Why Plus Therapeutics (PSTV) Shares Are Soaring Premarket Today - Plus Therapeutics (NASDAQ:PSTV)

Plus Therapeutics Inc PSTV received a $17.6 million Product Development Research grant from the Cancer Prevention and Research Institute of Texas (CPRIT).
The grant will fund the continued development of the company's lead investigational targeted radiotherapeutic, Rhenium-186 NanoLiposome (186RNL), for leptomeningeal metastases (LM).
LM is cancer in cerebrospinal fluid and leptomeninges, the membranes surrounding the brain and spinal cord.
"We expect that the non-dilutive funding from CPRIT will come online next month once the award agreement is finalized, and this will significantly offset our longer-term, three-year capital requirements for the advancement of our LM program," said Marc Hedrick, President & CEO.
Related Content: Plus Therapeutics Shares Surge On Positive Data From Lead Brain Cancer Candidate.
In Q2 of 2022, the company completed enrollment of Cohort 1 in the ReSPECT-LM Phase 1/2a dose escalation trial. 186RNL was delivered without dose-limiting toxicities in this initial cohort, and the independent Data and Safety Monitoring Board has approved the plan to move ahead with Cohort 2.
The FDA has granted Fast Track designation to 186RNL for LM.
Price Action: PSTV shares are up 110.50% at $1.16 during the premarket session on the last check Thursday.

Plus Therapeutics Shares Almost Doubles On Research Grant From State Of Texas