perspective Therapeutics Raises $227M; Advances Cancer Programs

Perspective Therapeutics, Inc. has reported its first quarter financial results for the period ended March 31, 2024, and provided updates on its business highlights and program initiatives. The company raised $177.2 million in gross proceeds through various financing transactions and an additional $49.5 million subsequent to March 31st under its ATM agreement.

The company initiated dosing of nine patients in cohorts 1 and 2 of its phase 1/2a study of [212pb]vmt-α-net in patients with unresectable or metastatic sstr2-expressing neuroendocrine tumors. It received fast track designation from the FDA for this program.

Perspective Therapeutics is continuing to dose patients in cohort 1 and 2 of the phase 1/2a clinical study of [212pb]vmt01 in patients with progressive mc1r-positive metastatic melanoma. The company also entered a clinical trial collaboration agreement with Bristol Myers Squibb to evaluate the safety and tolerability of [212pb]vmt01 in combination with nivolumab in patients with metastatic melanoma.

During the investor event, the company disclosed a novel pre-IND stage asset, PSV359, and further details on a new enabling technology platform that broadens the scope of targets addressable by radiopharmaceuticals.

The company closed the acquisition of a state-of-the-art radiopharmaceutical manufacturing facility and associated equipment and systems for the production of its 203pb* and 212pb-labeled radiopharmaceuticals in Somerset, New Jersey.

In terms of financials, grant revenue for the three months ended March 31, 2024, was $0.3 million, compared to $0.2 million for the same period in 2023, an increase of approximately 50%. Research and development expenses were $7.5 million for the three months ended March 31, 2024, compared to $3.3 million for the same period in 2023, an increase of approximately 127%.

The net loss for the three months ended March 31, 2024, was $12.3 million, or $0.02 loss per basic and diluted share, compared to a net loss of $0.4 million, or $0.00 per basic and diluted share, for the same period in 2023.

As of March 31, 2024, cash, cash equivalents, and short-term investments were $180.6 million, compared to $9.2 million on December 31, 2023. The number of shares of common stock outstanding was 622,629,038 as of May 10, 2024.

Perspective Therapeutics is a radiopharmaceutical development company pioneering advanced treatment applications for cancers throughout the body, utilizing alpha-emitting isotopes to deliver powerful radiation specifically to cancer cells via specialized targeting peptides. Following these announcements, the company's shares moved -3.7%, and are now trading at a price of $1.7. For more information, read the company's full 8-K submission here.

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