Three poster presentations from Perspective Therapeutics’ scientists and collaborators explore combinations of immunotherapy and targeted alpha-particle therapy in a malignant melanoma model, 203Pb manufacturing, and In Vivo Distribution of Recoiled 213Bi from [225Ac]Ac-DOTATATE
Three poster presentations from Perspective Therapeutics’ scientists and collaborators explore combinations of immunotherapy and targeted alpha-particle therapy in a malignant melanoma model, 203Pb manufacturing, and In Vivo Distribution of Recoiled 213Bi from [225Ac]Ac-DOTATATE
RICHLAND, WASHINGTON & CORALVILLE, Iowa, May 24, 2023 — Perspective Therapeutics, Inc. (“Perspective” or “the Company”) (NYSE AMERICAN: CATX), a precision oncology company developing alpha-particle therapies and complementary diagnostic imaging agents and an innovator in seed brachytherapy treatment options for multiple cancers, today announced it will be presenting three posters at the 2023 International Symposium on Radiopharmaceutical Sciences (iSRS) Annual Meeting being held in Hawaii from May 22-26, 2023.
“We are thrilled to present our latest research on targeted alpha therapies at the Society of Radiopharmaceutical Sciences annual meeting. Our scientists and collaborators have made significant progress in this field, and we are excited to share our findings with the wider scientific community. We believe that targeted alpha therapies have the potential to revolutionize cancer treatment, and we are committed to advancing this promising new approach.” said Thijs Spoor, Perspective Therapeutics’ Chief Executive Officer.
Michael Schultz, Perspective Therapeutics’ Chief Science Officer added, “I would like to thank our fabulous team of scientists and our collaborators for their relentless dedication to developing the best possible applications for our technology platform. This enables the best possible isotopes to be utilized to keep moving us toward the goal of improved cancer therapies. We are looking forward to discussing our findings with the global radiopharmaceutical science community at iSRS.”
Poster Presentation Summaries
Poster presentation #1: “Low-dose targeted alpha therapy induces strong anti-tumor effectiveness in combination with immune checkpoint inhibitors”
This poster shares the ongoing work by Perspective Therapeutics’ scientists and collaborators at the University of Wisconsin exploring the potential of targeted alpha therapies (TAT) in combination with established immune checkpoint inhibitor (ICI) therapies in preclinical melanoma models. The presented results confirm and extend the previously published preclinical work by the team, revealing long term curative responses from the combination of immunotherapies and TAT. In conclusion:
The poster will be presented during Poster Session 2A: Radionuclide Therapy on Wednesday May 24, 5:30PM – 6:15 PM HST in Kalākaua Ballroom A, by Samuel Rodman PhD, Research Scientist, Perspective Therapeutics.
Poster presentation #2: “Optimizing 203Pb cyclotron production and availability: The ideal SPECT imaging theranostic partner for 212Pb targeted alpha therapy“
This poster discusses the Company’s continued work with its multi-institutional collaborators in order to improve the production methods for the SPECT isotope Pb-203 as part of its matched isotope theranostic pairing with Pb-212 targeted alpha therapy. The goal of this work is to ensure the availability of isotope supplies with high purity for ongoing imaging studies and for the Company’s pipeline of emerging products. In conclusion:
The poster will be presented during Poster Session 2A: Targetry on Wednesday May 24, 5:30PM – 6:15 PM HST in Kalākaua Ballroom A as presented by Bryce Nelson, University of Alberta.
Poster presentation #3: “Analysis of Radiochemical Stability and In Vivo Distribution of Recoiled 213Bi from [225Ac]Ac-DOTATATE in Preclinical Model”
Targeted alpha-particle radiotherapies (TATs) have been evolving as promising treatments in management of cancers. Within this context, due to four alpha-particle emissions along the decay chain, 225Ac-based TATs have demonstrated superior tumor-killing efficacy compared with beta-particle emitters. However, the complex decay and recoil of daughters following the alpha-particle emission results in ambiguity in understanding the toxicity of these radiopharmaceuticals. In this study, we aimed to assess the ingrowth and radiochemical stability of 213Bi and potential in vivo redistribution following the injection of [225Ac]Ac-DOTATATE in preclinical model. In conclusion:
The poster will be presented during Poster Session 3: Radionuclide Therapy on Friday May 26, 2:45 PM – 3:30 PM HST in Kalākaua Ballroom A by Dijie Liu PhD DVM, Principal Research Scientist.
About Perspective Therapeutics, Inc.
Perspective Therapeutics, Inc., is a medical technology and radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body. The Company is the sole producer of Cesium-131 brachytherapy seeds and has a proprietary technology that utilizes the isotope Lead-212 to deliver powerful alpha radiation specifically to cancer cells via specialized targeting peptides. The Company is also developing complementary imaging diagnostics that incorporate the same targeting peptides which provide the opportunity to personalize treatment and optimize patient outcomes. This “theranostic” approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity associated with many other types of cancer treatments.
The Company’s melanoma (VMT01) and neuroendocrine tumor (VMT-α-NET) programs are entering Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at several leading academic institutions. The Company has also developed a proprietary Lead-212 generator to secure key isotopes for clinical trial and commercial operations.
For more information, please visit the Company’s website at www.perspectivetherapeutics.com .
Safe Harbor Statement
Statements in this news release about Perspective Therapeutics’ future expectations, other than historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). This statement is included for the express purpose of availing Perspective Therapeutics, Inc. of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as whether additional studies are released that support the conclusions of the studies discussed in this news release, whether ongoing patient results are favorable and in line with the conclusions of clinical studies and initial patient results, physician acceptance, training and use of our products, whether we, our distributors and our customers will successfully obtain and maintain all required regulatory approvals and licenses to market, sell and use our products in its various forms, changes in laws and regulations applicable to our products, and other risks detailed from time to time in Perspective Therapeutics, Inc. reports filed with the U.S. Securities Exchange Commission. Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
LifeSci Advisors
Chuck Padala
* Additional CDMO capabilities added to increase availability of clinical trial product in the US
* Phase I/IIa studies are initiating in the first half of 2023 for VMT- 𝛼-NET for neuroendocrine tumors and VMT-01 for melanoma
* Heidi Henson was appointed to the Board of Directors and named Audit Committee Chair taking over from Rob Williamson, III, who will continue to serve as a member of the Committee
* Michael McCormick announced his resignation and amicable departure from the Board of Directors
RICHLAND, WASHINGTON & CORALVILLE, IOWA, May 15, 2023 — Perspective Therapeutics, Inc. (NYSE AMERICAN: CATX), a precision oncology company developing alpha-particle therapies and complementary diagnostic imaging agents and an innovator in seed brachytherapy powering expanding treatment options for multiple cancers, reports first quarter financial results for the period ended March 31, 2023.
“Perspective Therapeutics is at an exciting juncture of our journey as we advance our clinical alpha-particle radiopharmaceutical pipeline. Simultaneously, we look to further support revenue expansion of our commercial brachytherapy program,” said Thijs Spoor, Perspective Therapeutics’ CEO. “In 2023, we expect to report provisional results from ongoing compassionate use of VMT-α-NET for neuroendocrine tumors. We also continue to move forward with our Phase I/IIa Dose Escalation Studies for VMT-α-NET for neuroendocrine tumors and VMT-01 for metastatic melanoma. In turn, we look forward to providing further program and pipeline updates to the market and we also expect incremental data to come out during major medical meetings over 2023.
“The first quarter of 2023 was an exciting one for the Company as we effected our merger, renamed the Company and initiated integration activities. Drafting off the excitement around the merger, we have also been able to attract some extraordinary talent and have added several key hires to the executive team in brachytherapy commercial leadership as well as an industry veteran in the radioactive materials supply chain.” Mr. Spoor concluded, “I’d like to give my express thanks to the entire Perspective Therapeutics team for leaning in during such a dynamic time for the Company while maintaining a focus on providing and developing treatments for cancer patients with an unshakeable focus on safety and quality.”
First Quarter 2023 Financial Summary
Revenue – Revenue for the three months ended March 31, 2023 was $2.1 million, as compared to $2.9 million in the same period in 2022, a decline of 29%. The year over year decline in revenue was primarily a result of the loss of a large customer partially offset by grant revenue from Viewpoint.
Gross Profit – Gross profit was $487,000 for the three months ended March 31, 2023 as compared to $1.4 million for the same period in 2022, a decline of 66%. The year over year decline was primarily a result of the decrease in sales due to the loss of a large customer along with higher production costs which were partially offset by grant revenue.
Research and development (R&D) expenses – R&D for the three months ended March 31, 2023 increased by $3.3 million compared to the three months ended March 31, 2022. The increase was due to $2.9 million related to the development of the Company’s alpha therapy drug products gained through the merger with Viewpoint along with increases in the Company’s legacy research and development expenses related to payroll costs, share based compensation, and brachytherapy trial protocol expense.
Net loss – For the first quarter of 2023, the Company reported a net loss of $371,000, compared to a net loss of $1.3 million in the same period in 2022. The lower net loss for the quarter ended March 31, 2023 was due to a deferred income tax benefit related to the acquisition of Viewpoint.
Cash and cash equivalents – As of March 31, 2023 cash and cash equivalents was $36.5 million as compared to cash, cash equivalents and short-term investments of $43.8 million as of December 31, 2022.
Investor Relations Contact:
LifeSci Advisors
Chuck Padala
E: chuck@lifesciadvisors.com
About Perspective Therapeutics, Inc.
Perspective Therapeutics, Inc., is a medical technology and radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body. The Company is the sole producer of Cesium-131 brachytherapy seeds and has a proprietary technology that utilizes the isotope lead-212 to deliver powerful alpha radiation specifically to cancer cells via specialized targeting peptides. The Company is also developing complementary imaging diagnostics that incorporate the same targeting peptides which provide the opportunity to personalize treatment and optimize patient outcomes. This “theranostic” approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity associated with many other types of cancer treatments.
The Company’s melanoma (VMT-01) and neuroendocrine tumor (VMT-α-NET) programs are entering Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at several leading academic institutions. The Company has also developed a proprietary lead-212 generator to secure isotope supply for clinical trial and commercial operations.
For more information, please visit the Company’s website at www.perspectivetherapeutics.com.
Safe Harbor Statement
Statements in this news release about Perspective Therapeutics, Inc.’s (“Perspective”) and its wholly-owned operating subsidiaries Viewpoint Molecular Targeting, Inc.’s (“Viewpoint”) and Isoray Medical, Inc.’s (“Isoray,” and together with Viewpoint and Perspective, the “Company”) future expectations, including: the anticipated synergies and benefits of the merger between Perspective and Viewpoint; the anticipated pipeline of the Company’s programs and products; whether Phase I/IIa studies are initiated before June 30, 2023; whether provisional results for compassionate use of VMT-α-NET for neuroendocrine tumors are released; expectations about the Company’s addressable markets; the functionality and capabilities of the Company’s therapies including its targeted alpha-particle radiotherapy; the potential size of the commercial market for the Company’s treatment programs; the Company’s expectations, beliefs, intentions, and strategies regarding the future; and all other statements in this news release, other than historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). This statement is included for the express purpose of availing the Company of the protections of the safe harbor provisions of the PSLRA. It is important to note that actual results and ultimate corporate actions could differ materially from those in such forward-looking statements based on such factors as whether and to what extent the anticipated benefits of the merger are realized; the ability to raise ongoing capital to fund added costs of research and development related to the Company’s business; the ability of the Company to manage growth and successfully integrate its businesses; whether the Company can maintain its key employees; the risk that the merger disrupts current plans and operations; the outcome of any legal proceedings that may be instituted against the Company following consummation of the merger; whether the results of studies of targeted alpha-particle radiotherapy or using Cesium-131 in conjunction with immunotherapy combinations are conducted on the anticipated timelines or are successful; whether the Company’s anticipated product pipeline is achieved; whether additional studies are released that reinforce the results of the studies discussed in this presentation; whether the anticipated benefits of the Company’s therapies are realized; training and use of the Company’s products; market acceptance and recognition of the Company’s products; the Company’s ability to enforce its intellectual property rights; whether ongoing patient results are favorable and in line with the conclusions of clinical studies and initial patient results; successful completion of future research and development activities; whether we, our distributors, and our customers will successfully obtain and maintain all required regulatory approvals and licenses to market, sell, and use our products in their various forms; the procedures and regulatory requirements mandated by the FDA for animal trials, human trials, clinical studies, Phase I and II approvals and 510(k) approval and reimbursement codes; changes in applicable laws and regulations; and other risks detailed from time to time in the Company’s reports filed with the SEC.
Unless required to do so by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more information regarding risks and uncertainties that could affect the Company’s results of operations or financial condition, please review our Form 10-KT filed on May 1, 2023 with the SEC.
RICHLAND, WA & CORALVILLE, IA, May 15, 2023 — Perspective Therapeutics, Inc. (NYSE AMERICAN: CATX), a precision oncology company developing alpha-particle therapies and complementary diagnostic imaging agents and an innovator in seed brachytherapy powering expanding treatment options for multiple cancers, announced the following changes to the Board of Directors: the appointment of Heidi Henson to the Board of Directors and named Audit Committee Chair; taking over from Rob Williamson, III, who will continue to serve as a member of the Committee. Additionally, Michael McCormick announced his resignation and amicable departure from the Board of Directors
“We are living in exciting times as science, technology and medicine converge – creating new treatment paradigms and therapies for unmet medical needs. I can already clearly see Perspective Therapeutics’ strong team and scientific foundation, energizing the Company’s mission and driving forces towards changing the landscape of cancer treatments through precision targeted medicine,” noted Heidi Henson, incoming member of the Board.
Lori Woods, Chair of the Board commented, “On behalf of Perspective Therapeutics, we wish Heidi a warm welcome and look forward to her active presence on the board and leadership as Audit Committee Chair.”
Thijs Spoor, Perspective Therapeutics’ CEO added, “We are truly delighted to have Heidi join the board of directors at this important juncture in the Company’s evolutionary lifecycle. Her deep leadership experience, while at the helm of life sciences companies, complements the synergies that are coming following on from the combination of Isoray and Viewpoint Molecular Targeting. As a commercial stage brachytherapy company, also focused on early stage development of precision targeted therapies; we are committed to transforming the lives of cancer patients by advancing the field of theranostic and alpha-particle radiotherapies. In this spirit, we are certain that Heidi’s guidance will help us to move further along in our objectives.”
As incoming Chair of the Audit Committee, Ms. Henson is a financial professional with over 25 years of executive leadership roles in the life sciences. In past executive leadership roles, Ms. Henson has served as the Chief Financial Officer of Pardes Biosciences, Imbria Pharmaceuticals, Respivant Sciences, Kura Oncology, Wellspring Biosciences, and Araxes Pharma. Ms. Henson is also currently serving on the board of directors of PepGen and Lista Therapeutics.
Ms. Woods also commented on Mr. McCormick’s departure, “As a longstanding member of the board, we hold Michael in the highest esteem. He has been both a wonderful colleague and advisor to the organization these last 8 years and we are sad to see him depart. On behalf of the whole board, we would like to thank him for his leadership and truly wish him all the best in his endeavors.”
About Perspective Therapeutics, Inc.
Perspective Therapeutics, Inc., is a medical technology and radiopharmaceutical company that is pioneering advanced treatment applications for cancers throughout the body. The Company is the sole producer of Cesium-131 brachytherapy seeds and has a proprietary technology that utilizes the isotope lead-212 to deliver powerful alpha radiation specifically to cancer cells via specialized targeting peptides. The Company is also developing complementary imaging diagnostics that incorporate the same targeting peptides which provide the opportunity to personalize treatment and optimize patient outcomes. This “theranostic” approach enables the ability to see the specific tumor and then treat it to potentially improve efficacy and minimize toxicity associated with many other types of cancer treatments.
The Company’s melanoma (VMT01) and neuroendocrine tumor (VMT-α-NET) programs are entering Phase 1/2a imaging and therapy trials for the treatment of metastatic melanoma and neuroendocrine tumors at several leading academic institutions. The Company has also developed a proprietary lead-212 generator to secure key isotopes for clinical trial and commercial operations.
For more information, please visit the Company’s website at www.perspectivetherapeutics.com .
Investor Relations Contact: LifeSci Advisors Chuck Padala E: chuck@lifesciadvisors.com
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